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In Episode #125 Neil and Eric talk about the factors you need to consider when setting up a marketing budget. Listen as they illustrate why marketing budgets don’t need to be BIG so long as they adequately accommodate the marketing strategy in place.
Time Stamped Show Notes:
- 00:27 – Today’s topic: How to set a marketing budget
- 00:34 – Bigger companies’ budget vs small companies’ budget
- 00:52 – Neil doesn’t believe in a marketing budget
- 01:18 – Your budget should be flexible depending on the results you’re getting
- 02:24 – The one that spends the most, is the one that wins
- 03:31 – The budget should be set by internal resources
- 04:02 – Spend money on things you get results from
- 04:24 – Explain why you’re capping budgets
- 05:17 – Neil talks about his and Eric’s trip to Las Vegas
- 06:32 – Neil is a gambler in business
- 07:21 – Spend money in the right areas
- 07:57 – That’s it for today’s episode!
3 Key Points:
- Your budget should always be flexible.
- Analyze your marketing campaigns for areas of rapid growth than put your budget into those.
- Spend your money on campaigns that deliver results.
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- What should we talk about next? Please let us know in the comments below.
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