Marketing is one of those key areas of business that you can't afford to ignore. I talk to lots of travel agency owners who are worried about growing their businesses and looking for ways to bring in more customers.
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With the fall weather, which has finally arrived in Baton Rouge, many of our clients are looking forward to next year and putting together budgets for 2015. There are lots of places to spend your marketing budget. In any given year, most companies will devote dollars to things like:
- Trade Shows
- Print Advertising
- Association Memberships and Sponsorships
- Inbound Marketing Software and Services
- Online advertising and pay per click ads
- Direct Mail
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If you have been thinking about implementing inbound marketing at your company, you may be wondering what kind of investment is required to achieve results. The answer is not that simple, because it depends on your goals and on whether you outsource the entire thing to an agency, or do it yourself. But, in this blog post, I will attempt to give you some guidelines of what we do with our clients in Baton Rouge that might help you evaluate how much you need to budget to mount an effective inbound marketing campaign for your company.
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Do you have a marketing budget for your business? Many small business owners don't. But without a plan, or a strategy, your marketing dollars could be wasted on strategies that don't work. But how do you know how much is reasonable?
As a rule of thumb, the Small Business Administration recommends that small businesses with revenues of less than $5 million allocate 7-8 percent of their revenues to marketing. However, if you are start-up trying to quickly build up your sales, you may have to allocate 10-12% or your revenues.