Our rule of thumb at our agency for small business advertising spending is to have two budgets in mind: one to sustain immediate revenues and another for lasting growth.
If you want to maintain current revenue amounts, then 5% to 10% of sales allocated toward advertising may suffice. If you want rapid growth, then you may need to push that number higher, possibly to 15% or more depending on the industry and type of business you operate. A startup business should commit to a fixed number for its advertising spend as its revenue may be too low to utilize a percentage of sales as a gauge. For many small businesses, $1,200 per month is a reasonable minimum advertising spend.
When choosing which advertising methods to use, it's important to consider your budget, your target audience, and your goals. It's also important to track the results of your advertising campaigns so you can see what's working and what's not. Here are some tips for those brands who chose to manage their own advertising and budgets.
One of the greatest benefits of digital advertising is that you can get so much information about the individuals who view your ad. Take Facebook, for instance. When you spend just $50 on an advertisement, you'll receive a wealth of information about the users who viewed the ad – from their age and gender to their likes and dislikes.
This type of data can be a game-changer for businesses by allowing them to tailor their ads to this target audience more effectively. We can't stress enough how important it is to know who your audience is when it comes to advertising. If you don't know who you're trying to reach, then your message will fall flat. But with digital advertising and the analytics it provides, you can get a clear picture of your audience and adjust your strategy accordingly. You can target that same audience or try something different to reach your desired audience more effectively.
If you're looking for the best way to advertise your business and get a high return on investment, digital advertising is the way to go.
Lawrenceburg Travel Guide
Our company, Crafted Images, will be hosting it's first ever Open Model Call!
Click the button below for more details and to RSVP!
What's New at Mango Media?
Next Month we will be trying something a little different!
Instead of our typical Blog post, we will be trying out a Vlog!
We will be chatting about Small Business Partnerships and getting involved with the community!