ADVICE COLUMNHave you ever wondered
what amount you should set
aside for marketing to grow
your business? While many
business owners are looking
for an answer such as 1635000
or 10% of sales, I think this
misses the point. I believe the
answer is...
You should not put a limit
on your marketing budget.
Whenever you undertake
any marketing activity, you
need to know whether you
make a profit or not. The only
way to do that is to measure
the results, and to do this, you
need to undertake direct
response marketing as
opposed to purely brand
marketing.
For small businesses,
especially, it is crucial to
ensure money spent on
marketing is not wasted, so
record the results of any
marketing activity, whether
that be direct sales letters,
advertising, telemarketing or
anything else.
As a minimum, you need to
know...
* The cost of the marketing
activity
* The sales generated from
that marketing activity
* The profit made from
those sales
If you make more from the
marketing than it costs you, it
makes sense to continue until
it stops making you a profit.
Of course, you8217ll know when
this is because you are
measuring your results.
In calculating the profit
made from any sale, you
should consider the lifetime
value from the new customers
that you gain. The only other
consideration is that you have
to manage the cashflow in all
of this to ensure you have
enough funding before the
income comes in. Who better
to help you manage the
cashflow or secure funding
than an accountant?
For help and assistance
with this or any
accountancy and tax
needs, call 01652 650112.
We are very happy to
discuss without charge
how we could help you
further.The marketing
budget
explainedby Sophie Cook, Marketing Manager,
TurnerWarran AccountantsWORRIED ABOUTH.I.Ps?(Home Information Packs)Contact:FRASER WISE
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