Hi all. Rob Cairns the CEO/Chief Creator of Amazing Ideas at StunningDigitalMarketing.com here. How are you all doing today?
Today I want to talk about how to develop your marketing budget, what I include in a marketing budget and some of my thoughts based on experience. I will also talk about determining how to put a dollar value on your budget.
Lets first start by saying marketing is like dating. It takes time to build a relationship when you are dating. Marketing is no different. Relationships take time. Depending on who you talk to, it can take anywhere from 7 to 20 touches with someone to get them to buy your product.
A touch can be a store visit, an online ad, a social media post or even a visit to your website. These are just a few examples.
The more expensive the product the more touches it will take to sell the product. The more expensive the product the higher the trust level has to be.
Now an example of some things that should be included in your marketing budget:
- Your website and all costs incurred in maintaining it.
- Business cards
- Newspaper Ads.
- SEO services.
- PPC costs.
- Graphics including logos.
- Cost of producing a podcast.
- Cost of making videos.
- Time for someone to post on social media.
- Software such as your CRM software, social media tools and marketing tools.
- The labour cost of the time to do this all internally.
- The cost to outsource your marketing to an agency like mine.
The first thing to make a not off is the higher the expertise level for a marketing expert the more expensive. But you will more likely get someone with a proven track record who knows how to get results.
Most people do not think that a website is a marketing vehicle. It is one of the most important tools in your marketing toolbox.
The one thing I would say is it is easier and cheaper to market $10 products than trying to market a $5000 dollar course. The more expensive cost takes more resources, costs more. Yes, the more expensive course will have a higher rate of return.
You must market your products or services. No longer can you just build a website and expect people to just come. This does not work at all anymore.
Marketing which leads to building your business is a long term task. Very rarely do you hit jackpot without putting time, money and effort into it? If you want to grow your business then you will need to eventually spend some money on marketing it.
Take the time to use your marketing to serve people. The more people you help and serve, the more chance you will get what you want in business.
Take your time and do it right. If we can help you in any way, please let us know. Your success is our success.
Have a great day and I love you all.