“How much should I spend on marketing?” Most small business people ask me this question at some stage. Many small business people find working out how much to spend on marketing a tricky exercise to calculate.
Generally there are five ways to work out a marketing budget for the year. Remember that these are marketing budgets, not advertising budgets. Marketing covers everything you do in your business that creates awareness, including such activities as advertising, brochures, competitions, free tastings, demonstrations, trade shows, travel, personal selling, direct mail, sponsorships, etc.