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  • Writer's pictureCaitlin

Why Marketing is not the area of your business you should cut back on when reviewing your budget...

We've all been there - number crunching, trying to decide on how to increase the profit margin. Some businesses generate their majority of income through word of mouth - this is the dream, right? If this is you, this article doesn't really apply. For everyone else, marketing plays the main role in generating enquires or sales.

Marketing is an expense, and normally a big one if you are doing it right. It can be tempting to decide you are going to cut it in half in order to reduce your expenses. The question to ask yourself is, are you then prepared to only have 50% of sales? The answer to that is normally no. There are ways you can waste money in marketing, for example using Facebook Ads incorrectly, continuing to advertise in print when your target audience is online and most importantly, not reviewing your strategy regularly. Doing this can help you reallocate the budget to ensure you are getting as high a ROI as possible. How much should I spend on my marketing budget? A google search will tell you anywhere from 5-15% of your revenue. Averaging these recommendations out at 10%, what would that look like for your business? Is that what you are spending?

Digital marketing is without a doubt the way forward and here's a'll get more for your money with digital marketing compared to traditional forms of marketing! It's also important to remember that marketing is not solely for the purpose of sales. It helps build and strengthen your brand which is of huge importance to any business that wants to be around for a while. It also indirectly helps increase sales through ensuring you are leading in your industry and in front of your competitiors. What can happen when you cut your marketing budget?

  • Your competition can overtake and overshadow you

  • You appear inconsistent/unstable to your customers

  • Your customer experience will weaken

  • You eliminate new customers

  • You'll see a decrease in business overall

So what are we saying? Review your marketing budget, adjust it, but don't cut it.

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