I can’t answer this question for you without knowing your business. But to help you answer this question, I’m going to provide you with some links to other helpful resources I’ve found around the web.
How Much Do Businesses Spend on Marketing?
On average, businesses spend about 10% of annual revenue on marketing, and 25% of their total marketing budget on digital marketing activities such as online advertising, content creation, search marketing, design/development/maintenance of corporate website, and email marketing. In other words, 2.5% of the annual revenue of the average business is allocated towards the website and other digital marketing expenses. If you do the math… The average small business with $1,000,000 annual revenue spends $25,000 per year on digital marketing.
The industry you’re in influences your marketing budget. For the average business, at least 5% of the budget should be allocated for marketing and advertising. But most service businesses should allocate an even larger percentage (8% to 15%).
How Can You Spend Your Marketing Budget More Effectively?
This article reminds us of some important bedrock truths about business and entrepreneurship. The basic idea is that when we are faced with adversity and/or limited resources, this is an opportunity for growth and creativity.
You will waste your budget if you don’t focus on your customers (and/or the people in your business who know your customers), don’t seek qualified sales leads, and aren’t prepared to adapt your plan over time as you learn from failures.
Your website budget should include not only the design/development/maintenance of corporate website, but also website promotion activities such as online advertising, content creation, search marketing, and email marketing. Looking for creative ideas to promote and improve your website and your marketing efforts? Look no further.