Figuring out how to budget your marketing expenses, including how often and how much.
How much money should I allow in my budget for marketing?
I bet almost any business owner has asked themselves that question at some point, and for many you’re constantly pondering on it.
When you’re running a business most of your expenses are a determined number. Your rent or mortgage is a set amount each month, paying your employees is a determined amount. But when it comes to marketing it can be hard to come up with a dollar figure. I totally get it.
That’s why I wanted to share some insight with you to help you frame that question a little better to come to a conclusion.
Getting answers to questions like this can be tough sometimes. Because the real answer is “ask yourself a different question.”
‘What’s my budget for marketing?’ is a surface question. What you should really be asking yourself is,
“How much can I afford to get my ideal customer and market to them enough times to make that happen?”
What happens if you give yourself a set dollar budget you will just throw that money away because you’re supposed to be spending it. You shouldn’t be looking at it like that. Marketing should always be in the budget on a continuous basis because marketing isn’t a one and done thing. You should always plan to scale out your marketing to make sure you do it as a multi-step process. If you can’t afford to hit a certain number of potential prospects through multiple steps necessary, you need to reduce the size of your target audience so you can.
In the video I tell you what marketing actually is in your business and it isn’t ‘a cost’. Once you start to look at it from a different angle it will really start to make better sense in your planning.
In this video, you’ll learn about:
- Putting a dollar figure on marketing
- Budgeting your marketing
- The true cost of marketing in your business