Frequently, we ask a potential client what their marketing budget is in an effort to better understand what resources we will use to meet branding and marketing goals.

And regularly, we hear, “What should our marketing budget be?”

We are already two weeks into Q1, so let’s talk about your marketing budget. Total marketing budgets are on the rise (yay!) and are at 7 – 12% of total gross revenue. If one of your resolutions this year is to grow your small to mid-size business, let’s rock.

Here are four things to remember when formulating your marketing budget:

1. Small businesses should budget 7 – 8% of gross revenues for marketing in order to compete against larger companies.

2. Track your marketing budget and results monthly – at a minimum. If you consistently track your results you will be better able to adjust your marketing spending over time to spend smarter, not harder.

3. Increase the budget for new product launches. Keep track of what you make on the product and tweak as needed to cover the marketing costs and increase profit from sales.

4. One size does not fit all. While the latest Forrester Research report projects that digital marketing spending will make up 44% of all ad spend, this number can vary depending on a variety of factors including industry, growth plans and local market.

As you create your marketing budget this year, don’t start with the tactics. Develop a defined marketing budget to support a marketing plan with measurable goals and a sound strategy.

Hey, business owners, have you ever thought about what the “American Dream” is? Have you ever thought about what it means to you?

Over the weekend, I was honored that my son selected me to interview for an English essay about the American Dream. I am certain that it had absolutely nothing to do with proximity, nor did it matter that I respond very nearly to his beck and call (I know that it comes as a shock to many who know me that I can be a beck and call girl, but I digress).

The interview humbled me, and I found it to be a very thought-provoking exercise. The questions he posed to me:

1. In your own words, what is the American Dream? What does it mean to you?
2. Do you see the American Dream in your own life? Has it motivated you, influenced your decisions?
3. Over the course of your life, have your own dreams changed? In what ways?
4. How would you define a “successful” life? What’s most important?
5. Which generation – yours or your parents’ – has had a better life?

My answers were as follows:

1. The American Dream is the right to freedom, choice, justice and prosperity. For me, the American Dream means living in a place where we are free and are treated fairly. It also means the right to have multiple, differing opinions; and those opinions are respected and acknowledged, and actually make us better and stronger as a nation. Having the opportunity to prosper and start my own business are also part of what the American Dream means to me.
2. I see the American Dream in my life every single day. I am married to the man I chose to be married to and have two healthy, happy, wonderful children who attend schools we selected for them. We practice the faith of our choice. I started and have owned Front Porch Marketing, my business, for almost seven years, which not only helps my family financially prosper, but also helps those that work with me contribute financially to their households. I am also extremely lucky to partner with clients that work for start-ups, small to mid-size businesses, organizations and franchisees who themselves are living the American Dream. Daily, I am inspired by my family, team and clients. Because I am mindful of the fact that in other countries, many people, especially women, are not allowed the opportunities I am, I honestly count my blessings every day.
3. Some of my dreams have not changed, like having a family, giving back to our communities, and being successful professionally. Over the course of my life, others dreams have changed. I dreamed of owning the first company in which I worked. That didn’t happen, because I was hired away from that marketing company by a client that I managed. My dream then became to climb the corporate ladder and become the Vice President of Marketing for that company. Ticked that box. Then, I pivoted and started Front Porch Marketing. And it has been the absolute best part of my professional journey to date.
4. A successful life to me is being happy, healthy, kind, empathetic, resilent and respectful; having a strong sense of self; raising responsible, happy, kind, humble, respectful, empathetic, resilent children; giving back to others in need, and providing for the needs of my family.
5. I really don’t think it is up to me to judge if my generation or my parents’ generation had a better life, because it’s like comparing apples to oranges. And, because our world since 9/11 changes at light speed, in addition to constant emerging technologies today, our generation is more complicated; but I think one could make an argument for either

So why did I ask business owners to answer these five questions?

A perspective check-in is always a good thing, and I hope this exercise inspires you as much as it inspired me. Be well, friends; and keep livin’ the dream.

P.S. We can help you keep livin’ the dream by growing your topline through strategic branding and marketing, so call, email or text us today!

It’s been a rockin’ year at Front Porch Marketing and for our blog, Off Our Rocker. 

Our team shares their musings, wisdom and counsel about branding, marketing, trends, pop culture, being a working mother and motherhood in general here.

We love to blog for clients, our team members, advocates and ourselves and have decided to countdown and share with you the five most-read blog posts for 2016.

We would love for you to look back and read them again or maybe read them for the first time.

So, we will leave you with these.

Happy almost New Year.

No. 5 Blog

Motivation: 5 Ways to Find It When You’ve Hit a Wall, by Ann Marie Bishop

No. 4

Do Your Actions Speak Louder than Likes?, by Darcey Newsum

No. 3

4 Lessons Learned By Losing, by Vanessa Hickman

No. 2

5 Rockin’ Things About Branding & Marketing Businesses, by Julie Porter

No. 1

Being a Working Mom: Five Things That Saved Me This Summer, by Jacqui Chappell