“How much should nyou spend on marketing in this video. We break down six tips tips on how you can determine just that hi. I m jb with marketing 360. We help small businesses grow with our marketing and ndesign talent.
Technology through our number one marketing nplatform marketing 360. We call marketing and design mad. We love mad. And hopefully.
These videos will help you fall in love with mad too so make sure to follow nus to learn tips tricks and strategies to grow your nbusiness and fuel your brand. So how much should you spend in marketing. This is a question that we hear a lot and the short answer is if you re getting a positive return as much as you can right if you re getting a positive return. If i m giving you a dollar nand.
You re giving me two back you just wanna put as nmuch into it as you can. But the question is when you re starting nwhere do you start with what s a good starting point. So let s talk about six tips on how you can maybe determine na good starting point for your marketing budget for your brand. Let s check it out.
So. Tip. Number. One is to go with what harvard business school put a report out on many years ago.
Which is to invest between nseven and 15 percent of your revenue back into marketing and so what that means is if your revenue was 100 000. A month you wanna reinvest between n. 7. 000.
And 15 000. A month in marketing to sustain nthat and continue to grow and so. If you don t have existing revenue. Think about your goal.
Maybe your goal is to nhave 100 000. In revenue and so you would wanna invest between 7 000. And 15 n000 a month in marketing in order to have your best nchance at achieving that goal if your goal is only 10 n000 a month in revenue. You need to invest about 700 to 1 500.
In order to achieve that goal. We ve seen this to be extremely naccurate over the years and generally what we recommend nis for a mature business. That has an existing customer base seven percent to 10 is pretty effective if you re a fast growing or a new business that s trying to get out there..
15 is probably gonna be a nbetter starting point for you and so we ve seen this nto be extremely accurate. It s a real easy way to determine what your nmarketing budget should be in order for you to achieve your goals. And grow your business. Tip number two would be to ndetermine how many leads and or sales.
You wanna nachieve during the month. So lets just think about this maybe you have a team of 10 sales people and each of those sales. People. Nneeds 100.
Leads a month that would be 1000 leads a month that you need to feed those sales people in order for them to open enough accounts for you to reach your goals. So that s easy right question is how much does nit cost to get 1000. Leads try to determine what your nexpected lead cost would be and then just simply multiply that by the number of leads that you need this can help you determine a ngood marketing budget as well so if you re a growing company. And you re gonna be hiring people and adding sales people over time.
You re gonna need to increase nyour lead flow right and so you re gonna wanna nincrease your budget in order to meet that ndemand and deliver to them the number of leads that they need and so you can pre plot and understand what your marketing budget should be if you don t know what your lead costs is there may be some experimental time maybe invest enough budget nto experiment test try to gain an understanding nof. What your lead cost is once you know that though. It s almost like a mathematical certainty. If you invest a certain amount of money you re gonna get a certain amount of leads and or sales.
If you re an e commerce store and you re gonna be able nto achieve your goals. So that s another way to think about how to determine na good marketing budget and grow that budget over time tip. Number three is to invest nenough to be competitive marketing is fair. But its not free its a competitive natured business.
You re gonna always have a ncompetitive aspect to it and its gonna come down nto what you re investing in comparison to your competitor. If they re investing more than you and being seen more than you its gonna be hard to capture nmarket share ahead of them so for you to capture market nshare and grow your business. You re gonna need to be competitive. You re gonna have to be na player in the space and that comes through ninvesting in marketing.
So what is that what does that look like there s a lot of tools nout. There spyfu is one semrush is another one you can call us and we ll nprovide the information to you for free as well as to what nyour competitors are spending. You can literally look up your competitors. And see what they re ninvesting in digital marketing on a monthly basis and ngain an understanding of what you should probably be investing.
If you wanna compete with those guys and become a player as well so think about that invest if you aren t investing enough they re gonna continue capturing nmarket share ahead of you so you wanna invest enough to compete we can help you find that information or you can even find that nwith some free tools online tip number four is to ninvest in more than just ads and media. Buy invest in talent because design and content is huge. Today. It s so very important to nalways have great content new designs new ads new video ads that you re creating on a monthly basis.
And so don t get caught up in just spending money on ngoogle ads or facebook. Ads and these sorts of nthings. That s important..
But you need the collaterale behind that in order to see the results nthat you re looking for so. When you re thinking. Nabout your marketing budget also think about spending nmoney on great talent. Great teams and great people that can execute on those nprocesses manage those campaigns and design amazing.
Compelling ads that are gonna really make you stand apart from your competitors. So they see your ad pick nyou and don t pick them tip number five is to diversify invest in multi channel marketing. Today marketing is ncomplicated more than ever. But the important thing nis that you understand it have a team of people nthat can execute on it and that you diversify don t just run ads on google don t just run ads on facebook run your ads everywhere nyour customer base is if that s google facebook ninstagram youtube you wanna be there because if you re not there nthey re not seeing you and so you re not capturing nthat market share that you need so you wanna be in front of nthem so be multi channel.
But outside of the ads ninvest in content marketing invest in seo invest in retargeting invest in reputation management invest in building your social nmedia presence organically when you think about your budget. You re gonna wanna probably nsplit it down the middle if you have 1 000 to spend na month. Invest 500 in ads running ads ads on multiple channels and invest 500 in organic nslash. Social related.
Things that are gonna help build nyou organically online. So you re gonna get lead flow from that if you split your budget in half between paid and organic strategies. You re gonna see the best success. And you re gonna be well diversified tip six last tip.
This tip is really important and its to understand nthat not all marketing is created equal. I don t know how many times ni. ve heard over the years one marketing is too expensive nthan. Another marketing.
