If you’re doing anywhere between $1 and $5 million in sales per year you should be spending 7-8% of gross revenue on advertising and marketing, according to the U.S. Small Business Administration.
I’ve worked with high-growth companies budgeting 10-12%, but for maintenance 7% is a bare minimum. This means for every $100,000 in gross revenue, you should have at least $7,000 allocated for advertising and marketing per year.
It is critical that you maintain at least this level of marketing investment throughout the Coronavirus pandemic. If you cannot afford to grow right now, so be it. If it makes sense to cut back on some paid advertising for the time being (say, for example, your employees can’t come in to serve customers so there’s no point right now in attracting them to your location), then that’s a logical decision to make. SEO and inbound marketing are a long game, however. You’ve invested in building your processes and workflow, ensuring data quality with consistent measurement, building an audience and customer base, and creating quality content that ranks.
What’s more, you can count on the fact that others are going to panic and underestimate the impact of an emotional decision on their 6- to 12-month business horizon. As their engagement drops, their publishing cadence slows, perhaps their review volume or quality falls off, and they lose traction across channels, you have the opportunity to push ahead and come out on top.
This is the time to stay the course and tackle all of those potentially impactful SEO and marketing tasks you’ve had on your back burner.
Whether you’re working with an agency or handling marketing in-house, these are tasks you can get your team working on while they self-isolate and work remotely.
If you need immediate Marketing help that guarantees sales, leads and customers to keep your business afloat duri these uncertain times whether your a (Startup, Small, Medium or Large Corporation) feel free to reach out for a "FREE 30 Minute Strategy Session" to discuss your goals and challenges!