I’m sure you’ve heard the saying, “You need to spend money to make money.” But for small and medium-sized businesses (SMBs), this is a particularly challenging mandate to follow when thinking about annual budgets every year. Now is the time they must take a hard look at their finances to determine how to spend less and make more.
So the million-dollar question is: With 2017 looming and budgeting priorities across the board, where will SMBs be putting their marketing dollars next year?
As a small business owner myself, I know all too well how essential it is to make a detailed plan that will tightly control my company’s financial performance. In my experience running an online marketing business, creating a process for budgeting is the single most effective means of keeping your business’s finances on the right track.
But even when times get tough, it’s imperative to remember how important the marketing portion of your budget is for survival. You should never stop promoting your business, even when resources end up being more limited than expected. When your marketing budget is small, you must make smart choices about your priorities to determine how much money you should devote not only to marketing in general, but specifically to the critical components of online marketing.
To succeed in today’s competitive and crowded world, here are three reasons why SMBs should consider online marketing a top budgeting priority.
Some opinions expressed in this article may be those of a guest author and not necessarily Marketing Land. Staff authors are listed here.