Hi! Our project is a crowdsourcing marketplace. We are now building our budget in order to estimate how much we should ask investors. We have a good estimation on the operative costs and IT development costs, but we have no clue on how much to spend in Marketing (Adwords + Social Media). Could somebody please help us to know how big this number should be? or at least the range.. 1K/10K/100K per month? Thanks!
Companies with smaller margins should allocate a percentage of their revenue or of their investment funds based on estimates of what competitors are spending. These investment levels will be out of the comfort zone for several businesses. Many businesses have failed because they were unwilling to properly budget for marketing activity. Companies can grow to a certain point via word of mouth, but after they hit a certain size threshold, they will stall without concerted marketing efforts.
You can read more here: https://www.frog-dog.com/magazine/how-much-should-companies-budget-for-marketing#:~:text=As%20a%20general%20rule%20of,percentage%E2%80%94usually%20around%2010%20percent.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath