What’s your budget?
No marketing plan can work without a budget in mind. As much as you may like to be ambiguous with your marketing contractor by playing a game of poker face, stop. You need to come up with a cash amount you are willing to spend to market your company.
This dollar number will help you measure the effectiveness of your marketing strategy. It will also help you figure out what to market and what to ask for. You get a better understanding of your cost-per-acquisition and measurable return on investment.
Think about it for a second. If your monthly marketing budget is $2000 and you end up making over $7000 in sales from that $2000. Wouldn’t you continue doing this and not change a thing?
How to create a marketing budget
There are many ways you can come up with a budget. You may let your CFO or Accountant give you a number. If you are making all the financial decisions a quick and dirty approach is to budget 5-7% of your gross annual revenue.
Find a reasonable number you are comfortable with but keep your expectations realistic if you are very lean on your marketing spend. The bottom line is that every dollar you put into your marketing strategy should give you some sort of return.
Successful marketing campaigns should pay for themselves.
Where do you start?
If you are constantly spending money on one marketing idea after another because nothing is working for you. It might be time to evaluate your brand’s current condition. You may need to repair it. I created this amazing brand assessment tool you can do in a matter of minutes. Once you get your score, you will be better prepared to take the next steps. Helping you get focused and no longer distracted by everyone else.
Click the link to get started https://holeshotbrandworks.com/whats-your-score/
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