How Much Should You Spend on Your Marketing Budget?

 Posted on August 28, 2017 in OVC Lawyer Marketing

New and old businesses alike often wonder how much of their overall budget should be spent on marketing. In 2019, more than $103 billion will be spent on search engine marketing, social media marketing, display advertising, and email marketing. However, most businesses do not have million of dollars to invest in digital marketing. So, just how much of your budget should you spend in this area? 

The amount you should spend on marketing depends not only on the size of your business, but your industry and business goals as well. In general, businesses that are around one to five years old should use about 12 to 20 percent of their revenue on marketing. Businesses that have been around for more than five years should use about 6 to 12 percent of their revenue on marketing. 

What Marketing Channel Should You Invest In?

How much you spend on marketing depends on what digital marketing channel you are looking to use. According to the Forrester Research Interactive Marketing Forecast (2016 report), businesses currently spend most of their budget on search engine marketing and display advertising. However, it is predicted that by 2019, investment in social media will increase more than any other digital marketing platform. 

The amount you spend on other types of marketing channels, such as content marketing, depends on the type of business you own and your company’s goals. In general, if you are looking for high-quality content on your website, your best strategy may be to hire an online marketing or content agency. When working with these agencies, one piece of content is usually priced around $250 to $1,000, depending on the word count, images, and graphics. 

Other types of marketing channels, such as social media marketing, may cost more than $4,000, depending on the number of social media networking sites used, the frequency of social media messages created, and other factors. 

Contact OVC Lawyer Marketing for All Your Marketing Needs 

Setting a marketing budget is the easy part–implementing a marketing plan is more time consuming and taxing. At OVC, we help businesses streamline and improve their marketing efforts, allowing them to save time and money while focusing on what they love and do best. Let us help you enhance your online presence and bring in more clients today. Call our team at 630-635-8000, or contact us online.

Sources

https://www.business.com/articles/how-much-of-your-budget-should-really-go-to-marketing/

https://www.entrepreneur.com/article/243790

https://www.webstrategiesinc.com/blog/how-much-budget-for-online-marketing-in-2014

https://www.forrester.com/report/US+Digital+Marketing+Forecast+2014+To+2019/-/E-RES116965