The end of the year is quickly approaching... and a new year means a new opportunity to prepare your marketing focus for next year. The most important first step in your marketing plan is establishing the correct budget. Spending too much is just as bad as spending too little!
Your marketing budget should be a percentage of your total sales. So, for example, if your company has annual gross sales of $1,000,000 per year and your marketing budget is 5% of total sales, you should be spending $50,000 per year on marketing. To take it a step further, your monthly marketing allocations need to be based on your monthly sales and front end loaded a month. So if your company does 20% of it's annual sales in December (based on the same annual sales as above), you should be budgeting $10,000 of your annual budget in November to capitalize on those December sales.
Having trouble establishing a yearly budget? Click here to find out what other companies in your industry are spending yearly on marketing.