Open Social Media Initiative An educational workshop by…“Learn how to create a budget for your marketing initiatives” Friday, February 8, 2013
Budgeting boils down to Mathematics randy bowden principal partner | bowden2bowden llc
Market Niche What/who is your target audience? Who buys your product/service How do you reach this audience? TV Radio Print Billboard Internet Can you afford to use any of these avenues?
Competition How will your competition advertise? How competitive were they last year? If you feel left out, it’s time to step it up!
Past 2 Future What has worked in the past What didn’t work in the past
Budget Last year’s sales figures What was spent last year and did it increase sales? Increase in growth, replicate last year with few tweaks Decrease in growth, reassess marketing approach Compare to industry averages 10% - 20% (gross revenue)
Budget Dedicate about 10% of revenue to marketing. 16% - 5-6% 23% - over 6%. New business/products - 20% of projected revenues.
Time + Investment = ROI Dedicate 20% of your time to sales and marketing.2 hours per day or a day a week. Included in this time arecultivating relationships via social media and networking. Expect $10 in additional revenue for every dollar spent.Marketing is an investment in your business so, expect asignificant ROI for time and effort.