Promotion and marketing should account for 30% or more of your budget, especially during the few years of opening a business. I find that companies are doing the following:
1) Not focusing enough time and money on advertising
2) Spending too much on advertising/promotion
Quick and simple rule. If your marketing budget is $100 a month, try splitting it this way:
-$40 to order marketing materials
-$15 gift card to give out (Starbucks, Target or something relative to your industry)
-$10-$15 to attend 1-2 networking events (check for free or low cost events)
-$30 Misc fund (facebook credits, website add-ons, additional gift card.gift certificates, etc).
Nearly every social media site is free so there is no cost associated with that, just time. look into hiring an intern that wants to make a few dollars assisting. Paying that person $10 an hour for 2-3 hours per month is still within your budget and also a big help.
You don’t need a large budget to get results. Manage the funds you have and look for resources and opportunities that will allow you to stretch those dollars.
What are some other suggestions you can think of?
Thanks for the tips…….I am about to launch a small craft business and this will be helpful!
I spend a lot of my time getting to know high quality time with people who value what I do, and connecting and networking via social media. My biggest by far is speaking. I love to speak and see people’s lives changed.