Simply put, the marketing budget is an estimated amount of the cost that will be needed to promote your products or services.
However, most small business owners have no idea how much money they should invest in marketing and also have limited resources.
As a general rule, if you want to maintain your current position in the market, you must invest in marketing about 5 percent of your total income. In case you want to grow your business, you will need to spend a higher percentage, about 10 percent.
Consider small business marketing as an investment, not as an expense. In the same way that you invest in your health by paying, for example, a gym membership, you must invest in your business to prosper.
Fortunately, with a little creativity, even small businesses with a small budget can achieve significant marketing results. Here are some ideas to inspire you:
• Attend events where you can meet and interact with your target audience. It is a perfect opportunity to get new customers or establish new collaborations that can help you promote your products or services.
• Share your story in online or print magazines that your audience reads and thus get promoted for free.
• Organize workshops or events that are useful for your customers and where they can invite family and friends. This is a situation in which everyone can win.
However, if you want to take your business to a higher level, perhaps a small business loan is an excellent solution to increase your marketing budget.
Camino Financial offers commercial loans with flexible terms and reasonable rates that fit the objectives and needs of any small business. As your marketing budget is a priority, Camino Financial offers you a commercial loan calculator with which you can shuffle different figures and scenarios until you reach the monthly payment and the total cost of the loan with which you feel comfortable. In addition, the Camino Financial application process is quick and simple: it will take you only a few minutes to fill out your application and, once you have been preapproved, a loan specialist will contact you to guide you through the process. Within 4 to 10 days you can receive the funds you need to invest in any area of your small business or carry out your marketing initiatives. Apply for a commercial loan with Camino Financial and thus secure the necessary funds to launch your marketing campaign and grow your business.