What is the Average Marketing Budget for a Small Business?
According to the Business Deveopment Bank of Canada the average small business can expect to spend just over $30,000 per year on thier marketing.
That number tends to increse with the number of employees a company has. A company with between 20 and 40 empoyees can esily justify sepdning double that amount at over $60,000 per year.
Companies with 50 or more employees tend to have marketing budgets in excess of $100,000. Ultimatly it depends on the size of the company, the companies growth goals and the available budget.
"In the simplest terms, your marketing budget should be a percentage of your revenue. A common rule of thumb is that B2B companies should spend between 2% and 5% of their revenue on marketing. For B2C companies, the proportion is often higher—between 5% and 10%. This is because B2C companies typically need to invest in more marketing channels to reach various customer segments."
B2B 2% - 5% of your revenue
B2C 5% - 10% of your revenue
The BDC also points out that your business's marketing budget will vary depending on your industry, competition, and desired reach. Thier website has this to say,
Get in touch for a consult on how best to spend your marketing budget to reach your business goals.