We live and breathe branding and marketing your brand. We see the value in it through every product that our clients sell, to every enquiry that comes through their website. So it’s important that businesses budget for ongoing spend in areas that continue to evolve their business and push it forward.
You should review your revenue against what you are spending on branding and marketing as you would any other investment into your business. A good rule of thumb is 5% of your revenue as a starting point, especially if branding and marketing is a new thing for your business to focus on. The more you spend on brand building projects, the more your revenue will grow. You reap what you sow.
If you’re just starting out, we recommend allowing a budget of $3k – $8k to create strong and professional foundations. We’re big believers in doing things right from the start so the more you invest at the beginning, the more you can focus on building your business with branded tools when you are ready to sell your product or service.
As a guide, we’d believe B2B businesses may spend up to 5% of their revenue on brand and marketing initiatives, and B2C businesses may utilise up to 10% of their revenue.
If you’re looking to grow your business, it’s important to mention that any spend towards your brand is beneficial, but should be budgeted as ongoing maintenance to ensure steady improvement of brand equity, awareness and engagement.
A smaller investment into brand and marketing initiatives generally equates to slower growth.
Want to find out more on how we can get your branding up to scratch with your marketing budget? Contact us to learn more.