Experts recommend five percent of your gross income to be devoted to marketing. But it is really your call. What percentage of your revenues are you willing to shell out? It may be more or less, depending on your need, your time frame and your capacity to earn a considerable amount of money.
Having allotment for your revenue percentage for marketing gives your marketing strategy a field of its own in your business financial records and ushers for more organized accounting.
If you are to have a specific budget for marketing, how are you to use it? A good breakdown of your marketing budget to different marketing weapons and promotions will help you be able to know which aspects you will capitalize on in the light of your available budget.
The thrust of your marketing budget plan does not only tell what percent of your revenue will be used for your marketing, but in what exact ways will the money be used.