Determining the right marketing budget for your specific business
M&T knows each business is unique, and we can help you make the best decisions for your situation.
If you have a questions about budgeting for marketing expenses, please visit your local branch or schedule an appoitment to meet with an M&T represntative.
How much does marketing cost?
There is no blanket answer to how much should a small business spend on marketing because no two small businesses are the same. While a general rule of thumb is that you should expect to spend between 5 percent and 10 percent of revenue on marketing, your industry, location, operating cash flow, business goals and answers to questions like how much does advertising cost for small businesses in your industry and area will all play a part in determining the right budget for you.
Building an effective marketing mix that you can afford
To determine how much you need to spend on marketing, you must identify which channels will reach your targets. A content-rich website gives your brand a home base. Email and text messaging are great for promoting your business, driving website traffic and collecting subscribers. Social media often works well for short-form content and videos. These marketing channels and many others each have different costs. There are small business marketing tools that can help you manage multiple channels at once, potentially consolidating some of your expenses. If done well, marketing doesn’t have to cost a lot to make a big impact on your bottom line. M&T’s experts can help you find the information you need to choose the right mix for your goals and budget.
To determine marketing expenses, you must first identify which channels will be most effective in reaching your target audience. Your brand can have a strong online presence with a website full of valuable content. Using email and text messaging can boost your business promotion, attract more website visitors and build a subscriber list. Short-form content and videos on social platforms can help connect your brand with your audience. Each marketing channel has its own costs, but there are tools available to help small businesses manage them efficiently, potentially reducing expenses. With careful planning, marketing can have a significant impact on your bottom line, without a large budget.
M&T Bank offers access to resources that may support your efforts in developing a marketing strategy. To learn more, schedule an appointment with your local M&T branch.
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