{"id":7152,"date":"2018-05-05T09:50:43","date_gmt":"2018-05-05T09:50:43","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7152"},"modified":"2022-02-09T16:21:15","modified_gmt":"2022-02-09T10:51:15","slug":"make-a-marketing-budget-for-your-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/make-a-marketing-budget-for-your-business\/","title":{"rendered":"How to make a marketing budget for your eCommerce business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">While organic growth is a big indicator of how good the quality of your content is, putting in a little money to give it a boost never hurts. You need to have an eCommerce marketing budget to ensure you don&#8217;t blow up all the money. Don\u2019t know how to plan your marketing budget? Read on.<br \/>\n<\/span><\/p>\n<h2><strong>Understanding eCommerce marketing budgets<\/strong><\/h2>\n<p>Every company is uniquely different, therefore, their marketingg needs are also going to be different. Before coming up with a marketing strategy and budget, consider these 3 key pointers about your company:<\/p>\n<ul>\n<li><strong>How famous is your business?<\/strong><\/li>\n<\/ul>\n<p>If it&#8217;s not that famous, you may need to spend more.<\/p>\n<ul>\n<li><strong>How much can you afford to spend?<\/strong><\/li>\n<\/ul>\n<p>It is important to ascertain how much you may be able to spend on what activities. You don&#8217;t want to empty your account without determining the return on investment on the activity.<\/p>\n<ul>\n<li><strong>How much are your competitors spending?<\/strong><\/li>\n<\/ul>\n<p>Copycat marketing is legit. If you don&#8217;t exactly know where to start, check out how the others are doing it.<\/p>\n<h2><strong>Where to market?<\/strong><\/h2>\n<p>There are several channels of marketing that you can push out your product and content on to help people discover you. Here is a list of some mainstream media where you may think of starting with:<\/p>\n<ul>\n<li>Print<\/li>\n<li>Radio<\/li>\n<li>Television<\/li>\n<li>Internet &#8211; Sponsored content network ads.<\/li>\n<li>Social media &#8211; Facebook, Google, YouTube.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pick a combination of these to start marketing your business. Make sure to understand which channel fits your brand perfectly.<\/span><\/p>\n<h2><strong>5 ways in which you can make an eCommerce marketing budget for your business<\/strong><\/h2>\n<h3><strong>1. Start with a marketing strategy <\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Your marketing strategy needs to align with the company\u2019s goal. Create a marketing strategy that your sales team and marketing team are on board with.\u00a0 <\/span>This will help you make a marketing budget that is consistent with everyone&#8217;s business goals.<\/p>\n<p>A marketing strategy is a complete plan of execution. Need help with getting started?<\/p>\n<p>Our FREE learning platform &#8211; mojoVersity, has just the course you need!<\/p>\n<blockquote><p>Enroll in the course &#8211; &#8220;<a href=\"https:\/\/www.mojoversity.com\/p\/marketing-for-small-businesses\">Marketing for small businesses<\/a>&#8221; to learn the fundamentals of marketing\u2014market research, customer segmentation, the marketing mix, and more.<\/p><\/blockquote>\n<h3><strong>2. Know the operational costs <\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Take into account your <a href=\"https:\/\/www.investopedia.com\/terms\/o\/operating-cost.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0000ff;\">operational costs<\/span><\/a> before taking any marketing decisions. Make a marketing budget after you understand your operational costs.<\/span><\/p>\n<h3><strong>3. Consider your growth stage<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Setting your marketing budget depends upon whether your company is in the growth mode or planning mode.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Growth mode:<\/strong> If you are in the growth mode, you\u2019ll need to make quick-win marketing strategies that help you push up your <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.investopedia.com\/terms\/t\/topline.asp\" target=\"_blank\" rel=\"noopener\">top-line revenue<\/a><\/span> at a faster rate. You\u2019ll need to make bigger investments for this to happen. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Planning mode:<\/strong> If you are in the planning mode where steady growth rather than hikes in revenue is the aim, you\u2019ll need a long-term business strategy.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><strong>4. Understand current and future trends<\/strong> <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you want to make a marketing budget, it is very important to adapt and plan strategies that are in line with the pace of the industry. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will need to study and understand the current trends to forecast the future ones to make a solid marketing budget. <\/span><span style=\"font-weight: 400;\">A good marketing budget should include both traditional marketing strategies along emerging social media marketing or social commerce.\u00a0<\/span><\/p>\n<blockquote><p><strong>Related read:\u00a0<a href=\"https:\/\/www.instamojo.com\/blog\/social-commerce-use-small-business-india\/\" target=\"_blank\" rel=\"noopener\">How to use social commerce to grow your business<\/a><\/strong><\/p><\/blockquote>\n<h3><strong>5. Set your eCommerce marketing budget<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve done all of the above, you will need to set a tentative eCommerce marketing budget that supports your strategy. You\u2019ll need to choose from three options: <\/span><\/p>\n<h4><span style=\"font-weight: 400;\"><strong>Lean Plan <\/strong><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">1-2% of your gross sales invested in marketing. This is for companies who want to maintain their current market position by giving them simple tools and strategies to retain their current customers. This is for companies that don\u2019t have any ambitious growth goals. <\/span><\/p>\n<h4><span style=\"font-weight: 400;\"><strong>Target Plan<\/strong><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u00a03-4% of your gross sales invested in marketing. This is for companies who want to attract new prospects and retain current customers by giving them advanced tools and strategies. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The goal is to increase their market share and have moderate growth goals. <\/span><\/p>\n<h4><span style=\"font-weight: 400;\"><strong>Stretch plan<\/strong><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u00a05% of your growth sales invested in marketing. This is ideal for companies that want to increase their market share by using more resources that are focused on driving leads, conversion, and sales. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies that have such ambitious growth goals will use complex strategies and cutting-edge tools. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good eCommerce marketing budget should be viewed as an investment that will give you good returns. Marketing products or services has become an essential strategy to drive sales and grow your customer base.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For making a marketing budget you need tools and analytics that will help you make business decisions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Instamojo, you will have access to necessary marketing tools that help you set and meet business goals and revenue targets!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Go set up your own Instamojo account and get your own online store for FREE in under 2 minutes!<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2b2b81;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=home_page\" target=\"_blank\" rel=\"noopener\">Get started with Instamojo <\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"While organic growth is a big indicator of how good the quality of your content is, putting in&hellip;\n","protected":false},"author":6,"featured_media":21439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398],"tags":[228,1412,1405,230,1414,1416,1406,1403,1408,1404,160,1402,1411,1407,1415,162,1413,1410,1409,1359],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Make a marketing budget for your business<\/title>\n<meta name=\"description\" content=\"Struggling to make an eCommerce marketing budget for your small business? 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