Determining your email marketing budget depends on several factors:
1. Company Size and Revenue Larger companies with higher revenue streams can afford to allocate more resources to email marketing. A common recommendation is to allocate 10-20% of your overall marketing budget to email marketing.
2. Marketing Goals Your budget should align with your marketing goals. If your objective is aggressive growth, you might need to invest more in lead generation and list building. If your goal is customer retention, you might focus more on content and personalization.
3. Historical Data Reviewing past campaign performance and spending can provide insights into what worked and what didn’t. This historical data can help you allocate your budget more effectively.