This short series is brought to you by Ownera Media in honour of BDC's Small Business Week.

For small business owners and entrepreneurs, an effective marketing budget is a critical tool for achieving business growth and reaching your target audience. A well-thought-out budget ensures that you allocate resources wisely, maximizing the return on your marketing investment. Here are some steps to consider when creating a marketing budget that suits your business needs.

1. Set Clear Goals

The first step in creating a marketing budget is defining your objectives. What do you want to achieve with your marketing efforts? Is it to increase brand awareness, generate leads, boost website traffic, or drive sales? Setting specific and measurable goals will guide your budget allocation and help you gauge your marketing's effectiveness.

2. Determine Your Available Funds

To create a budget, you need to know how much money is available for marketing. Start by assessing your current financial situation, including revenue, expenses, and any surplus funds that can be allocated to marketing. Be realistic about what you can afford without straining your business's financial health.

3. Research Industry Benchmarks

It's helpful to research industry benchmarks to understand how much other businesses in your field typically allocate to marketing. Industry standards can provide valuable insights into what you might need to remain competitive and gain a foothold in your market.

4. Allocate Funds Strategically

Once you've established your financial boundaries and industry benchmarks, it's time to allocate your budget strategically. Consider the various marketing channels and activities available, such as digital advertising, content marketing, social media, and traditional marketing. Allocate funds based on which channels align with your goals and your audience's preferences.

5. Prioritize High-Impact Strategies

In a small business or entrepreneurial setting, it's crucial to focus on strategies that offer the most significant return on investment. Assess the cost-effectiveness and potential impact of each marketing channel. Digital marketing, for instance, often provides a high ROI due to its ability to target specific audiences and track results.

6. Create a Detailed Budget Plan

Once you've decided how to allocate your marketing budget, create a detailed budget plan that outlines your planned expenditures. Consider the costs of advertising, content creation, tools, and personnel. Don't forget to factor in ongoing expenses for activities like search engine optimization (SEO) or email marketing.

7. Be Prepared for Flexibility

Your marketing budget should be flexible to adapt to changing circumstances. If a particular marketing channel isn't delivering the expected results, be ready to reallocate funds to more effective strategies. Regularly review and adjust your budget to ensure you're investing where it matters most.

8. Track and Measure Results

To make informed decisions and optimize your marketing budget over time, track and measure the results of your marketing efforts. Analyze key performance indicators (KPIs) related to your goals, such as website traffic, conversion rates, or return on ad spend (ROAS). Use this data to refine your budget allocation for greater efficiency.

A well-structured marketing budget is a vital asset for small business owners and entrepreneurs. By setting clear goals, allocating funds strategically, prioritizing high-impact strategies, and remaining flexible, you can maximize the effectiveness of your marketing efforts while managing your financial resources wisely. With continuous monitoring and adjustment, your marketing budget can evolve as your business grows, helping you achieve long-term success.

Looking for some expert guidance from a trusted team member? Drop us a line at This email address is being protected from spambots. You need JavaScript enabled to view it.

This short series is brought to you by Ownera Media in honour of BDC's Small Business Week.

Marketing in the digital age is a constantly evolving landscape, and staying ahead of the curve is crucial for businesses looking to connect with their target audience effectively. As we enter 2024, several marketing channels are taking center stage and driving significant trends. In this article, we'll explore the top trending marketing channels that are expected to dominate the marketing landscape in the coming year.

1. Video Marketing

Video marketing continues to be a powerful and dynamic channel, with no signs of slowing down. Short-form videos on platforms like TikTok and Instagram Reels are gaining popularity, providing businesses with opportunities to engage younger audiences. Long-form videos on YouTube and educational video content are also thriving. Live streaming, interactive video elements, and immersive experiences are shaping the future of video marketing.

2. Social Commerce

Social commerce is becoming increasingly important as social media platforms integrate shopping features directly into their interfaces. With shoppable posts, live shopping events, and augmented reality (AR) try-on experiences, social platforms like Instagram, Facebook, and TikTok are turning into e-commerce hubs. Brands are finding success in reducing friction in the buying process and driving sales through social commerce.

