When it comes to marketing there are two primordial types of business awareness strategies:
- organic marketing strategy
- paid marketing strategy
The organic marketing strategy relies mostly on your dedication and support that you offer in order to make the brand better known in the sector.
A couple examples of efficient organic marketing are: posts on your Facebook/Instagram/LinkedIn page that are meant to bring some value to the consumer, face 2 face meeting with the clients, well build newsletter for your existing clients and so one (more on this subject on future articles).
So the next strategy on our list is the Paid marketing strategy witch in simpler terms refers to the ones desire to make something (product, service) better known in a niche.
And because its a paid strategy, it is needed to invest some money upfront in order to see the results in the short/medium term.
Ok, but what is the minimum marketing budget for my company?
Well the answer is not that straightforward . This is because there are a lot of factors to take in consideration.
Fist of all you must figure out what are the best marketing channels you want to be present on. (Facebook, Instagram, Google, or any other sources that are responsible for driving good quality traffic).
Then you must think about your product and what is your goal in the end with it. (more sales, to make a category known better, to stimulate traffic in your brick and mortar location).
And now to the hard part: defining the best budget for your needs in correlation with the company size, the results wanted and the capability of your business to generate a healthy dose of income to justify the investment in marketing.
-If you already have 2-3 employees and you business is doing somewhat great, but the need of scalability is real (also plausible) you must be looking at 300€ a mouth investment as a starting point in one channel. From here the budget can be adjusted and optimised to better suit your needs.
-If you dont really generate income from your project, but you still need some awareness, a 50€ budget should be fine (Facebook Ads would be my number one choice) and because that budget is so tiny,it must be invested in some ads that already do well organically (so you are somewhat sure that they have a hook).
-If the size of the company exceeds 10 employees and you have a good financial situation a 500€ is just fine.
Above are just a few random examples.
Because there are more variables to take in consideration (ex: what are you selling, what is the average price for the product/services, is it a niche product and many other important variables).
But in large you must invest a healthy amount of your product/service profit in order to bring more clients in the medium run. Its an investment made in the future of your assets.
Even though in some cases the budget proposed by the digital agencies may be high, its not really. Lets look at the budget from another angle: that invested sum will consolidate your probability in reaching new clients and will bring financial benefits, making you more money in return.
You must invest in order to gather benefits.
In conclusion, you need to draw a straight line and be realistic in terms of your current situation and where you want to be in the near future. Payed marketing is an effective way of reaching your target audience and in return gain a few new clients.
In order to be sure that the strategies are healthy and good for your business, you must pick a good agency to manage your online assets.
Contact us and will give you a free online audit for free.