Most small business entrepreneurs think they don’t have enough funds to create and implement complex marketing strategies, so they stick to handing business cards to customers and boosting one or a few posts per month on Facebook.
Since insufficient budget is usually the biggest issue for small business marketers, we’ve decided to help them with the marketing budget guide that focuses on channel optimization. This is not one of these articles about cost-cutting that will tell you to shift your marketing to the digital sphere since the secret of marketing budgeting lies in choosing the most appropriate marketing channels. So, which channels are those? They are the ones that can be optimized & customized to best reach your target consumer.
The best way to determine this is to use the Pareto principle. Find 20% of the channels that bring the 80% of the leads and sales. Businesses that use small marketing budgets can make this even narrower and choose 10% of all the channels they use. For most small companies, these would be the channels that allow them to target their best consumer in the local community.