What is an average marketing budget?

The average allocation usually ranges between 9-12\% of the annual budget, while the smallest businesses may go as low as 2\%. The marketing budget will never spin out of control and deplete sales revenue. The Dollar Approach. Many businesses simply set a flat dollar amount for their marketing budget.

How do you spend a marketing budget?

7 Ways to Strategically Spend Extra Marketing Budget

1. Create a Video. Last year, 96\% of consumers unsurprisingly increased their online video consumption.
2. Try a New Advertising Channel.
3. Produce an Interactive Campaign.
4. Invest in New Technology.
5. Create Evergreen Content.
6. Optimize Your Current Content.
7. Plan an SEO Strategy.

How much does Deloitte spend on marketing?

As of February 2021, Deloitte’s annual CMO Survey reports that marketing budgets are now roughly 11.7\% of total company-wide budget — a slight decrease from the 12.6\% marketers saw in June 2020, but still a record high that most marketers haven’t seen over the last four years.

How much should you spend in digital marketing?

The U.S. Small Business Administrations suggests you allocate 7-8\% of your gross revenue to your marketing budget. Digital marketing budgets average 45-50\% of the overall marketing budget.

How much should a startup budget for marketing?

Well, according to a recent survey, the average marketing budget for startups is 11.2\% of overall revenue, in order to have enough to build brand awareness and start attracting leads.

How can I maximize my marketing budget?

Resources

1. 10 Ways to Optimize Your Marketing Budget. Resources / Guides.
2. Focus Your Marketing Efforts On Your Customer’s Needs.
3. Pivot To Digital Marketing.
4. Use Data To Make Decisions.
5. Improve Your Marketing Operations.
6. Use Templates As Much As Possible.
7. Repurpose Existing Content.
8. Stay Engaged With Nurture Campaigns.

How can I make the most of my marketing budget?

These are some of the best approaches to earn you the highest return from your marketing spend:

1. Use complementary strategies.
2. Ditch what isn’t working.
3. Repurpose your material.
4. Avoid overpaying.
5. Experiment.
6. Target your audience effectively.
7. Trust the experts.

What percentage should I spend on marketing?

The U.S. Small Business Administration recommends, “As a general rule, small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.” This percentage is based on companies that have margins in the 10-12 percent range (after expenses).