Debbie LaChusa

Marketing Budget.

Probably your two least favorite words. I find that many small business owners and solo-professionals struggle when it comes to marketing budgets, for two reasons:

1) They don't have much, if any money, to spend on marketing

2) They don't know how much they should be spending to market their business

And, in general, marketing is an expense they wish they didn't have to incur. However, I'd like to offer a different perspective on marketing budgets. Rather than looking at your marketing budget as a necessary expense, look at it as an investment in your business.

What is an investment? It's money used to generate more money. Marketing done right is an investment because it gets you more clients and sales, and in turn that generates more money.

Where it breaks down for most people is their marketing is costing them more than it is returning in revenue. So it is indeed an expense.

If your marketing is currently costing you more than it's returning to your business, then you need to make some changes. How do you know where to make changes? You consult your marketing plan.

You must determine which element of your marketing is "off." Either you're marketing to the wrong people, your message isn't effective, you haven't clearly established why someone should hire you or buy from you, you're putting your marketing in the wrong places, or you aren't getting your message out frequently enough.

Once you determine the reasons your marketing isn't working, you'll be able to make changes to make it work better. This is why having a marketing plan is so important. It creates a foundation for your marketing. It gives you something to go back to when things aren't working.

And, it means you're able to track your marketing so you know whether or not it's an expense or an investment in your business. And wouldn't you rather your marketing be an investment?

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