Spear Brand Logo
Top web design and digital marketing in Las Vegas. Helping our clients grow with marketing-first web design and digital strategies that convert. 702 Pros Logo 2020
Service Disabled Veteran Owned Small Business.

702 Pros Four Expert Tips to Increase Marketing Budget

Updated January 10, 2023
~ minute read
702 Pros Four Expert Tips to Increase Marketing Budget

Content Key

Share this Post :
Get the most out of your marketing
Join over 100,000 of the most intelligent marketers in the galaxy, and receive marketing news and insights straight to your inbox.
Enter Email to Get Started:
(We will never share your information.)

Four Expert Tips to Increase Marketing Budget: Your business’ success depends on how well you promote it. Marketing is the best way to spread the word about your product and service.

It is important to invest in a strategy that works. It can sometimes be challenging to determine how much you should have and how to increase your marketing budget to help boost your efforts.

This post will discuss the optimal promotional spending levels and how to increase your budget when needed.

Four Expert Tips to Increase Marketing Budget: How can I calculate my marketing budget?

You need to determine where your allotment should be to assess if it is sufficient to make your marketing budget effectively. Determine your marketing budget by following three main guidelines: industry, the age of your business, and the level of professional assistance you require to implement your plans.

Marketing budgets according to industry.

Marketing budgets are similar to profit margins. While a packaged goods retailer might have a budget of 25%, transportation companies may invest closer to 8%.

As a guide, the industry averages indicate what allocation you can expect.

Marketing budgets for start-ups

Budgeting for prelaunch can be tricky. Businesses with a proven track record can look at their sales and follow accepted standards. A start-up, however, doesn’t have this luxury. This scenario will require you to rely on research and accurate projections.

Imagine that you are opening an eCommerce shop selling gourmet coffees. To calculate the minimum start spend, you must determine how much a store like yours makes each year.

Other marketing expenses, such as website development that are more well-known companies, will also need to be considered. Investing in branding, such as designing a logo is also essential. You may need to spend more than the industry average to have enough money for promotional activities.

Marketing budgets for established companies

Companies that have been in business for at least one year have their revenue numbers, not projections. As they compete for market share, establish themselves in their industry, and invest more, those who have been in business for less than five years might be able to afford more.

The Small Business Administration (SBA) recommends that businesses with annual revenue below $5 million have a marketing budget of between 7% and 8% of their sales.

Four expert tips to increase your marketing budget

You now know how much you can spend. The next question you might ask is, “How do you request an increase in your marketing budget?”

Here are four ways to increase your marketing budget.

  1. Establish SMART goals for revenue
  2. Remedy for pain points
  3. Give a solid reason
  4. Display existing data

1. Set SMART goals for revenue

It’s not enough to have a plan. It would help if you had revenue-based goals that would quantify your actions. An eCommerce store might set goals to increase sales and average order value.

The SMART acronym is used here.

 

SMART stands as:

  • Specific: Be clear about your goals. As much detail as you can.
  • Measurable: Learn the differences between valuable analytics and vanity measures. Select the best key performance indicators to track results.
  • Realizable: Set realistic, achievable goals to keep everyone accountable and engaged.
  • Relevant Link your goals to the relevant business objectives that your company wants to achieve.
  • Timely Set a time limit for measuring and achieving your goals.

2. Attract pain points

It is important to understand what makes your target audience tick. They are the people who control your revenue in this situation. They have needs and wants, just like any other audience.

Knowing their pain points will help you strengthen your pitch. It is possible to anticipate their objections and then have the data to overcome them.

3. A solid “Why” is essential

You need to understand why you are making your pitch. You must know the purpose of your pitch and be able to justify it. This means that you can accurately project the effect of an increase in budget.

Marketers are responsible for staying on top of the trends to inform their “Why”.

Social media marketing sets new standards for companies that raise the bar. Search engine operations changes affect content marketing and search engine optimization (SEO).

With accurate predictions and relevant data, it is easier to persuade purse-holders that these shifts are worth the larger investment.

4. Present existing data

If your current budget has been maximized, you can calculate your marketing efforts’ return on investment (ROI).

To show that your actions generate revenue, link your audience with channels. This will encourage more money approval.

A partner who helps you achieve better results will make your case stronger.