3. Content Personalization

Consumers have come to expect personalized content experiences, and businesses are rising to the occasion. AI-driven personalization is helping brands create tailored content, emails, and product recommendations. Customers are more likely to engage with content that resonates with their specific interests, behaviors, and demographics.

4. Influencer Marketing 2.0

Influencer marketing has evolved beyond celebrity endorsements. Micro-influencers and nano-influencers are gaining traction for their authenticity and niche expertise. Authenticity and long-term partnerships are emphasized, making influencer marketing more about building relationships and trust with the audience. Brands are also collaborating with virtual influencers and AI-driven personalities.

5. Voice Search and Voice Commerce

The use of voice-activated devices and voice search is rising rapidly. Optimizing content for voice search and providing voice commerce options are essential. Users are increasingly relying on smart speakers like Amazon Echo and Google Home to make purchases, which is creating new opportunities for businesses.

6. Podcast Advertising

Podcasts are thriving, and advertising within this medium is gaining popularity. Many businesses are investing in podcast sponsorships, native advertisements, and branded podcast content. Podcasts offer a unique platform for storytelling and connecting with niche audiences.

7. Chatbots and Messaging Apps

Conversational marketing through chatbots and messaging apps is becoming more sophisticated. Businesses are using AI-powered chatbots for customer support, lead generation, and sales. Messaging apps like WhatsApp and Facebook Messenger are also emerging as direct communication channels between brands and customers.

8. Sustainability Marketing

Consumers are increasingly eco-conscious, and brands are responding by emphasizing their commitment to sustainability. Sustainability marketing focuses on environmentally friendly practices, transparent supply chains, and social responsibility. It's not just about selling products; it's about making a positive impact on the planet.

9. Interactive and Gamified Content

Interactive and gamified content engages users by offering an immersive and participatory experience. Polls, quizzes, contests, and interactive storytelling captivate audiences and drive higher engagement and conversions.

10. Augmented Reality (AR) and Virtual Reality (VR)

AR and VR are gaining ground in marketing, particularly in industries like fashion, gaming, and real estate. AR filters and try-on experiences provide customers with an interactive way to explore products and services, while VR can transport users to virtual showrooms and experiences.

The marketing landscape is ever-evolving, and staying current with the latest trends is crucial for businesses looking to connect with their target audience effectively. As we head into 2024, video marketing, social commerce, content personalization, influencer marketing, voice search, podcast advertising, chatbots, sustainability marketing, interactive content, and AR/VR are the top trending marketing channels that will shape the industry and provide businesses with exciting new opportunities for engagement and growth.

Looking for some expert guidance from a trusted team member? Drop us a line at This email address is being protected from spambots. You need JavaScript enabled to view it.

This short series is brought to you by Ownera Media in honour of BDC's Small Business Week.

As a small business owner, you've probably invested significant time and effort into crafting a comprehensive business plan that outlines your goals, strategies, and financial projections. However, while a solid business plan is essential, it is incomplete without a well-crafted marketing plan. Let's explore why a marketing plan is just as important as a business plan and provide guidance on creating one.

The Significance of a Marketing Plan

1. Alignment with Business Goals: Your marketing plan is the bridge between your business's goals and its execution. It aligns your marketing efforts with your broader business objectives, ensuring that your strategies support your company's growth and success.

2. Target Audience Focus: A marketing plan helps you identify and understand your target audience, allowing you to tailor your messaging and campaigns to meet their specific needs. By effectively reaching your audience, you increase the likelihood of customer acquisition and retention.

3. Competitive Edge: In a crowded marketplace, a well-designed marketing plan helps your business stand out from the competition. It enables you to identify and communicate your unique selling points and value proposition effectively.

4. Resource Allocation: A marketing plan aids in budget allocation. It provides a structured framework for deciding where to invest your resources, whether it's in digital advertising, content marketing, social media, or traditional marketing methods.

