How to Set a Marketing Budget | Ep. #125

<p>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.</p> <h3>Time Stamped Show Notes:</h3> <ul> <li>00:27 – Today’s topic: <em>How to set a marketing budget</em></li> <li>00:34 – Bigger companies’ budget vs small companies’ budget</li> <li>00:52 – Neil doesn’t believe in a marketing budget <ul> <li>01:18 – Your budget should be flexible depending on the results you’re getting</li> </ul> </li> <li>02:24 – The one that spends the most, is the one that wins</li> <li>03:31 – The budget should be set by internal resources <ul> <li>04:02 – Spend money on things you get results from</li> </ul> </li> <li>04:24 – Explain why you’re capping budgets</li> <li>05:17 – Neil talks about his and Eric’s trip to Las Vegas</li> <li>06:32 – Neil is a gambler in business</li> <li>07:21 – Spend money in the right areas</li> <li>07:57 – That’s it for today’s episode!</li> </ul> <h3>3 Key Points:</h3> <ol> <li>Your budget should always be flexible.</li> <li>Analyze your marketing campaigns for areas of rapid growth than put your budget into those.</li> <li>Spend your money on campaigns that deliver results.</li> </ol> <p><span style="font-size: 10pt;"><strong>Leave some feedback:</strong></span></p> <ul> <li><strong>What should we talk about next?</strong> Please let us know in the comments below.</li> <li><strong>Did you enjoy this episode?</strong> If so, please leave a short review.</li> </ul> <p><span style="font-size: 10pt;"><strong>Connect with us:</strong></span></p> <ul> <li><a href="http://neilpatel.com/">NeilPatel.com</a></li> <li><a href="https://www.quicksprout.com/">Quick Sprout</a></li> <li><a href="http://www.singlegrain.com/">Growth Everywhere</a></li> <li><a href="http://www.singlegrain.com/">Single Grain</a></li> <li><a href="https://twitter.com/neilpatel">Twitter @neilpatel</a></li> <li><a href="https://twitter.com/erico