Tradeshows, brochures, Facebook ads, networking groups, magazine ads, google ads…the list goes on! How much should you spend on marketing your photography business??? This is a fantastic question and we have the answer for you!
So, according to the Professional Photographers of America (PPA) Benchmarks – photographers should be spending 5% of their gross revenue (your cost of doing business + your salary) on marketing their photography business. Which means, it should be different for every single photographer out there!
Here’s the quick way to figure it out…
Let’s say you take all your expenses last year: $40,000
+ you know you need to take home a $60,000 salary to meet all your household responsibilities (including saving for retirement!)
That means your gross revenue goal would be $100,000
5% of $100,000 would be:
So with those numbers figured out, we can do some easy math…
If your gross revenue goal was $50,000 – your marketing budget would be $2500.
If your gross revenue goal was $200,000 – your marketing budget would be $10,000
Now here’s something really important to know.
You shouldn’t make any of these numbers up.
I know that sounds kind of silly – but for real. Your gross revenue goal is the most important number in your business because all your other numbers (ex. pricing, minimum sale, session fees) come from this number…so if you don’t get it right…you basically end up working really hard, for not a lot of money.
The other important thing to note, about your marketing budget…is that people need to see your name 7 times before they think to hire you (so they say!) – so if your budget is $2500 – don’t spend it all on a magazine ad! You’re better to spread the money around strategically in a bunch of different areas throughout the year. If you haven’t already grabbed it – check out our free marketing ideas download!
Hope that helps you with what to spend on marketing for your photography business. If the math part causes you anxiety…check out the new Pixelcents Pricing Strategy Software for photographers!