tag:blogger.com,1999:blog-10547970.post3358404971599011910..comments2024-03-13T01:04:34.580-04:00Comments on <b>Canadian Entrepreneur</b>: 2 questions on modern marketingRick Spencehttp://www.blogger.com/profile/09147840937518662183noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-10547970.post-39887343517527861192011-02-21T22:33:31.408-05:002011-02-21T22:33:31.408-05:00Rick,
Here's a good rule of thumb for how much...Rick,<br />Here's a good rule of thumb for how much to spend on marketing if you're running a retail store or restaurant. Between your marketing and rent, a business should not spend much more than 10% of sales. So if you're in a high cost/high traffic location, then you should be able to succeed with less money spent on marketing. However if your location is away from the high traffic areas, hopefully you're paying less rent, and therefore can afford to spend more on marketing to get people out to see you.<br /><br />There's a great rule of thumb. <br /><br />In my last retail business, my rent (fair market value that I paid myself because I owned the real estate) was 7% of sales, therefore I had my marketing budget set at 3% of sales.<br /><br />Worked nicely.Andy Buytinghttp://www.AndyBuyting.comnoreply@blogger.com