Financing Your First Marketing Campaign

13 Jul

Marketing budgets are growing. A CMO Survey anticipates almost 7 percent growth over the next year. Companies with annual revenue under $25 million spend an average 13.9 percent of revenue on marketing. An increasing amount of this goes towards digital marketing budgets, which Gartner expects to grow 10 percent this year. But coming up with this part of your budget might seem challenging if you re just starting up. You need sales to fund your promotional efforts, but finding your first customers depends on your first major marketing push, making its success crucial. Adopting some smart financial strategies can help you navigate this vital period in your business growth. Set Your Marketing Budget If your annual revenue falls under $5 million, you should allocate 7 to 8 percent of this to marketing, assuming profit margins of 10 to 12 percent, the Small Business Administration advocates as a best practice. To customize these guidelines, adjust your budget to your revenue goals. Estimate
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