How to decide how much to spend

Re: How to decide how much to spend

Our marketing budget comes out of our plan. We do mostly online advertising and look at our CTR and our sales and try to find the right balance and return on our investment.

Re: How to decide how much to spend

We have a fairly limited budget most of it goes to billboard advertising and about 20% goes to discretionary spending and we are increasingly looking to go online for advertising opportunities. We usually only have about a 10% discretionary fund but we are looking to more rapidly grow our business.

We are pretty informal about our budget but if we exceed it we go over the reasons and about 2 or 3 times a year we sit down and evaluate the effectiveness of the campaigns.

Re: How to decide how much to spend

newt;30205 wrote: How do you decide how much to spend on marketing? Do you have a formal plan or is it just based on your results? How do you track your success? What has been your best investment?

Alot of questions but I thought it would provide us with some thoughts on how to make better use of our marketing dollars.

Do you know which marketing avenues you are going to take (online, traditional)? A common practice is a percentage of sales, say 30%-45% depending on the industry.

Re: How to decide how much to spend

We are doing about 80% of our advertising online and about 20% offline.