When I meet with a new client, it is always exciting to to get to know them and understand their vision for their business. We always go over what has been done to market their business, what was successful and what didn’t work so well.
And, of course, the subject of budget is usually the next one to come up! All too often, business owners see spending money on marketing as an expense instead of an investment.
The Small Business Administration has done studies and has come up with the generalization that on average small businesses should spend between 6 and 8 percent of overall revenue on marketing. In terms of a return on investment, there should be no expectation of a return in the first year, but the general assertion is that there is a 2 for 1 return on investing in marketing in the second year.
There are no quick fixes when it comes to marketing. A steady investment over time in the right kind of marketing for your business will create a return on investment.