What should my marketing budget be?
What should my marketing budget be?
Generally people look for a 1:10 ratio on new products and 1:20 ratio on established products to maintain momentum. This means that for every Euro spent, you should get at least 10 euros in sales.
Going back to last year's budget, did you track it? Did you measure the effectiveness of all of your spend on Marketing? Large companies do micro analysis on all campaigns, with lots of testing. At minimum, you should track and monitor everything you spend.
Who should I market to?
Most people think that if they spread their message around, then someone is bound to respond. This is simply not true. You need to carefully select who your likely "suspects" are.
Most business plans, suggest that you do huge amounts of market research, however if you have sold your offering already, and you have delighted your customers, then you already know who you should be prospecting to in the future.
Let's assume you are an accountant, and you do some analysis of your existing customers and find that you have 10 plumbers on your books. This actually makes you an expert on helping plumbers with their financial matters.
It would make sense to target plumbers, by ensuring your message, preferably by using testimonials from other satisfied plumbers, is visible in the places that plumbers spend their time.
You should ask your self the following questions
1. Is there a trade magazine that they subscribe to?
2. Are their key suppliers that run trade shows, that you could piggy back on?
3. Are their websites that plumbers buy materials from that you could advertise on?
4. Are their specific stores that Plumbers go to, that you could leave some flyers, telling plumbers what advantages other plumbers have got from using your services?
5. Is their a plumbers association, that you could contact, and offer them some special discount or introductory offer through?
The list is endless, and indeed each industry niche that you service, will have their own specific haunts and influencers whose advice they seek.
What should my marketing budget be - To learn more about this author, visit Peter Lawless's Website.
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Before you allocate any marketing budget, you must have set some goals on what sales you are looking to achieve. After all a game of soccer would be pretty pointless without goalposts!
Generally people look for a 1:10 ratio on new products and 1:20 ratio on established products to maintain momentum. This means that for every Euro spent, you should get at least 10 euros in sales.
Going back to last year's budget, did you track it? Did you measure the effectiveness of all of your spend on Marketing? Large companies do micro analysis on all campaigns, with lots of testing. At minimum, you should track and monitor everything you spend.
Who should I market to?
Most people think that if they spread their message around, then someone is bound to respond. This is simply not true. You need to carefully select who your likely "suspects" are.
Most business plans, suggest that you do huge amounts of market research, however if you have sold your offering already, and you have delighted your customers, then you already know who you should be prospecting to in the future.
Let's assume you are an accountant, and you do some analysis of your existing customers and find that you have 10 plumbers on your books. This actually makes you an expert on helping plumbers with their financial matters.
It would make sense to target plumbers, by ensuring your message, preferably by using testimonials from other satisfied plumbers, is visible in the places that plumbers spend their time.
You should ask your self the following questions
1. Is there a trade magazine that they subscribe to?
2. Are their key suppliers that run trade shows, that you could piggy back on?
3. Are their websites that plumbers buy materials from that you could advertise on?
4. Are their specific stores that Plumbers go to, that you could leave some flyers, telling plumbers what advantages other plumbers have got from using your services?
5. Is their a plumbers association, that you could contact, and offer them some special discount or introductory offer through?
The list is endless, and indeed each industry niche that you service, will have their own specific haunts and influencers whose advice they seek.
What should my marketing budget be - To learn more about this author, visit Peter Lawless's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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