As the year comes to a close, and your business starts preparing for a game plan in the coming year, budgeting will come up. Your company will spend weeks deciding what you wasted money on in 2016 and what you wished you had done differently. This could be anything from the type of coffee in the break room to the products your business sells. But one thing that is most important to look at for the new year is your marketing budget.
Of course, many small businesses try to avoid paying anything into a marketing budget. It seems like one of those expenses that could be avoided, and sometimes, you have no real idea of the impact it is making on your customers. Of course, analytics has come a long way in helping determine what the impact is for online marketing, but there is still a lot of unknowns. According to Forbes, the average amount of a company’s budget being spent on marketing is 29%, which means if you aren’t spending a thing, you could easily lose a lot of your customers to the competition. This is especially true of the Millennial generation that doesn’t have a lot of brand loyalty. Fortunately, focusing in your marketing strategies means you can spend less but be more effective. Here are the two most important areas you need to focus on in the near year for marketing, especially if you’d like to keep a tight budget.
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