Apr 2008
1,001 Ways to Improve Your Business #1,001:


Establish an annual marketing budget
You plan a budget for vacations, right? So it’s a good idea to establish an annual marketing budget for your business (and increase your budget for gas this year). Include a breakdown of all costs including website marketing and advertising placement. Include the budget as a part of your overall marketing plan and measure the results of your company’s spending during the year. This enables you to determine what works and what doesn’t. A good rule of thumb for your marketing budget is 3% to 5% of projected annual sales. Retail businesses typically budget 7% to 10% of annual sales for their marketing budgets.

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