How Much Should I Spend On Marketing My eCommerce Business?
How much money should you spend on marketing your eCommerce business?
This is a question I see and hear a lot, and it’s very smart to be thinking about it. But the answer is very much “it depends”…
A marketing budget is a balancing act: spend too much and you’ll break the bank, but spend too little and no one will know that your business or your products even exist.
Most of the literature out there on the topic of setting marketing budgets for your business focuses on two different methods of calculation:
- Percentage of Income, and
- Fixed budget.
There is also some information publicly available about how to divide up your marketing budget and decide what to spend it on.
Generally you’ll have a mix of activities that are designed to build your brand awareness and attract and engage with your target audience, and activities that are designed to drive traffic and sales.
But none of this really accounts for how you should budget for marketing depending on the stage of business you’re in.
And frankly, treating these decisions the same for a start-up and a mature business is just silly.
Listen as I talk about the differences in what you should focus on AND budget for during the 5 different growth stages of your business.
From what you need to spend money on and where you can save in the start-up stages, to how much you should budget on marketing and advertising during the scaling and optimising phases.
Next, be sure to head to our Rockstar Productpreneur community to ask your #askcatherine questions! I can’t wait to hear them.
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Links mentioned in this episode:
Episode #77 with Monica Meldrum from Whole Kids
Klaviyo Email Marketing
Shopify eCommerce Platform
Productpreneur Marketing – Talk to our team about how we can help with your eCommerce marketing
Free Rockstar Productpreneur community
Other Ways To Enjoy This Episode:
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