We will demonstrate throughout our business relationship that professional services don't cost, they pay!
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Budget development is the first step in any advertising or marketing program
There's an old saying: "If you think a professional is expensive, wait 'til you see what an amateur costs you!"
To be sure, everyone has an uncle, a nephew, a best friend who "really knows the score." And if those friends and relatives are seasoned professionals, by all means, listen to what they say. But if they are merely loving amateurs, however sincere, it's time to take advantage of objective, professional consultation.
Advertising is a day-to-day cost of doing business, just like your payroll, your rent, your utilities, your inventory. At Wordspecs, we provide professional guidance and execution to get the most from your budget. Our goal is to achieve impact and consistency, across as many media as you choose to use.
So—how do you go about setting a budget?
- Review all spending over the past two or three years that relate to advertising and marketing. If yours is a startup business, you will want to determine a percentage to commit to advertising and marketing.
- Think about media you've used in the past that worked well for you. Also create a list of new approaches you would like to take.
- Map out your goals for three-months, six months, one year, five years.
How much should you spend? That varies, depending the kind of organization you have. We recommend talking with your accountant or your business banker, as well as any professional associations of which you are a member, to determine the range. But in our experience, your budget should be in the range of 5% to 10% of annual revenues. While there is certainly a point of diminishing returns, it is clear that spending too little presents an overwhelming barrier to your success.
Using the above guidelines, you will determine an annual budget for advertising, your goals, and the media you would like to use. Then, call Wordspecs for a FREE one hour consultation.
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