4 reasons why you should budget for marketing in your small business
There are broadly two sides of doing business: (1) bringing in cash and (2) managing the cash brought in. One important tool that assists businesses to bring in cash is marketing, especially advertising. In this article, we will look at some reasons why you should budget or make provision for marketing as you run your business.
- Awareness creation
Goods and services are not meant for a business but its customers or target market. There is therefore the need to have a system that allows your products to be known by the public, especially your target market. Marketing assists you to achieve this. Again, an effective marketing campaign ensures that the business remains in the minds of their customers, thus maintaining and renewing relationships with old and new customers alike.
- Education on nature, use, and upgrades of products
It is one thing to have your products known and another thing adequately informing and educating consumers of your products on how to use your products and any other information they need to know. Also, you may introduce a new product or make changes to an existing product and may want to get this to the buying public. Marketing serves to facilitate these purposes.
- Growth of the business
A sustainable marketing system ensures the growth of the business, in that, whiles it targets your existing customers as mentioned earlier, it also reaches new customers and broadens your customer base. Thus, ensuring growth and continuity for the business.
- Defense and correction of misinformation
Again, sometimes there could be misinformation created by your firm or another person or entity or there could be misconceptions created about your products. Marketing could be used as a tool to defend your business and address any such misinformation.
This is not an exhaustive list but to give you a fair idea on some of the benefits that you can get from engaging in marketing, especially advertising your products. Find more information on why you need a budget generally here. You can also be assisted on how to use a budget to manage your business performance here.
Remember that marketing cannot be done without cash. It is important to track the cash or investment made in your marketing activities. This will assist you to assess the net benefits of your investment. Built Accounting Services (BAS) provides an accounting application, Built Accounting Software, which easily automates all your accounting, tax, payroll, and finance activities. You can reach BAS on 0303974832 or via [email protected].