Whenever I talk to a new client, I ask them what their marketing budget is. And most of the time they say they don’t have one.
Well, that’s interesting isn’t it? Because you wouldn’t go and buy a shop on the High Street, without having a marketing budget for radio ads, for print ads, for signage outside your shop, so why do people think they can start an online business without a marketing budget?
There’s a great book called Profit First by Mike Michalowicz and it tells you the kind of marketing budgets you should have depending on your turnover, and I found that very helpful.
It also tells you the kind of salary you should be paying yourself dependent on your different level of turnover, but that’s a story for another day.
Just look at your business and think, I need to have a marketing budget and ask yourself…
- How much can I afford to spend to get a new customer?
- How much of the profit from each sale am I willing to give away to get the next customer?
Want more help with marketing your business and discovering what it is you need to know that you don’t know yet? Get my help in Clicks And Leads Academy today.