Tips for Creating Your Marketing Budget
Welcome back to Business Growth Hacks, the podcast covering all things marketing and the hacks you can apply to grow your business. Today we tackle the topic no one wants to talk about: budget. What should you be spending on marketing for your company? Andrew gives us seven tips (and a whole host of other useful advice) on what your marketing budget should include, why you need to define your purpose in marketing, and which platform to choose. Tune in to find out what the benefits of digital marketing are compared to traditional marketing, and how digital marketing has exploded since 2020. We also discover the different goals of marketing, from brand awareness to sales, and how a marketing agency can provide you with the experience your company might be lacking. Finally, Andrew breaks down what a marketing budget should include, and teaches us an incredible hack on how to calculate what to spend on gaining new clients. Don’t miss out on this information-packed episode!
Key Points From This Episode:
- Eating a sandwich and not wearing pants: the advantages of being an entrepreneur.
- The different pain points between entrepreneurs and small business owners.
- Why digital marketing is key to your business’s success.
- The benefits of digital marketing compared to traditional marketing.
- Seven tips for setting the perfect digital marketing budget.
- Define your purpose: what do you want your marketing campaigns to achieve? (Tip one)
- Why it’s a bad idea to try to do everything at once.
- Learn from your past: if specific marketing didn’t work then, it probably won’t work now (Tip two).
- Why you should never change what’s already working (Tip three).
- Identifying what you're spending on your budget, and why some "marketing" is team-building (Tip four).
- Timing your marketing: how to market strategically based on the ebbs and flows of your business (Tip five).
- Why you should always be aware of what your competitors are doing (Tip six).
- Hear how Andrew undercharged and thus undervalued his work.
- Why now is the time to not just get with the times, but to get ahead of the times instead!
- Picking a platform that suits you.
- Andrew’s breakdown of what goes into a marketing budget, and what he thinks each aspect should cost.
- Andrew’s business growth hack to calculate how much you should be spending on marketing (Tip seven).
- Identifying your marketing pain point: what is something you want in your business right now, and what happens if you can’t get it?
- How a marketing agency can give you the experience you might be lacking.
“That's the cool thing about entrepreneurship, is that it offers the freedom of collaboration and the ability to do things on your own.” — @abrockenbush [0:01:35]
“Everything digital is taking a lead [in marketing].” — @abrockenbush [0:09:46]
“You have to know what your end goal is in order to know how to map out how you’re going to get there.” — @abrockenbush [0:10:58]
“Now is the time to not just get with the times, but to get ahead of those times.” — @abrockenbush [0:20:44]
“Social media is one of those digital marketing platforms where you don't have to have money, you can use time. For small business owners, that's big.” — John Fritzsching
“The big thing to remember is that your marketing budget should be up to 12% of your revenue." — @abrockenbush [0:28:02]
Links Mentioned in Today’s Episode: