By Mary Lou Denny
In the competitive garage door business, there’s no question you’ll need to allocate dollars to marketing efforts this year. But a legitimate question remains as to how much to budget to this important business component—and where to put those marketing dollars.
Estimates of how much to budget can range from 1 percent to nearly one-third of a company’s operating expenses, with some startups budgeting up to half of operational expenditures on marketing to spread the word they exist.
According to a recent survey by the Chief Marketing Officer (CMO) Council, a network of marketing professionals, companies invest approximately 10 percent of total budgets in marketing. That 10 percent must pay for the elements of a modern marketing campaign, which may include print and broadcast advertising, design and printing costs for materials like brochures, direct response, social media, public relations, website development and hosting, e-newslettters and cross-media marketing campaigns.
Budget monitoring or tracking can help you adjust your budget with ever-greater precision as the years roll by. Budget tracking involves asking customers how they learned about your door dealership. What you learn can help you calculate return on investment from each marketing element.
Today, many companies garner the best bang for their marketing buck through a combination of traditional and online marketing efforts. Following the guidelines below will help you get the most from your print and Web marketing.