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Where Should New Businesses Spend Their Marketing Budget In 2020

Estimated reading time: 2 mins

When you are trying to get a new business off the ground, it’s important that you invest in marketing. However, you only have a limited amount of startup money, so you need to spend it where it counts. A lot of new businesses run into trouble because they pour money into marketing strategies that are not effective, and they don’t see any return on their investment. So, where should new businesses be spending their marketing budget? 

SEO

SEO is one of the most important areas to consider when allocating your marketing budget. The majority of people will search for new businesses online and if you do not rank well on Google search listings, you are missing out on a lot of potential customers and traffic to your website will be very low. That’s why you should find an SEO consultant and invest a significant amount of your marketing budget so you can boost traffic to your site. As long as the website design is good and you have a healthy conversion rate, you should see a big increase in sales off the back of this investment. 

Influencer Fees 

Influencer marketing is incredibly effective because social media influencers have a lot of authority. Their followers trust their judgment and if they endorse a product, their fans are likely to buy it in big numbers. In some cases, influencers will give you an endorsement in exchange for a free product, but the most popular influencers will often charge you a fee. Some new businesses avoid dealing with these influencers because they don’t want to spend the money, but you will see a huge return on your investment, so make sure to set aside a portion of your marketing budget for influencer fees. 

Video Content 

Video content is the best way to up your social media marketing game. People respond well to visual content and your posts are far more likely to be shared if they include engaging videos. It’s a great way to showcase your product and demonstrate all of the great features, and people are less likely to skip over it. If you just post boring promotional posts all of the time, you will not make much of an impact. That’s why you should allocate some of your marketing budget to creating high quality, professional video content to use on your social media pages. 

Branding 

Branding is vital for any business because, without a strong brand, your business is forgettable. A consistent, professional brand lends a lot of legitimacy to your business and helps you compete with your larger rivals. It also helps you to connect with your audience in a way that resonates with them. It is a good idea to spend some money on a professional design company that can help you to find the right brand for your business and manage things like logo and web design. 

As long as you invest money in these areas of marketing, you should see a big increase in sales and your new business will begin to grow.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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