Our digital marketing campaigns impact the metrics that increase your bottom line

702 Pros optimizes digital marketing budget

Our team includes professional digital marketers, SEO experts, content strategists, and professionals with decades of experience. We can help you create a customized marketing plan that will reach your revenue goals and allow you to secure more budget for future campaigns.

Leave a Reply

Get a Free Digital Marketing Quote!
Want to talk now?
Give us a call at (702) 904-4262

Powered by OnSago

More Great Posts

News SEO Basics
Blog

News SEO Basics

News SEO Basics: What Is It and How Does it Help You? SEO is a process that helps websites rank better in search engines for

Read More »
Improve Post Performance with a LinkedIn Boosted Post by 702 Pros
Social Media

Improve Post Performance with a LinkedIn Boosted Post

LinkedIn is all about connecting people. It would help if you built your LinkedIn presence to grow your network. While engaging and insightful content can help increase brand visibility, it offers another way to draw people to your page.

LinkedIn-boosted posts can help you increase your page’s reach and connect with a broader audience.

This article will cover everything you need to know about boosted LinkedIn posts, including how to create one and how they differ from LinkedIn ads. Found on 702 Pros.

Read More »
Advertise with us
Join our advertising network to grow your business. Give us a call at (702) 904-4262
34.99 WordPress Updates | WordPress Support by 702 Pros
Sponsored
Best Top #1 702 Pros Four Expert Tips to Increase Marketing Budget Las Vegas, NV | 702 Pros Four Expert Tips to Increase Marketing Budget Agency | Justin Young, US Air Force Veteran and CEO of 702 Pros
Justin Young Signature - 702 Pros

Justin YoungCEO of 702 Pros

I'm Justin Young
Air Force Veteran, Founder and CEO of 702 Pros.

I lead our team to grow our client’s businesses with smart and innovative web design and digital sales systems. I treat every business like it were my own, giving each the attention it deserves. In short, our experts will focus on delivering the best results producing the greatest ROI for your business.

Let’s talk about your business!

VOSB CVE AWARD

Our 702 Pros Four Expert Tips to Increase Marketing Budget Agency will work hard to make sure your business succeeds online

Our 702 Pros Four Expert Tips to Increase Marketing Budget experts are waiting to build your business credibility like never before. Let our Las Vegas NV team help grow your brand with digital marketing & WordPress management solutions, built around producing the highest return on your business investment.

2022Winner
Best Web Design Agency in Las Vegas, NV
2022Winner
Best Digital Marketing Agency in Las Vegas, NV
2022Winner
Best SEO Agency in Las Vegas, NV

Deals on Web Design Pricing in Las Vegas, NV

Hurry our web design deals in Las Vegas, NV will only last for a limited time only. Our team of Las Vegas, NV web designers have the experience and knowledge to get your business off to the best start possible or improve your business presence with SEO Las Vegas, NV, digital marketing Las Vegas, NV, web support and website hosting Las Vegas, NV

Grow with the Pros

Let us know about you to get started.

Want to talk now? Give us a call at (702) 904-4262

Powered by OnSago

Ready to speak with a marketing expert?

Call our team @
+1(702)904-4262

Our Pros have your back with award-winning design and marketing,Including proven systems focused on producing the best return on your investment.

702 Pros is veteran-led design by Justin Young—Air Force Veteran and Digital Marketing Las Vegas, NV Authority.

2022Winner
Best Web Design Agency in the United States
702 Pros Landscape Logo Vector - with url and grow with digital catchphrase
Google Partners
Meta Business Partners
Inc 5000
Kyla Sloan | Kyla Estes | Client Management | Reception | Sales
Advertising with Us
Kyla SloanAdvertising Specialist
Our team has the digital and traditional marketing skills to get you in front of customers looking for your product or service.
Want to talk now? Give us a call at (702) 904-4262

Powered by OnSago

Add Your Business To the 702 Pros' Directory
Please add some general information about your business.
A problem was detected in the following Form. Submitting it could result in errors. Please contact the site administrator.
Want to talk now? Give us a call at (702) 904-4262

Powered by OnSago

2022 Sale

Get 20% off!

All Web Design Packages
A problem was detected in the following Form. Submitting it could result in errors. Please contact the site administrator.
Days
Hours
Minutes
Seconds
Want to talk now? Give us a call at (702) 904-4262

Powered by OnSago