You Ask, We Answer Episode 22: How much should I set aside for my marketing budget?
Welcome to episode 22 of You Ask, We Answer!
We are taking the most popular – and most asked – questions about social media marketing and answering them each week. You can find these videos posted every Monday on our Facebook page, Instagram account, LinkedIn Company Page, Twitter account, and YouTube Channel. We’ll also send it out each week on our blog.
This week’s question…How much should I set aside for my marketing budget?
Answer… The universal rule of thumb is that businesses should set aside 5% of their gross revenue to go towards marketing. Of course, based on your business, this could also be as low as 3% or as high as 10%. If you have a lot of competitors, you may spend more. Even if you have more business than you can handle, you still need to spend money on marketing. If you don’t keep your name out there, another business will enter the market and take that share.
You ask, we answer! Every Monday, we’ll answer some of the most popular questions we are asked, and we’ll give you the answer straight up!