So 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!
1- Harvard business school says to spend 7-15% of your revenue and/or goal revenue.
2- 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.
3- 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.
4- 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!
5 – 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.
6 – 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.
Conclusion – 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!
Presented by: JB Kellogg
JB Kellogg is the Co-Founder & 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 & 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.
JB Kellogg on LinkedIn:
Marketing 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 & 2017!
Marketing 360® Website: https://www.marketing360.com/?ref=yt-desc-VWa75f5qLYs
Madwire® Website: https://www.madwire.com/?ref=yt-desc-VWa75f5qLYs