According to a list of small business marketing statistics and trends for 2021 compiled by Fundera — an American online marketplace connecting small businesses with funding providers — 47% of small business owners run marketing entirely on their own, and almost half of small businesses spend less than two hours per week on marketing efforts.
For those businesses, squeezing in time to build a marketing budget is challenging — but even businesses working with a professional marketing team can find themselves asking: how much should we budget? And how does our marketing budget compare with our competitors?
Here is a round-up of four online resources offering some helpful insights:
1. How Much Should Your Marketing Team Budget for 2021
In the Hubspot blog post How Much Should Your Marketing Team Budget for 2021?, writer Caroline Forsey provides an overview of typical marketing budgets and finds that, in the United States, “marketing budgets are now roughly 11.7% of total company-wide budget.”
She goes on to offer tips on allocating your marketing budget based on percentage of revenue, and where to find accurate, industry-specific insights based on 2021 data.
2. What Is The Average Marketing Budget For A Small Business?
The Business Development Bank of Canada (BDC) provides a Canadian perspective with a blog post featuring tips from BDC Business Advisor Jessica Horvath for building “a marketing budget that fits your small business.”
In addition to helpful links and tips on research, goal-setting and tracking, Horvath also suggests tips for allocating your marketing budget among channels including website, social media, online advertising, traditional media, e-newsletters, video — and training for staff to create and execute digital marketing campaigns.
3. How Much Should You Budget For Marketing In 2021?
Digital marketing company WebStrategies frequently updates its blog post How Much Should You Budget For Marketing In 2021? While clearly the main focus is on digital marketing, the post includes segments exploring which marketing strategies and tactics are generating the best results, plus suggestions for ways to allocate marketing budgets across offline and online marketing channels.
4. Small Business Marketing in 2021: Trends To Refine Your Marketing Efforts
In its online guide Small Business Marketing in 2021: Trends to refine your marketing efforts, global technology company CampaignMonitor offers insights drawn from its small business survey of more than 1,000 participants working in various industries — from agriculture and education to construction and the arts.
The guide is intended to help readers “understand what marketing efforts are working for other small businesses … as well as which tactics have struggled.” It also outlines where the small business marketers who responded to the survey are focusing their time, energy, and resources.
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