Clients often ask us, “How much should we budget for marketing & advertising?”
Understanding the appropriate budget for your marketing efforts is crucial for driving growth and achieving your business goals. According to Deloitte, marketing comprised roughly 13.6% of a company’s total budget in 2023, a notable increase of 3.9% from the previous two years.
Of course this depends on various other factors in your business and industry in general, but there are a variety of ways to maximize your marketing budget and stand out among competitors.
Based on a HubSpot survey, here are the top five channels delivering the highest return on investment (ROI).
One notable area that’s playing a role in most companies’ marketing strategies is video. A survey by HubSpot has found that in 2024, 71% of marketers planned to leverage either short-form or long-form video as a part of their strategy.
Tips for Maximizing Your Marketing Budget
To make the most of your marketing budget, consider these strategies:
Research
Knowing who you’re looking to target and who your current customers are is key to marketing effectively. This upfront research will help you identify which platforms will reach your target audience, what messaging resonates with them, and ultimately how to maximize your budget.
Make Data-Driven Decisions
Make data-based decisions to shift resources away from channels that aren’t delivering the desired results and towards the channels that are working. It’s important to continue re-evaluating strategy and pivoting where necessary.
Plan for Change
Set aside a portion of your budget for opportunistic spending, allowing you to adapt and hedge bets during turbulent times.
Hire a Marketing Agency!
As a full-service marketing agency, we can eliminate the challenges of brainstorming and developing advertising campaigns, acting as an extension of your team. We’re experts in the various channels and have knowledge on various industries to make informed-decisions. Our team of web design, social media, photo/video production, and paid advertising specialists will help you hit your goals faster without unnecessary spending. From crafting compelling social media marketing strategies to executing targeted campaigns on platforms like Google, Facebook, Pandora & Spotify Radio, TV & Connected TV, and Direct Mail, our team is ready to help! There’s no one-size-fits-all marketing approach, and we’ll create a game plan based on your needs, wants, and goals.
Where would your budget have the biggest impact? Let’s talk! Reach out to our marketing team for a FREE consultation!
