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Running a business is daunting. There are too many things to keep track of and everything seems to cost money. So how do you actually grow your company without going crazy or broke? At GreenMellen, we understand the challenges of being business owners. As a digital marketing agency for over a decade, we've got experience helping businesses grow using the latest technology and marketing best practices. The Brighter Web podcast is aimed at sharing practical advice. The show is hosted by GreenMellen partner Mickey Mellen & marketing manager Robert Carnes. Join us to learn about effective organizational processes and digital marketing insights.
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Thursday Nov 09, 2023
Thursday Nov 09, 2023
Effecitve marketing requires an investment. For a business, this means creating and spending a marketing budget. But how much should you spend on marketing, and what return should you expect? There’s no one answer, so let’s examine the right approach.
Where do I start with my marketing budget?
- Figure out what you’ve spent to this point.
- Create a document to track everything and work with your accounting team.
- Develop an ideal budget for what you’d like to spend.
- Think big and work backward to what is realistic.
How much should I be spending on marketing?
- There’s no one right answer.
- It’s all about what’s most valuable to your business.
- This is much more than just advertising.
What categories should I consider?
- Marketing software/tech stack
- Content creation
- Advertising
- Networking events
- Sponsorships
How do I expand my marketing budget?
- Measure the ROI for what you’re seeing in return.
- Determine your most effective channels and increase there first.
- Look at the spend as an experiment—try something new and see if it works.
- Get your leadership’s buy-in so they understand the value.
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