Average small business marketing budget by industry

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Successful advertising spending varies by industry. Businesses spent 8.7% of their revenue on marketing last year. But many companies are nowhere near that average spending level, as shown in this industry breakdown:

Real estate agencies and brokers spend approximately 3.84%.
Furniture stores about 4%.
Beverage production about 2.73%.
Restaurants and other catering establishments 1.93%.
A number of factors determine the marketing budget for small businesses, which is part of a business plan. Businesses should clarify where the business is headed and set adequate growth indonesia phone number data goals that must be in line with marketing and sales. In addition, when considering the budget, they should take into account the age of the business . Starting businesses rarely have enough money for everything, but they really need marketing. It is also necessary to use the right metrics depending on the industry or accounting methods. Costs need to be divided into different stages of the sales funnel . And most importantly, small businesses, which sometimes lag behind large ones, should realize that offline advertising is not enough. Currently, it is necessary to use online advertising , which is the engine of growth. Last but not least, it is necessary to analyze the competition and find out what position your business has against competing companies in the industry.

Conclusion
The current economic crisis may encourage budget cuts, but – as they say – fortune favors the bold. If your company has the space to maintain its current budget, it will be worth it, because it will allow you to maintain your position in the market. Increasing investment in marketing during an economic downturn can contribute to increasing sales . However, it is necessary to focus more than ever on customers who are also affected by the crisis and are saving where possible. You need to offer them products and services that convince them that you as a company are thinking of them. This way, you can build a stronger relationship with them and gain their trust. And this will pay off in the long run.