Business owners and marketers sometimes operate within a tight budget. Though there are budget-friendly marketing strategies for small businesses, the fact is that marketing can consume more than your budget if care is not taken.
However, you have to understand that marketing is all about strategizing. And, if you get your marketing strategies right, you won’t have to spend a fortune on your marketing efforts.
Small businesses traditionally operate on a shoestring, which means that they have a small marketing budget and they can’t afford to go overboard.
In a situation like this, it’s imperative that businesses know and understand where exactly they spend the bulk of their marketing budget.
Marketing budget and returns on investments
The idea of marketing a business can be overwhelming for a small business owner, especially when you are operating on a smaller budget. The main goal is to be able to get a better return without spending too much on marketing.
So where do you spend the bulk of your marketing budget? Various studies have shown that there are main five areas where businesses usually make mistakes in their marketing budget.
So many “experts” out there seem to know what to do with your marketing budget. They offer their “expert advice” on the best channels and tactics to invest in to achieve success.
But what about the crucial marketing budget mistakes so many brands and marketers are making? What about the short and long-term impacts of errors in judgment that can lead to inefficient spends and strategic failures?
The fact is that it’s all about prioritising your time, energy and budget when implementing marketing strategies. However based on third-party research and analysis, MGD Advertising has put out an infographic that highlights five consistent missteps and pitfalls brands make with marketing money.