Because this marketing is 150 a month. And this one over here is 1 500. A month well marketing is not nall created equal right it s like snow tires. You can t haggle somebody ndown on snow tires and get cheaper snow ntires for a lower price when you pay less in nmarketing.
You are seen less you get less sales you get less leads. That s the way that it works. So if you wanna be seen nyou have to invest and so think about this if you re spending. 150.
A nmonth on a marketing program. I could just tell you right now. That s not a marketing program. You re getting nothing from that you re gonna get no.
Results nand you re going to fail you have to invest more than nthat to be successful today. 150. That s driving no nresults costs you 150 right that s 150 into the ntrash and out the window..
You might as well of went out to eat a couple times during the month. If you invest 1 500. And that ndrives you 1 501 in profit that s cheaper than ninvesting. 150 a month.
If you invest 150 and get zero profits and invest 1 500. And get 1 profit. That s actually cheaper so. What you need to think nabout are the results right so if you re gonna invest 2 000.
A month and get 10 000 back in profits you re gonna do that til nthe end of time right that s the biggest. No brainer nin. The history of the world you just keep doing that you spend as much as you can in marketing cause. You re getting a huge return back whereas.
150 a month program na 200 a month program. They re never gonna generate nthe results that you need to grow your business. So nyou re wasting your money you might as well spend nit on something else so. Invest enough money nto achieve your goals use some of the rules nthat.
I ve talked about look at what your competitors nare spending make it happen. If you really believe in your brand and believe in your business you re gonna figure it out right you re gonna work a second job you re gonna do a garage sale you re gonna do whatever you have to do to invest enough money in nyour business to get it going and to grow and if you ndo that you re gonna win the key in business is marketing right a lot of people have great nideas. Great processes. Great services.
Great products. The winners are the ones nthat invest in marketing. So invest in marketing and win so in conclusion hopefully. Nthis video gives you some tips on how you should invest nin your marketing.
What you should invest how you should start with your marketing and maybe some good starting points to help grow and hit your goals. If you have any comments nplease. Leave a comment. Leave comments with other ideas future ideas that you nwant us to do videos on we d love to have that in there.
Too. If you have other tips on determining good marketing nbudgets. Leave those like the videos share nit with your friends. Follow us for more content nlike this in the future.
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“How much should you spend on marketing? Check it out! https://www.marketing360.com/?ref=yt-desc-VWa75f5qLYsnnIntro:nSo how much do you invest in marketing? The short answer is, as much as you can afford if you re making a positive ROI! Better than the stock market! nn6 Tips:nn1- Harvard business school says to spend 7-15% of your revenue and/or goal revenue.nn2- Determine how many leads and/or sales you need per month, then multiply that by your expected cost per lead and/or cost per sale. nn3- Marketing is fair but it s not free, it s a competitive world, so for your to capture market share and grow you need to be seen as much or more than your competitors where you re customers are spending their time, so you ll need to invest as much or more than them. Spyfu, SEMrush or call us to see what your competitors are spending.nn4- Invest in more than just ad budget, invest in talent and time. Design and content matter more now than ever. It s not just about spending more money on Google ads or Facebook ads, it s about investing in talented people to manage those campaigns and design creative ads that are constantly fresh! nn5 – Invest in multi-channel. The 360 degree approach. Be diversified! Invest in Google inbound ads, social ads, retargeting, SEO/content marketing, email marketing, reputation management and more. We generally recommend investing roughly half your budget on paid ads and the other half on organic/social strategies. nn6 – Not all marketing is created equial. $150/mo = waste of money. You are paying for nothing. $150 with no profits is more expensive than $15,000 a month that s bringing you $15,001 in profits. Would you rather give me $100 and get back nothing or give me $2000 and get back $3000. If you look at it that way, the cost of 1 is $100 and the cost of the other is $1000 is back in your pocket. What would you pick? You get what you pay for. nnnConclusion – Thanks for watching. If you found this content helpful please take a second and like, share and comment. Also make sure to follow us for more great content just like this down the road or text marketing to 39970 to opt into our weekly marketing tip text messages. Happy marketing! nn— nnPresented by: JB KelloggnnJB Kellogg is the Co-Founder u0026 Co-CEO of Madwire . Madwire s brands Marketing 360 and Top Rated Local are popular platforms used to help small businesses grow. Madwire was founded in 2009 and has since grown to nearly 1,000 people and over 100MM in annual revenue. JB u0026 Co-CEO Joe Kellogg were recognized as Glassdoor s Highest Rated CEOs for 3 consecutive years (#1 overall in 2016). JB is passionate about small business marketing, leadership, sales, team culture and more and often shares the tips, tricks and strategies he s learned in life and while growing Madwire. nnJB Kellogg on LinkedIn:nhttps://www.linkedin.com/in/jb-kellogg-8567a029/nn—nnMarketing 360 is the #1 Marketing Platform for Small Business. It has everything you need from design, to marketing, to CRM. Powered by Madwire – voted one of the Nation s Best Places to Work by Glassdoor in 2016 u0026 2017! nnFollow Us:nnMarketing 360 Website: https://www.marketing360.com/?ref=yt-desc-VWa75f5qLYsnMadwire Website: https://www.madwire.com/?ref=yt-desc-VWa75f5qLYsnFacebook: https://www.facebook.com/marketing360/nInstagram: https://www.instagram.com/marketing360nTwitter: https://twitter.com/marketing360nPinterest: https://www.pinterest.com/marketing360/nSnapchat: https://www.snapchat.com/add/fuelyourbrandnYoutube: https://www.youtube.com/marketing360”,
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