I get asked this question alot.
How much should we determine what our marketing budget should be?

My answer.
I don't know (and I can't possibly tell you until you tell me)  What exactly do you want to DO with it? (Goals)

Your marketing plan determines your budget.
If you don't have a plan, the budget becomes your plan and that can be a problem.

Kind of like shoe shopping.

EXAMPLE #1

1. I decide I need new shoes for an upcoming meeting.

2. I look in my closet, determine which outfit is going to really benefit from a new (smoking hot) pair of shoes.

3. The outfit and event will provide the parameters I will use to determine which shoes I will need. (Grey dress, NE chapter meeting = medium to high heeled red suede pumps.)

4. Hit the shoe stores with a specific pair of shoes in mind and there's a pretty good chance I'll find the shoes I want to complete the outfit without spending too much.

OR

EXAMPLE #2

1. I decide I need new shoes for an upcoming meeting.

2. I hit the shoe stores and the mall, maybe even take a look online.

3. I will find shoes to buy that I just love, love, love and have to have.  (I might even find a couple different pairs as I am already in a "shoe acquisition" mindset.)

4. I will come home and then try to pull together an outfit that will work with the shoes. 

5. Nothing will match the shoes.

6. I will have to go shopping - again - and buy a whole new outfit that matches the shoes.

Example #1
I know what I want to do - complete an outfit.
I've got a plan - red suede pumps.
I have an "outfit completion" mindset.
I work the plan and stay within budget.
Goal achieved.

Example #2
I know what I want to do - buy shoes.
I think I've got a plan (and a "shoe acquisition" mindset.)
I work my "plan" and acquire shoes until I run out of money.
Because, technically, if I leave the store with shoes, I've achieved my goal, right?

No.

If you don't have a marketing plan, but you've got a "marketing mindset" then you're probably in danger of acquiring some fabu (and probably expensive) shoes!

And by "fabu shoes", I mean a myriad/hodge podge of marketing techniques that looked/sounded good at the time.

Those fabu shoes/marketing techniques will most likely not go with anything in your closet or achieve your marketing goals.

Sure, they are shoes/marketing techniques and you can wear/use them, but how are they are going to make you look?

Like you want to?
(Or like you have to look because you spent all your money?)

Get a plan.
The plan will determine your budget.

Need help with your plan?
Call me. 860-967-4184
Or, click here to book your Custom Fab Marketing Boot Camp.

When you're done with your plan, we'll go shopping for shoes.

 

Sincerely,