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Is there a general guideline for the percentage of your company's budget that should be dedicated to advertizing dollars?
Should it be a higher percent if you are a newer company?
Where would be a good place to seek information relating to these questions? In this age of information, one can get buried in the avalanche of sources, but it would be nice to have efficiently streamlined data given by those with firsthand knowlege & experience with it.
Should it be a higher percent if you are a newer company?
Where would be a good place to seek information relating to these questions? In this age of information, one can get buried in the avalanche of sources, but it would be nice to have efficiently streamlined data given by those with firsthand knowlege & experience with it.
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New York City
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Re: Advertizing/Marketing budget
Tue, January 9, 2007 - 1:25 AMTry SCORE. Great network of free advise from people who've spent their whole life in business. What type of business do you have?
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Re: Advertizing/Marketing budget
Tue, January 9, 2007 - 11:45 AMKen, it varies. If you are a new company breaking into a new competitive market you will have to spend much more than if you are an established company maintaining its market share with some growth. Your other expenses are going to have an effect on the percentages since if you are renting an office space or a shop in a mall will be different from having an home office. So we're talking from 10% to 60% and more.
Have this in mind: What do I need to do in order to break into the market? How long is it going to take me? How long will I be able to sustain the marketing expenditure? Do I even know where to market/advertise and what are going to be the returns?
I hope this helps. -
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Re: Advertizing/Marketing budget
Fri, January 12, 2007 - 7:41 AMThanks Brian & Eylon.
"Do I even know where to market/advertise and what are going to be the returns?"
I have many ideas as to where, as well as many that answer how, but I can not answer about the returns on my ad/mkt expenditures.
Being that I am a new company - I think of it like the baby is still being birthed - I'd really like to choose the methods that will get me the most bang for my bucks.
Yes I have worked with SCORE in the past, but I preferred to ask the experienced people on tribe before making any field trips to their offices.
I've started a beverage company Brian. I've also started a tribe about it. =o)
tribes.tribe.net/g-thrill -
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Re: Advertizing/Marketing budget
Fri, January 12, 2007 - 7:13 PMI just took a look at your tribe and off the top of my head, I'd suggest more of a PR approach than advertising. If you can find a way to use viral marketing, that would be great too. I like your name. That should be helpful in coming up with ideas on how to get free PR. -
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Re: Advertizing/Marketing budget
Thu, January 18, 2007 - 10:06 AMThanks Brian.
Yep, viral will work. Its nice that my product is in itself a way of advertizing. The labels on bottles are portable, very visable, and will find a way of getting around.
I'm currently looking forward to a big convention here in NYC March 4 - 6th at the Javits Center. Its the International Restaurant and Foodservice Show, and I figure to do well there.
One friend of mine who majored in advertizing way back when, said that about 30% of my budget should be spent on the branding & promotion. Sound right to you guys?
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