Sponsored by Kabbage

Today’s show is brought to you by our friends at Kabbage, an online lending platform that provides access to funding directly to small businesses. Check them out over at kabbage.com that’s KABBAGE.com – their site is loaded with all kinds of helpful tools and calculators that will help you navigate your way through getting money to grow your marketing.  And don’t forget to follow them on Twitter @Kabbageinc.

Bootstrapping is the default funding strategy for most small business owners.  But what do you do when it’s time to grow out of bootstrapping; your business has taken hold, orders are coming in and you’re ready to scale and grow your business to the next level.

 

7 Great Resources to Help You With Your Marketing Budget

  1. Smart Ways to Spend Money on Marketing 
  2. Money for Marketing ROI Calculator
  3. Marketing Budget Calculator
  4. What should you spend on marketing in 2018? 
  5. New Research Says We’re All About to Boost Our Marketing Budgets
  6. How Much Money Should You Spend on Marketing Your Business?
  7. What to Spend on Marketing n 2018

 

What you’ll hear on the podcast:

  • (01:54) The triggers that lead a small business to borrow money for marketing.
  • (04:13) How should a business evaluate how much to borrow or spend on marketing?
  • (06:41) The biggest risks involved when a small business borrows money for marketing?
  • (13:44) Why should a small business invest in digital marketing?

 

Questions from the Tweet Chat

Q1: Why should a business invest in marketing?

When times get tough, the first thing to go is investment in marketing. For most small businesses marketing is the smallest overall part of their budget and it doesn’t have the same immediate impact as – turning off the appliances in your restaurant (that’s pretty immediate) but in the end, you see the impact.

Our audience of small business and marketing experts knows how important spending money on marketing is and why…

So this begs the next question –

Q2: Why don’t some businesses invest in marketing?

 

When I say our audience knows the impact that a great marketing budget has on business — this is what I mean.

If you haven’t read this story, definitely click over and check it out.  It’s a poignant tale of what happens when you put all of your investment in word-of-mouth or assuming that customers who feel loyal to you — don’t spend any money with you.

Q3: How much do you currently spend or invest in marketing?

One of the most popular questions on marketing budgets has to be “how much should I spend on markting?”. There are as many answers as business owners and experts.  What I love about the answers here is that they are real people with real businesses and real small business clients.

I’ve heard statistics that your marketing budget should be around 10% of sales — but you can see that for most small businesses it’s significantly less.  Again, you can’t run a restaurant without  a stove, but you can probably run a restaurant without placing ads or spending marketing money on a web site.

 

 

 

 

Q4: Would you like to invest MORE in your marketing? Why or Why not?

 

 

Q5: If you suddenly had access to $250,000 to spend on your marketing how would you invest it?

 

Q6: Would you ever consider borrowing money to grow your business, why or why not?

Q7: Other than being able to pay back a loan, what would be your biggest obstacle to borrowing money to invest in marketing?

Q8: Thinking about your business or industry, what type of marketing strategy or activity do you feel has the highest ROI?

Q9: Should a small business owner PLAN to borrow money?

Q10: Is it better to spend across a broad range of marketing projects or focus in on one or two? Explain.

 

Kabbage.com is an online lending platform that provides access to funding for small business owners.

 

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