Depending on the scale and size of what you want to achieve, marketing costs can vary quite a lot. gross revenue to allocate for marketing. When retailers are establishing their brand, the would spend up to 20% of their revenue on marketing. To achieve good results it is advised that you allocate a specific budget and then execute a specific plan.
If you have just started out, you will need to invest in a domain name, website design and logo. This can be achieved with a budget of 50$ if you go for the cheapest options. However, usually to create something truly professional a budget of around 1 000$ would be needed.
SEO – Search Engine Optimization
SEO is a vital part of your business and is extremely important in the long run for almost any online business. SEO classifies into 3 categories: on-site optimization, off-site optimization, and monitoring.
On-site optimizations deals with the optimization of your whole site as a whole and cover every single page you have. Off-site optimization deals with backlinks which is the core of SEO. The more backlinks (When another website mentions you on their website that is called a backlink.) you have from trusted websites, the higher you can rank in Google’s eyes. Monitoring makes sure that there are no missing pages on your website and any other core issues. When dealing with SEO many mistakes can be made. That is why it is important to make sure that your SEO is high-quality and often times that would require hiring a SEO specialist which can be pricey.
Social Media Marketing
Social media marketing consists of delivering high-quality content and then promoting that or directly promoting your website or offer on those platforms. The options right now are Facebook and Instagram depending on what you want to do and your product.
Email marketing is very important since you want to have constant contact with your clients and ensure that they are satisfied. You can send them free goodies there or promotional offers and this way you will be able to get a good relationship between them and you. You will need an Autoresponder to send the emails for you, however, there are plenty of accessible options such as MailChimp, GetResponce and others.
How to Create your Marketing Budget
To create your budget simply calculate the costs for everything above. You can typically start with a hundred bucks, especially if you are doing dropshipping on eBay.