Get a sheet of paper. Ask yourself some realistic questions. Here’s a few to get started.
How much can I afford? What is my main goal? How do I reach the most prospects?
I ended my last blog article regarding marketing budgets with… “If it’s less than 3% save your money, more than 12% be careful.” Here’s why. Marketing is a very expensive proposition, 3% is not much money. Double up the second year and spending 6%. In reference to 12% that’s a really good start. But monitor the dollars closely. Justify every nickel.
The answers to your own questions above will help determine how much to budget. However, for the purpose of simplicity, I suggest 10% to be in the game, 20% if you need to be recognized and 30% if you have a high profit product or service and you want to be the market leader.
In closing this is only for one year, the next year is a clean slate. BTW, don’t get taken by what appears to be an advertising bargain it’s to risky. Spread your budget around different venues. Remember 90% of advertising doesn’t work. It’s the 10% you need.