"Can I Spent $300 to $500 A Month On Marketing?
Many clients or potential clients initially contact us wanting to do one marketing strategy, such as an SEO, Facebook or a PPC campaign on a limited budget. But we don't usually advise a single marketing strategy approach because it's unlikely to work.
Too Much Competition
The truth is, a single marketing strategy on a $300 to $500 a month budget is not going to provide the desired results because there's simply too much competition in every industry.
No matter what business someone is in, it's likely the top companies are investing more money and engaging in several inbound marketing strategies. Therefore, a single strategy on a small budget is not likely to have much of an impact.
"What Is A Good Small Business Marketing Budget?"
Probably $1,000 to $2,000 a month is a more realistic budget, generally speaking.
Also, it's often necessary to do some preparation work such as website, database or email updates before even launching an external marketing campaign.
Let's look at a short list of marketing elements and strategies to see what some of the options are:
- On Site SEO / Website Conversions (usually a one-time investment)
- Social Media Marketing
- Content Marketing - Blog, articles, PR, PDFs, videos, guest bogging, product literature, FAQs, etc.
- Paid Ads on Google AdWords or Social Media Ads
- What About Traditional “SEO Packages"?
Today's Content Marketing based SEO packages and plans are valuable as long as they place high-quality content on relevant, high-quality sites. But the old-style SEO that focused on a lot of links from any source can actually be harmful.
We can see just from this list, which is general and not comprehensive, there are many marketing elements and options to choose from and usually several are needed to work together for maximum impact.
It's easy to spend a few hundred dollars on any one of these, which would quickly push a small business marketing budget to at least $1,000 a month.
The Marketing PLAN Approach
Rather than selecting a single strategy and budget, we recommend taking a wider look at your overall marketing in order to put your next step and budget priorities in order.
Marketing Plan Basics
- Target Audience Analysis, Segmentation - Age, income, location, etc.
- Customer Pain Points - What problem do they need solved?
- Consumer Journey - How will they search for answers?
- UVP/USP - Unique Value Proposition - What you do well. Unique Selling Proposition - How customers understand your benefit to them.
- Competitive Analysis, Positioning - What unique niche do you fill?
- Objectives - What are the marketing and sales/leads goals?
- Sales & Marketing Strategies (Social Media, Content Marketing, SEO etc)
- Lead Capture - Do the website and landing pages have a clear Call to Action to make sales or capture leads ? I
- Customer Retention - Upsell/Resell - Is there a database in place to capture leads and stay in touch? It's expensive to acquire customers and cheaper to sell to existing ones, be sure to maximize your Return on Investment (ROI) on the customer acquisition cost
Determine Who, Where and Why Before Picking What
By first taking a big picture approach it's easier to see who you are targeting, where you are sending them and why they should consider you, before selecting what marketing strategies will have the best results.
Initial Investments and Monthly Budgets
In our experience it's often necessary to improve the website SEO and conversion process, including clear Calls to Action and data capture, before moving on the monthly marketing costs.
So in addition to the monthly budget, expect to encounter some upront costs and then consider the monthly ongoing budget for inbound marketing strategies.
Can We Help?
Please give us a call at (281) 624-5835 for a free initial consultation. We're happy to help!
Marketing Plan image attribution: By Wasi ahmed02 (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons