One of the most common mistakes apparel decorators make is not setting aside money for marketing. Even for small businesses, ignoring this critical area can affect success.
There are many financial modeling methods to determine a budget, most of which are too complex. The simplest is the “percent of sales method.” This allocates a certain percentage of revenue for marketing. For startup decorated apparel businesses with no data, projected income can be used as a basis to get started.
Commit to 12 months of consistent, uninterrupted spending or consider consulting with a professional agency. Constantly monitor performance and never use the marketing budget for any other purpose.
Don’t forget, over time dollars spent will produce more sales through exposure, new leads and long-term customers. And remember: Marketing makes money.
Committing to a dedicated marketing budget ensures awareness, interest, new leads and a full sales funnel.
JP Hunt is a founder and partner at InkSoft, Albuquerque, N.M. He can be contacted at [email protected]. For more information, visit inksoft.com.
