A question we get asked here at Polished HQ is how much is it going to cost for us to HAVE IT ALL? This is generally followed by a quick intake of breath and sometimes a call for smelling salts.
So how much IS enough to spend on marketing to get results. Well, that depends on who you are, what is your business strategy and what type of marketing strategy will achieve that. How established are you in your business? Here’s some rough numbers for you to consider.
O to 1 years in your business. We understand the cash-ola is not flowing yet but if we don’t get word out, then it may flow quite a bit slower than you’d like. Let’s discuss what you can afford and some of our starting out packages that can grow as you do. Talk to us about branding to set the tone of your venture. An average spend for a new business needing new sales can be from 12 - 20% of your gross revenue. Trust us. It’s worth it.
1-5 years. Been around the traps a bit but eager for more so you will probably be looking at expanding your customer base. In those past few years, you will know if the formula you are using is working or maybe even the wheels fell off a few times. Are you liking your logo? Are you currently marketing to the right people? Or do the right people not even know you exist? What about a website that suits your image and is easy for customers to use. A good budget would be to spend 6 -12% of your total gross revenue on building that database and expanding into new territory.
If your business is older than 5 years, are you looking a bit tired? Your product and service is terrific but maybe the way you are selling needs a facelift. No one is safe out there in the world of commerce, and there may be someone young and hungry sneaking up on your customer base. Time to hit refresh and approach a new market? Are you killing it on social media? If you look at your gross revenue and work out 3-6%, soon you will be feeling like “baby’s got new shoes” and is ready to step into the spotlight!
At Polished we have many options for different budgets and what results you are after. We are excited to be with you on the journey to your success. Take the time give us a call and talk through your next important step.