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How to Develop a Marketing Budget for Your Small Business Should you invest in marketing? The short answer is yes. Here's why, plus a step-by-step guide to building an apt marketing budget that bolsters growth.

By Mark W Lamplugh Jr

Opinions expressed by Entrepreneur contributors are their own.

Whether your business is a new kid on the block or has been around for a decade, you know you need consistent marketing to reach and resonate with your target customers. Without marketing, you cannot hope to hit optimal sales figures or grow as a brand.

But how much should you ideally spend on it? And how do you set a budget for marketing based on your current revenue run rate?

That's where developing a marketing budget helps. Essentially, it outlines the amount of money you intend to invest in marketing efforts quarterly or annually. It includes all expenses ranging from hiring freelancers to paying for marketing software and running social media ads.