A well-organized marketing budget is actually an investment to promote your product to new customers and acquire them and it also helps in reconnecting and engaging with existing customers. The Most important question is how much a company should spend money on its marketing and promotional activities. It should be 10% of a company’s total revenue.
“You can’t just place a few “Buy” buttons on your website and expect your visitors to buy.”
Many businesses fail due to the mismanagement of the marketing budget. They don’t consider marketing while making a budget and fail at the end. Companies can earn big profits by marketing their products. Some businesses who have a big market share also market their products to maintain their current value, visibility, and awareness. Small businesses should spend 1% of total revenue on marketing.
Ways of marketing your product:
As this is an era of technology, so most of the companies make a separate budget for digital marketing. Due to this advantage, companies can reach a big audience by spending so less amount. Some ways to market your product are mentioned below:
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Through social media ads, Company can promote its products through promoting ads on YouTube and Facebook and other sites too.
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Blogging platforms are best for promoting a product. Microblogging site i.e. Twitter is also one of these platforms.
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Email Marketing can surely bring a lot of audiences. Promoting products in this way can be very beneficial.
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Target Marketing will bring your target audience and it’ll show up your product only to those who are really interested.
Concluding this I’ll say that Market budgeting plays an important role in the success of your business. In this era of technology companies should focus more on digitally advertising your product. Get your 1st-month digital marketing plan designed by Saplogics Experts today for free including keyword research, competitor analysis, and social media marketing calendar.