Marketing is an integral part of any business and most senior living communities cannot thrive without proper marketing strategies. There are different approaches given to marketing and advertising activities, depending on the nature and size of your business. Budgeting appropriately for these activities is the key to success. Below are some reasons why your senior living community should market for advertising, marketing and sales activities.
- A Budget Helps to Decide on the Marketing Activities to Engage in
Marketing activities are diverse and can range from brochures, to bill boards, television ads and so on. The cost of any given marketing approach varies considerably. A marketing budget will help your community to decide on the marketing approach that is in line with its resources and capable of giving the highest results.
According to the US Small Business Administration, proper marketing budgets are in the range of 2 percent and 10 percent of sales. On average, businesses spend between 4 and 6 percent on marketing budgets, but this can go up to 20 percent.
- Budgeting Helps to Avoid Wastage, Errors and Redundancy
When a community is tied to a stipulated amount, it is easy to figure out the most effective way of achieving a given objective while sticking to the stipulated cost. Once this is established, the allocated amount will be directed to that activity without losing focus. Budgeting for marketing and advertising purposes helps managers to be more accountable. Without a clear roadmap, the possibility of wastage increases.
- Budgeting is Important for Evaluation Purposes
Marketing and advertising campaigns do not end at execution. Their effectiveness must be evaluated using various tools. This evaluation is particularly important for future activities. It is a reflection of what has been achieved or not. At this point, the amount spent proves whether or not the campaign was worth.
Marketing and advertising are important for growth and profitability. When these activities are well aligned and executed, companies are able to scale higher heights and grab a greater share of the market. Without a marketing budget, your community may lack the muscle to send a word about your brand, goods and services.
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