Creating Your Marketing Plan

1. Set Clear Objectives: Start by defining your marketing goals. Are you aiming to boost brand awareness, increase website traffic, generate leads, or drive sales? Ensure your objectives are specific, measurable, and aligned with your business plan.

2. Know Your Audience: Understand your target audience inside and out. Develop buyer personas to help you tailor your marketing efforts to their demographics, preferences, and pain points.

3. Analyze Your Competition: Conduct a competitive analysis to identify strengths, weaknesses, opportunities, and threats in your market. This knowledge will inform your strategies and positioning.

4. Choose Your Marketing Channels: Select the marketing channels that are most relevant to your business and target audience. These may include digital advertising, social media, email marketing, content marketing, and traditional advertising methods.

5. Craft Your Message: Develop a compelling and consistent brand message that communicates your unique value proposition. Your message should resonate with your audience and set you apart from competitors.

6. Budget Allocation: Allocate your marketing budget strategically. Ensure that you allocate sufficient resources to the most effective and high-impact strategies, especially in the early stages of your business.

7. Content Calendar: Develop a content calendar to plan and organize your marketing activities. This will help you stay consistent in delivering your message and maintaining engagement with your audience.

8. Measurement and Analysis: Define key performance indicators (KPIs) to track the effectiveness of your marketing efforts. Use tools like Google Analytics, social media insights, and email marketing metrics to measure progress and make data-driven adjustments.

To put it bluntly, a marketing plan is not a luxury; it's a necessity for any business owner. It provides the roadmap to achieving your business goals by ensuring your marketing efforts are purposeful, customer-focused, and budget-conscious. By aligning your marketing strategies with your business objectives, you position your business for success and sustainable growth. Whether you're a startup or an established business, the creation of a marketing plan is an essential step in your journey toward long-term success.

Looking for some expert guidance from a trusted team member? Drop us a line at This email address is being protected from spambots. You need JavaScript enabled to view it.

This short series is brought to you by Ownera Media in honour of BDC's Small Business Week.

Marketing is crucial for the success of small businesses. Here are five important marketing tips for small business owners:

1. Define Your Target Audience: Understand your ideal customers and create buyer personas. This will help you tailor your marketing efforts to reach the people most likely to be interested in your products or services. Knowing your audience's demographics, interests, and pain points will enable you to create more effective marketing campaigns.

2. Build a Strong Online Presence: In today's digital age, having a robust online presence is essential. Create and maintain a professional website, optimize it for search engines (SEO), and ensure it's mobile-friendly. Establish a presence on social media platforms that are relevant to your business and use them to engage with your audience. Consistent and high-quality content is key.

3. Content Marketing: Content marketing is a cost-effective way to attract and retain customers. Create valuable and relevant content such as blog posts, videos, infographics, and podcasts. Share this content through your website and social media channels to showcase your expertise, solve your customers' problems, and establish trust.

4. Leverage Email Marketing: Email marketing remains one of the most effective ways to connect with your audience. Build and maintain an email list of interested customers and send them regular newsletters or promotions. Personalize your messages, provide value, and use email marketing to nurture leads and encourage repeat business.

5. Monitor and Analyze Results: Regularly track the performance of your marketing efforts. Use tools like Google Analytics, social media insights, and email marketing metrics to measure the success of your campaigns. Analyze this data to make informed decisions about what's working and what needs adjustment. Adjust your strategies as needed to improve your marketing ROI.

Bonus Tip: Network and Collaborate: Building relationships within your industry and community can lead to valuable partnerships and opportunities. Attend local business events, join industry associations, and seek out collaboration with complementary businesses. Networking can help you expand your reach and gain new customers through word-of-mouth referrals.

Remember that marketing is an ongoing process, and what works for one small business may not work for another. Be prepared to adapt and evolve your marketing strategies as you learn more about your audience and what resonates with them.

Looking for some expert guidance from a trusted team member? Drop us a line at This email address is being protected from spambots. You need JavaScript enabled to view it.