You may be wondering "What does marketing cost?" which is honestly a really great question! Unfortunately we're here to tell you, it depends.
No, we didn't burry the lead at all on this one, but it's important to know the different between how much money you are putting into you overall marketing and or project budget versus the advertising spend budget. To be honest, long story short it all depends on your goals for reach, engagement, and content type. We'll break down the two for you right now to start considering what your budget should start to look like.
Total Marketing Budget
Remember when you sat down and put a budget together of all of the needs for your product, or figured how much college, an apprenticeship or classes would cost you? That's pretty much exactly how putting together a marketing budget should look.
Start by thinking about your business goals. What do you want to achieve? Do you want your products to be in stores, do you have a sales goal (start by putting that together). Marketing (and your marketing budget) are ways of working to achieve these goals.
The bigger the goal you either have a bigger budget or a lot more time. If you're willing to hit the pavement, cold call, format all of your emails, design and write all of your social posts, take photos of the product, and so on and so on. This isn't always realistic for one person so start considering that your time is truly money. All of that time you're taking you can either continue or hire someone that can often do it in half the time due to experience and expertise choice!
Also, nothing is truly free and we're not just talking about your time. Website hosting platforms, design software, social media scheduling third-party platforms, printing, and many other marketing materials all accrue costs. There are many things that many business owners don't consider when first putting marketing budgets together that marketers do, such as customer experience from discovering the product, to purchase, to receiving and opening the product from the mail.
Marketing materials are all a part of your total marketing budget as well as any additional costs.
Have you every seen a commercial or instagram sponsored post and wondered how they got those things? They have put together a budget to reach a goal, just like their marketing budget but this is only a portion of it used for buying ad space. There are so many different platforms that you can now purchase ads on, here are just a few.
Advertising Platform Examples:
Social Media Ads
Boosted Social Media
Social Media Influencers
Music Streaming Commercials
Podcast Commercials and Sponsorships
Many, Many More
Pretty much any platform that you have to pay to be a part of to mention your name is advertising spend. They are promoting your business by you financially supporting their platform to reach their followers. These can very from $25 to $500,000 dependent upon viewership and content type. You often build contracts and scope, but consider the creation of this content is a part of your marketing budget.
If you have any questions about how much you should be putting into your marketing and advertising budgets don't hesitate to reach out to the Hustle MKTG team. Don't forget to think about those goals and business objectives.