0369: Working Out An Effective Marketing Budget For Your Service-Based Company

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 0369, And It's About Working Out An Effective Marketing Budget For Your Service-Based Company</strong></span></h1> <div> <div>“How much should I spend on marketing?” Most construction business people ask me this question at some stage. Many small company owners find working out how much to spend on marketing a tricky exercise to calculate. </div> <div> </div> <div>Generally, there are five ways to work out a marketing budget for the year. Remember that these are marketing budgets, not advertising budgets. Marketing covers everything you do in your business that creates awareness, including such activities as advertising, brochures, competitions, trade shows, demonstrations, travel, direct mail, email <span style= "font-size: 12.76px;">campaigns</span>, your website, and sponsorship.</div> <div> </div> <div> <p><span style="color: #0600ff;"><strong>1, No idea at all method</strong></span></p> <div>Some service-based businesses don’t have any budgets. They just advertise either when they feel that sales have slipped that they need an extra project, or when they get duped into advertising by some advertising salesperson (“Buy now, and we will give you 50% extra free!”). Ever wondered why they offer you the freebies? Usually, because it’s such a dumb time to advertise that all their regular clients are holding back and the sales rep is desperate. </div> <div> </div> <div>I see many construction businesses that are just too busy during certain times of the year to think of advertising, and if they did, it would be a waste as they would not be able to handle the work anyway. Suddenly, however, sales fall (perhaps due to seasonality), and then the business starts marketing. However, this could be a waste of money as often you’re marketing at the wrong time, or advertising to get instant sales, which is unlikely to happen. So the problem is that the marketing money is spent during slow times (this hurts) and that it is a