If you’re like a lot of small business owners, the thought of planning and sticking to a yearly marketing budget can give you nightmares. Far too few small businesses don’t have a robust marketing budget set up for the year, and therefore are missing out on wisely allocating their resources to the best marketing resources.
Small business owners aren’t unaware of the power of marketing. When polled on the best use of an influx of $5,000 to their company, the number one choice for small businesses was spending the money on marketing materials, with 27% of respondents choosing that option. Furthermore, this hypothetical $5,000 coming in to the business would seriously help most businesses. 80% of the respondents said that an extra $5,000 would help with their business in some way while only 20% said it would have little or no impact. 47% of small businesses polled said that this money would significantly help or save the business. It’s apparent that many small businesses are still recovering from the recession year – but good planning and marketing can make the recovery smoother.
Surprisingly, 67% of small businesses spend just over $2,000 on marketing in a year and most businesses could use some more marketing spend to grow their brand (52%). Furthermore, 24% of business owners say that growing a business keeps them up at night, so that’s who the nightmares are coming from. In this infographic we look at what the state of small business marketing budgets is and how companies can better allocate their money for future growth.
This infographic is brought to you by Coastal Creative Reprographics.