This article will discuss how much a small business should spend on marketing and public relations.
Marketing and public relations are often associated with large businesses. However, the cost of marketing and PR can add up quickly for small businesses.
In a report by Strategy+Business on the marketing and PR industry in the UK, it was found that small businesses are likely to spend less than £25,000 on marketing and public relations each year. However, if the business has more than 10 employees, the average spend is £78,000.
Some may find it surprising that such a small business can need to spend such a large amount on marketing. However, not all marketing needs need to be expensive, and in fact, there are plenty of things that a small business can do which won’t break the bank.
Years that require more spending will arise whenever you need to invest in the foundation for all of your day-to-day marketing activities.
For example, an up-to-date, performance-based website is key—perhaps the key—to a solid marketing foundation. Why?
Your website is available for both showcasing and selling your marketing services 24/7.
You will likely have to exceed your 5% marketing budget to update your website once every three to five years. Thus, the marketing foundation costs are not typically included in your 5%.
In general, your marketing foundation includes:
- Marketing strategy
- Website design and development
- Other things of this nature
Without a solid marketing foundation, your day-to-day marketing activities will range anywhere from “not very effective” to “a waste of money.”
Again, let’s use websites as an example.
We speak with many caterers and entrepreneurs who have websites generating less than 5,000 visitors per month—a perfectly respectable amount of traffic for many small businesses.
Keeping costs down
Firstly, as you already know, the cost of marketing can be high, and you need to make sure that you know where all the best deals are. It is also a good idea to join trade organizations, as these organizations often offer free workshops.
If you are looking for the best places to take your team to a social event to network with colleagues, these tend to be cheap as well.
It’s a good idea to print a small catalog to give out when you are doing a special event and give it to your customers to remind them of your offer. When this is done well, it can look professional and are easy to produce for a low cost.
An important way of saving money is to pick a well-known company as your PR agency. The market for small businesses is such that many of these companies are backed up by large corporations.
They will be able to offer help with the most important aspects of marketing. Even in the most competitive marketing areas, it’s worth taking a chance and going with a bigger company.
One way to save money on marketing is by using influencer marketing. You get the word out about your business through the bloggers, bloggers, and influencers that the public is already interested in. This could be celebrities or non-celebrities; it doesn’t matter.
By working with an influencer, you will not only receive a lot of exposure, but you’ll also be able to create a long-lasting relationship with them.
The PR company you have chosen will also promote your business through other bloggers, celebrities, and influencers.
No matter what allocation method, media, and campaign strategy that advertisers choose, there are still ways small businesses can make their advertising as cost-effective as possible.
Whether you have more than 10 employees or just one, social media is a great way to promote your business. By using Facebook, Twitter, and Instagram, you will be able to attract new customers.
If you are looking to take your marketing campaign to another level, you can set up a Facebook page for your business. For a small business, this is often easier than setting up a blog, and it’s a fantastic way to reach new customers.
By providing useful information for your customers, you’ll have them talking about your business. These discussions are a great way of keeping them interested, and you can then use these to make more sales.
The business industry is very competitive, and every small business will have its own marketing strategy to follow. However, you can still make sure that you don’t overspend in this area.
With the help of a good PR company, you can combine the various advice they have to offer. Working together will not only save you money, but it can also save you valuable time.
To be successful, advertising should carry messages that appeal to your customers when they want to buy and reach them through the media they use. It’s amazing how many ad campaigns are based on trying to resolve a business problem . I.e., clearance sales are designed to reduce inventory using such slogans as “Everything Must Go” or “Must Reduce Overstocks.”
The U.S. Small Business Administration advises businesses that the main ingredient for successful advertising is to pitch your products or services to resolve a customer’s problem.