Posted by admin in i am a small business owner. we make custom funiture and cabinets. we don't have outside salesmen or anything like that. we do one trade show per year, advertise in magazines, and get a lot of word of mouth business. i don't know what kind of cap to put on sales. please check out our web site and give comments or critisism. www.julianandsons.com
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Marketing should always be brand driven. A brand is established by a loyal customer base and/or word of mouth. The brand is sustained by continuing to provide value to that customer base. The difficult part is establishing the value – is it by price or by service or a combination – that’s what you have to communicate via the marketing plan.
it is usually about 4 % of your sales but you should use what you feel comfortable using that leaves you with a reasonable profit to live on and save some extra for emergencies always have emergency cash on hand.
Unless you have a large marketing budget, I have not found magazine advertising to be very cost effective for smaller companies. Trade shows may be a good idea for your product, just make sure to maximize your event. Have qualified people at your booth and make certain to follow up your leads.
Your web site is fantastic. Since everything you offer is custom, there is no way to affix a cap. You’d budget time, materials, salaries, benefits, overhead and then profit. The Small Business Admin (sba.gov) has a host of information that will be useful to you.
(Try to ignore the jackasses that respond to your inquiries.)
-MM
Most small businesses ‘wing it’ when determining marketing budget, so I commend you on putting some thought into setting limits. Assuming you’ve been in business for more than a year, start by gathering facts such as previous years earning statements. Be conservative – at least at first – and dedicate roughly 1% to 2% of the revenue earned to marketing. As you’re already paying for some advertising, be sure to include those costs in your analysis.