As an equestrian business owner, you know that marketing is essential, but when it comes to knowing just how much to spend, you might feel conflicted and even tentative. The good news is that this is completely normal—it’s your right to feel protective of your financial resources! Just know there are steps you can take to gain the clarity and confidence you need to develop a thoughtful marketing strategy that avoids frivolous spending and ensures greater success.
A general benchmark is to budget anywhere from five to twenty percent of revenue for your marketing efforts, but precise amounts need to be tailored to fit your brand’s unique circumstances and desired goals.
Consider these factors:
What are the industry standards?
Observe equestrian brands that you admire and notice how they are executing their marketing efforts.Maybe they’re combining google and Facebook ads with eblasts, blogs, event sponsorships, and influencer collaborations. Also pay attention to the brands you see that you do not want to duplicate!
What’s the age and status of your business?
If you’re a new business looking to achieve brand presence, you might need to invest a higher percentage of revenue at first whereas an established brand can keep a steady investment then raise it for specific campaigns.
What are your marketing goals and objectives?
Specific goals like brand awareness, lead generation, product launch, or special event promotions influence your budget allocation. Discern what you desire and maintain focus.
Do you want digital and/or print placements?
Digital marketing has definitely been on an upward trajectory and typically offers more cost-effective options with measurable results. Print placements are more traditional and also very effective in certain markets with targeted audiences. Know your audience, align your spend.
What are your priorities?
Let your marketing budget reflect your priorities while also balancing your short-term marketing needs with long-term financial health. It’s important to define your objectives clearly to ensure a more efficient spend.
It’s true that there’s no universal, magic formula for how much to spend on marketing and how to make it worthwhile, but launching a thoughtful, strategic marketing campaign is definitely the secret sauce!
If you need help navigating the marketing terrain, we’re here to help!
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