Marketing is a vital part of any business. Most times, it’s actually what determines if a business sinks or swims. But how much time and effort, or more importantly money, should you put into it? These are questions a lot of businesses struggle to answer, especially when a business is new, and these things are in short supply. So what is a standard marketing budget?
In regards to the money aspect of things, experts tend to recommend is that B2B companies should spend between 2 and 5% of their revenue on marketing. Whereas for B2C, the proportion is often higher—between 5 and 10%.
With that being said, every business is different and every industry might call for more or less of a budget. Researching your competitors to figure out how much they spend on marketing will help you get a better idea of how much you should be spending.