Your marketing budget will vary depending on your industry—but all the experts agree it should be between 2% and 12% of grosssales.
In other words, if you’re a $1 million company, you should set a budget somewhere north of $20,000 and up to $120,000 pending your industry and other factors, to market and promote your brand.
For a brand-building project which just focuses on the key components of branding, most companies will spend between $30,000 and $75,000. When I say “key components”, I’m referring to the essential branding elements that most companies need:
- Custom web site
- Email campaigns
- Basic PR
This cost logically adjusts with the size of the company—larger companies, or well-funded start-ups, may spend a lot more to enter the market with authority. But $30–$75k is a typical kind of figure.
If what I’m saying is a surprise to you, you should know that I didn’t make these guidelines up. They’re publicized by organizations like SCORE and the USSBA. They’re benchmarks based on real statistics and actual business case studies, and they’re the reason venture capitalists will usually require a sizeable marketing budget. If you’d like to learn more, here are some good articles that offer more insight into setting a marketing budget (of which your website design cost is a major consideration):