Small businesses are spending more on their marketing budget numbers. In fact, advertising expenses have gone up almost 4% in 2023 from the previous two years. Deloitte reports advertising budgets will make up about 13.6% of the total for these enterprises this year.
What is The Average Marketing Budget for a Small Business?
The average marketing budget for a small business varies depending on the industry, the size of the business, and the marketing goals. However, a good rule of thumb is to spend between 7% and 10% of your gross revenue on marketing. According to Salesforce, B2C companies should spend 15% of their revenue on campaigns. Hubspot reports the average spend for a business was 8.7% of total revenue last year.
For example, a small business with $1 million in annual revenue could have a marketing budget of $70,000 to $100,000. This budget could be used to cover a variety of…
