How Much Should You Spend on Marketing - 6 Tips
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- Опубликовано: 8 сен 2024
- How much should you spend on marketing? Check it out! www.marketing3...
Intro:
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!
6 Tips:
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!
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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:
/ jb-kellogg-8567a029
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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!
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Wow. A LOT of great and USEFUL tips here. Thank you so much! Hard to know where to start out the gate!
You're welcome, Kim!
Love the bug crawling up the wall behind you. Good effect - I thought it was on my screen - LOL
Look at that little guy go!
Should invest in pest control .......
Super super.. I am targeting 50% to 100% ROI for my ads ☺ sure, I will make it.. This video helped in clearing my mind of ad investment. Thank you
Most welcome 😊
Ive been that low budget advertising guy and I can agree it was all a waste of $$$. Good tips...
Hello, great stuff! One thing I'd like to ask is when we talk about $150 or $1000, do we talk total? I mean should you split that $1000 into 4 5 posts and ads or all of the budget should be spent on one post only ? For e commerce, say shoes, Would you spend all $1000 on one adv ? or Would you rather have 4 different adv of $250 each? Basically I got an idea of total budget PCM but not sure about total budget of one post ?
Great question! We usually don't recommend putting all your budget towards a single ad unless you're sure that ad is the best performing ad. A/B testing in the beginning of a campaign is incredibly important.
Eye Opener 🎉🎉🎉🎉
Woohoo!
This is very useful information thank you!
You're very welcome!
I am currently working a second job so I can invest in my marketing and take my business to the next level
Nice job! That tenacity and motivation will absolutely pay dividends some day. Keep it up!
Thanks for this video. I used to think that marketing was a waste of money because there was no guaranteed return but if all the successful companies are doing that then I must put aside my own believes and follow what has been done before successfully thanks for helping me change my mindset
Hey Ernest! Love this comment. You're right - there are no guarantees in marketing. That said, there are honestly no guarantees in business! What we do know is that marketing has a clear and measurable impact on the success of a company. Much like investing; it might be difficult to get right and on occasion you might see a dip but if you keep at it you'll succeed!
Perfect brother i would split this great video in 6 smalls ones because each of them is gold
Great idea!
Massive Action!!
Thanks everyone, and a special thanks to Jordan who I am trusting to help me out.
Jordan is a great guy!
Hello, good insights. I was thinking to use Fiverr for marketing and some services go for 200, 300, and 500 per month. But what you said gave me pause. If these are the cheap, no-ROI guys, who would I go to for that higher dollar marketing? I like that Fiverr centralizes services. Is there a premium work-for-hire platform where you can find and hire a team, pay more, and get more results? Basically, I don’t wanna do random Google searches. Thank you.
But what if ur investing 150$ month and only getting profit of $30 then how can u be comfortable w scaling that ?
Great question! Often times scaling is actually the answer.
For instance, if every time you spend $150 you that back PLUS $30 that may not feel like a lot but it's still profit. So next month you spend $180 and you get back $216, over and over until you reach a tipping point.
Maybe you sell 10 widgets a month but once you start selling 20 widgets you get a 10% discount on your costs. Now your profit goes up! Or your marketing budget increases and finally allows you to keep the ads on all day instead of running out of funds early - now you have more opportunity for conversions and your Quality Score may increase thereby reducing your costs.
It's not _always_ the answer, but taking the risk can pay off!
Around the 7 minute mark you speak about $150 being a waste. While I can understand that from your point of view it may be wasteful, but if $150 is all that a startup can afford and it is producing results it isn't a waste.
The true measure of whether or not it's a wasted investment is if it's producing results. If results can be produced with $150, awesome! However, many businesses don't invest what they need to in order to see the right results and so that $150 could be better utilized elsewhere.
Thank you, this is all so helpful!
You're very welcome!
You Got That Right!
Thanks!
Awesome
Thanks, Fernando! Which tip stood out to you the most?
Very helpful. Thank
you!
You're welcome!
What if you only have $100 a month to invest what would you do?
Before you spend a dime you need to make sure all of your foundational pieces are set.
Can you take payments? Is your website fully and completely functional? Do you have a CRM set up and is it connected with your nurture campaigns (email automation)? If you have a physical location are your listings set up correctly? Are your review platforms built and monitored? How about your social platforms? Do you have or are you creating consistent content to help build organic growth?
Only after ALL of that is created and established should you start spending money on ads (on any channel). Especially if you have a small budget you need to ensure you have every opportunity for it to succeed. Build the foundation before spending money.
@@Marketing360 what is a crm?
1. Link is not working.
2. Harvard business school says to spend 7-15% of your revenue and/or goal revenue. Can you give a source for this please?
Hi, Thisura! HBR has most of it's studies behind a paywall, but a quick Google search will show lots of additional results from CMO Survey, the SBA, and others. Here's another great resource! www.webstrategiesinc.com/blog/how-much-budget-for-online-marketing-in-2014
Solid tips, thanks!
Thank you!
A lot of good tips, if an individual does have the money to invest, where does he/she even begin to start with a campaign or marketing group that puts everyone on the same page rooting for that brand? I have heard of masterminds, etc. and still people are left in the fray of those who are informed, have more money and talent with selling products and services. I mean where does this person find this house of tools to build themselves and their cause?
Hey, Carl! We get this question all the time and the truth is that marketing is "pay to play". It doesn't mean that you need to spend thousands of dollars to compete with the biggest guy in your market, but it does mean you need to be more creative and more specific about your marketing. There's no "equal footing" in the world of marketing - but everyone has access to the same tools. It's all in how they use them.
Mastermind marketing courses are there to take your money. Put it in to marketing instead. Marketing groups are generally a waste of time (link for link, like for like). Spend your energy on developing your business instead. It's often harder to become an accidental success than if you spend your time and energy building your business from the ground up.
Hello. Can you tell me how you advertised your shop to get orders? I spend 1000€ in month for
Adv inst/facebook (i just started) and i have nothing, no orders
tip 6 i believe is inaccurate, if you dont haqve £1500 to spend then surely starting with £150 and targeting that to a small group / small area is better than nothing? You can enlighten me on this if you wish
Great question! The answer, like most thing in business, is "it depends". If you're in a small local area with limited competition and a niche product than you may be able to generate results with a micro-budget. However, because most advertising platforms rely on machine learning to generate the best results if a budget is too small you'll never be able to take full advantage of the intelligence available to you.
This is good thank you
You're welcome!
sir, i have a small company. i wanted to post instagram and facebook ads, but i dnt have my official website yet. which advertising objective should we use???
It would be a great help if you could suggest the best way!
That will depend heavily on your goals. On Instagram you can send people back to your profile, promote your phone number, or your local business address in lieu of sending them to a website. For Facebook, you can generate lead ads, Page Likes, etc. You'll want to get your website up and running soon so you can run Retargeting ads as well! We're happy to help. Good luck out there!
Does no one else see the Spider at 7:16 ?
SPIDER?!!?! WHERE?!?
im from the uk i cant seen to sign up
Hi, Taki! Currently due to some policies put in place due to GDPR we are currently unable to accept customers from the UK. We're working hard to open up our services to GDPR affected regions soon. Thanks!
Hi there..may I interview you for my website?
Hi, Toyin! We love speaking with fellow entrepreneurs. What is your website about?
@@Marketing360 its about building wealth and personal development
Toyinsbello.com
Funny, in my analytical mind, the video was shot wrong. Unconsciously, you standing on the left and the words to your right converts > the opposite. Try that for more likes on your next video. Ive Been in marketing too long 😔