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Local Business Recommended Marketing Spend Calculator
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<ul> <li>Current annual revenue: <strong></strong></li> <li>Desired growth: <strong>+% (+)</strong></li> <li>Desired annual revenue: <strong></strong></li> </ul> <h1>Recommended total annual marketing spend: <em><strong> ( monthly average)</strong></em></h1> This calculation was influenced by the <strong>Small Business Administration’s (SBA) <a href=”https://www.sba.gov/taxonomy/term/15051?page=37″ target=”_blank” rel=”noopener”>recommendations</a></strong> for businesses with less than $5 million in annual revenue with a gross profit margin of at least 12%. <p><strong>What do you think of this number – about right? shockingly high?</strong></p> <p>Well, that’s what we’re here for – to educate you so you can improve your business. It’s actually in line with research (i.e. businesses like yours, possibly your direct competitors) and could even be a little conservative.</p> <hr> <h2>Want even more details?</h2> <p><a href=”https://www.gartner.com/en/marketing/research/the-annual-cmo-spend-survey-2020-part1″ target=”_blank” rel=”noopener”>Research from Gartner</a> reveals that even large corporations set marketing budgets based on gross revenue, <strong>averaging 11.1% from 2014 to 2020, with 68% planning to increase their spending on marketing technology and allocating 59% of their total marketing budget toward owned and digital channels</strong> such as social marketing, the website, SEO, and mobile marketing.</p> <p>These numbers are confirmed by <a href=”https://cmosurvey.org/results/” target=”_blank” rel=”noopener”>The CMO Survey</a> (research performed by Duke University, funded by Deloitte), which includes data specific to <strong>B2C Service businesses.</strong></p> <p>Now you’re wondering, “Would I spend all that just on Facebook ads?” <strong>Ha, no way!</strong></p> <p>Marketing’s budget may be allocated to various endeavors:</p> <ul> <li>market penetration (existing offerings into existing markets)</li> <li>product/service development (new offerings into existing markets)</li> <li>market development (existing offerings into new markets)</li> <li>diversification (new offerings into new markets)</li> </ul> <p>Depending on your business’ stage and goals, your marketing spend might be allocated to these areas:</p> <ul> <li><strong>Strategy:</strong> the “Ps of the Marketing Mix”, market research, competitive research, branding/re-branding, quarterly planning and prioritizing, determining and evaluating Objectives and Key Results (OKRs), customer journey mapping, pricing</li> <li><strong>Website:</strong> initial build or redesign, speed optimization, analytics and pixels, blogging and content marketing, user experience (UX), conversion rate optimization (CRO), search engine optimization (SEO)</li> <li><strong>Advertising:</strong> pay-per-click advertising (PPC), retargeting, promotional pricing, buying leads (e.g. HomeAdvisor), and more</li> <li><strong>Technology:</strong> implement, integrate, automate, aggregate, analyze, dashboard, call tracking, database cleansing</li> <li><strong>Relationships:</strong> personalization, social media, soliciting and replying to online ratings and reviews, phone check-ins, email newsletter, networking group memberships, in-person and virtual events, podcasts, loyalty programs</li> <li><strong>Print:</strong> business cards, brochures, fliers, coupons, gift cards, promotional/giveaway items</li> <li><strong>Traditional/Offline:</strong> cold calling, billboards, partnerships and sponsorships, direct mail, win-back/reminder postcards, building signage, media buying (TV, radio)</li> <li><strong>Training:</strong> documentation, talent/skill development, innovate, internal feedback loop, customer experience (CX)</li> </ul> <p>We help local service businesses determine their marketing plans and can implement pretty much any of your marketing needs.</p> <p>Contact us with any questions, and we’d be glad to help!</p>
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