From the course: How to Write a Marketing Plan
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Determine your budget in your marketing plan
From the course: How to Write a Marketing Plan
Determine your budget in your marketing plan
- [Instructor] Why do the majority of small businesses fail within the first five years? A study conducted by a United States bank discovered that one of the main reasons for 82% of all small to medium business failures is having a limited understanding of cash flow. The second most common reason for failure, at 79%, was starting the business with minimal funds. No matter the size of a company, having a solid budget and understanding of cash flow is critical. Your budget should take into consideration marketing costs to grow brand awareness, build the marketing funnel, and increase purchases. Here is how to determine your budget in your marketing plan. If you're lost on where to begin for your marketing department, consider what is your percentage of revenue that you'd like to use. A general rule of thumb is for B2C companies to spend between five to 15% of their revenue and for B2B to spend up to 5% of their revenue. By…
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