Table of Contents
- 1 Your startup marketing budget is critical for its success.
- 2 Online and offline facts and your marketing goals
- 3 Splitting marketing budgets
- 4 Here are 4 ways that you can market your startup with little or no budget at all.
- 5 4. Startup Social Networking for Startup Marketing
- 6 We’re listening.
- 7 General FAQ’s
Your startup marketing budget is critical for its success.
Your startup marketing budget can make or break any startup company. And it doesn’t matter what stage you are in so get it right. Creating a marketing budget is essential for a startup.
Your startup marketing budget is your marketing budget for your startup must be large enough to meet the marketing goals. Plan on about 10-12% of forecast revenue.
Marketing your business is the most important part of starting a business. Unfortunately, many startups don’t have much money to invest in their marketing efforts and end up failing.
The good news is that you can start small and still make a big impact on your startup’s success by using these tactics for cheap or free marketing.
Your startup marketing budget is a critical part of your overall startup marketing plan.
The startup team is wearing a lot of hats and funding is from the watchful eye of venture capital firms.
The chief marketing officer (CMO) must deal with the marketing plan, brand awareness, email marketing, building a marketing team (outsourced marketing agencies), marketing automation, social media marketing, sales funnels, and setting a marketing budget.
You as a startup you can follow any form of marketing tactic depending on your sales and marketing goals and objectives. However, it is a fact that online marketing has taken the business world by storm.
This is because you can choose one or many of the many websites that offer you a chance to showcase your brand in front of millions of users.
However, both online or offline marketing will have their own signature requirements and characteristics you should consider while making a choice between the two.
And watch your spending on marketing and associated marketing expenses. Once you do so focus on the marketing budgeting aspect to make your startup business visible to a large number of audiences.
Online and offline facts and your marketing goals
To make the right choice and to allocate just the right amount of funding for the marketing plan implementation. You will need to be very careful and knowledgeable about the entire process.
Your startup marketing budgets need to cover things like SEO, content marketing, and marketing technology.
For this, you will need to first know about the facts of both the various marketing tools.
- Content marketing
- Social media
- Paid search or Pay Per Click
- Search Engine Optimization (SEO)
Offline marketing doesn’t use the internet to reach your target customers. This form of marketing focuses on personal interactions and the different tactics include:
- Direct mail
- Radio ads
- TV commercials
There are a few other things you must understand about startup marketing budgets.
- About 28% of the businesses that relied on offline marketing mode have in fact reduced their budget for advertising to accommodate the cost of digital marketing activities. This is a basic requirement of modern-day business. Therefore, as a startup, you may feel that online marketing is the best approach for you, and so.
- Most modern marketers, startups or established firms, allocate the major chunk of their total marketing and advertising budget on digital or online marketing. This proves its popularity which will not slow down soon.
The average return on investment (ROI) for each of these marketing tactics will depend on the strategies you use. As a rule of thumb, but depends on your target market and personas that content marketing paired with SEO has a great return.
You may ask, what is wrong with the traditional form of offline marketing? You may wonder things such as:
- Whether it is still worth investing in specific marketing strategies
- How valuable it is in this modern business landscape where everything is done online
- Whether or not you should put in every penny of your marketing budget on digital marketing
Well, the answers to all these questions are not that easy or clear-cut as you may expect. There are several good reasons for it.
In most cases, online marketing, no matter how proven just doesn’t generate the desired business outcome or ROI. Startup marketing budgets will show progress on leading metrics like site traffic, social shares, engagement, and more.
About 86% of people aged about 45 years prefer radio and TV ads. While the younger generation may like Snapchat or Pinterest. But there is a shift happening here.
Splitting marketing budgets
28% of all marketers find that one of the biggest challenges is budgeting their marketing efforts. Surprised?
The success of marketing a startup will depend on the budget you allocate. To create the most effective marketing strategy, you may need to split your budget between online and offline marketing tactics. Don’t spend a ton of money without collecting and analyzing the data. Grab these free 8 Free Marketing Budget Templates.
First, you will need to know what are you working with and this is not an easy task, mind you. Also, keep in mind that both these forms of marketing campaigns need a considerable cash injection to provide results.
This way you will soon be able to build a customized marketing strategy for your startup marketing budget. Create your marketing strategy with the correct budget and watch your sales rise.
These few tips to follow for creating your startup marketing budget:
- Start with calculating the overall marketing budget to promote your startup business. This can be monthly, quarterly, or even an annual figure. You can use a simple formula to calculate the marketing budget considering the size of your business. For startups allocating 12 to 20% of the gross expected revenue for marketing is good. This is because you will be still testing different techniques and with a large chunk allocated for marketing.
- Start with your business goals. Do you want more store traffic, in-store sales or more web traffic to generate more online sales? Your marketing budget allocation results might reveal that online marketing can be more affordable when compared to radio or TV ads.
- Split your budget in the right proportion after you get the basics right. The simplest way is to look at your revenue goals.
- Last, test and improve the split because there is no exact formula to determine the proportion of the split. The trial and error method is the best to find which works best for your business. Make sure you give enough time to each strategy and tactic because the result will not come overnight. Remember you need to know math, so measure and analyze everything, yes everything down to the time and resources you put into it.
Here are 4 ways that you can market your startup with little or no budget at all.
Even if you have a small budget to work with, there are still many ways to market yourself and gain customers. Here are four ways that you can market your Startup with little or no budget at all.
1. Startup Marketing for Startup News Sites
Many Startup news sites cover the Startup scene but don’t offer dedicated Startup marketing to their readers. If you want to win free Startup marketing, then this is an easy way to do it! Content, content, content.
2. Startup Marketing with Startup Social Sites
Many Startup social sites exist, such as Founder’s Forum and Foundersuite, where Startups can connect for Startup advice and Startup feedback on their startups and startups networking.
Many members in some of these groups have hundreds or thousands of followers who love viewing new content from this group, so if you provide a solution to a problem within a post, then word will spread quickly about it!
By becoming a member of some of these groups, you can market your Startup by helping other startups out there with some solutions to the Startup problems that your Startup provides!
Startup Marketing on Reddit
Reddit is a Startup marketing goldmine if you can get it right. Reddit operates on Startup karma, which is the Startup version of likes or favorites, but instead, it’s karma (which acts like Startup brand positioning).
Posting content that is Startup related (e.g., tools your Startup uses) on subreddits with high Startup karma will spread the word of your Startup to more people, upping the Startup marketing!
4. Startup Social Networking for Startup Marketing
Startup social networking sites exist everywhere, including Facebook, Twitter, and Linkedin, etc. Most startups have some form of presence within these networks, so you can utilize their connections with one another to spread the word about your Startup in multiple places at once!
Chances are there are many friends of Startup employees on these Startup social networks, so it is best to make Startup connections with Startup employees to get the Startup word out (and possibly Startup leads)!
Just like that, you’ve gained Startup marketing knowledge for no Startup budget! Now you can go out there and start marketing your Startup with no Startup budget! Good luck with your Startup marketing! 🙂
What is a startup marketing budget?
The startup marketing budget varies depending on the stage of the business, resources, and funding.
Who is responsible for the startup marketing plan?
How do I create a startup marketing budget?
Start with calculating the overall marketing budget to promote your startup business. This can be monthly, quarterly, or even an annual figure. You can use a simple formula to calculate the marketing budget considering the size of your business.
How much should I budget for marketing in a startup?
For startups allocating 12 to 20% of the gross expected revenue for marketing is good. This is because you will be still testing different techniques and with a large chunk allocated for marketing.