Remember: Enter the gift basket business contest. Get details here.
How many gift baskets would you expect to sell if you had a budget of $850,000 to $1.1 million for marketing?
That’s how much a supermarket chain in Bangkok plans to spend this holiday!
The story is found here in the business section of BangkokPost.com along with a photograph of three gift baskets created in a way that appeals to their customers.
What do you think about the gift baskets made using lantern shapes shown in the picture? It looks as though fruit is in each one, but I could be wrong.
I calculated the supermarket chain’s budget amount using an online converter, which also helped me determine, from the numbers in the article, that their gift basket prices range from $43 to $567.
You’ll read in the caption beneath the photo that the company expects 10-12 percent sales growth from their efforts.
What budget have you set to market your gift baskets? A few years ago, while preparing to conduct a seminar at the L.A. Mart, I learned through research that the average marketing budget for our category is 3 to 5 percent of annual sales.
Example: if your 2007 sales were $100,000, it’s appropriate to spend $3,000 to $5,000 in order to take full advantage of multiple marketing methods. This amount is yearly, not just for the end of year holidays.
It’s okay if you did or didn’t make exactly $100,000. Just follow the same guidelines to calculate your budget. Then decide which methods will generate the highest income.
101 Ways to Market Your Gift Baskets reveals many more ideas used by successful designers.
Calculating and maintaining a yearly budget is another step in your marketing plan as well as forming a plan on the best ways to spend that budget.
If you set a marketing budget for this year, what have you learned from this exercise up to now?
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