At the recent DEX One: Get Local: Get Results, a panel of experts answered marketing questions. One question I am asked frequently by start-ups is, “How much should our marketing budget be?” While I have my own opinions, I thought it would be a good idea to see how these guys answered as well. Here are my paraphrases of their answers:
Start cheap, start small, and always be trying new tools. Evaluate which are most effective and do more of those in the future.
• CEO of Productive Flourishing
The Small Business Association has recommended that 5% of gross sales should go into marketing [but this can be difficult for a start-up with no sales yet, or very low sales numbers.]
Try as many different things as you can. Don’t let your campaign get stale. Run your messaging in different media. Find new markets, and get in front of new eyes.
• Senior USA Today Small Business Columnist
• Owner – MrAllBiz.com
• Author, “The Small Business Bible”
Do more customer retention. It’s seven times more expensive to gain new customers than it is to retain your existing ones. Keep your customers happy and be in touch often.
• Blogger: TerryStarbucker.com
• Co-Founder: SOBcon
Creative Commons License by Flickr Usernames “Tax Credits”, “Jacob Bøtter”