How Much Should I Spend
I get this question a lot when working with clients, mostly when we talk about developing their marketing strategy. The question usually sounds like this… ‘How much should I spend on marketing?’
I wish I could say that there’s a threshold of spending that yields results and increased revenue. The truth is, the answer to that question is… it depends. It depends on several factors:
- What are your goals?
- How big is the gap between where you are now and where you want to be?
- What is your budget?
- What’s your timeline?
- What platform(s) are you marketing on?
- How much is your team doing and how much do you need to outsource?
Can you see that there are many factors to consider when attempting to answer the question of how much should I spend? When someone asks me how much they should spend, I know that they haven’t done their homework to plan for their success.
EVERYTHING you do in your business begins and ends with your plan.
Your plan will serve as a GPS for SUCCESS. Doesn’t that sound great? Couldn’t you use a GPS for SUCCESS?
While there truly isn’t a magic sauce for success, there is one thing that remains the same regardless of person, company or industry… you need a plan!
A plan should be a living document.
Your business plan should follow this timeline for progression.
START: Invest the time to ask yourself the hard questions and get real with your vision, the direction of your business and what it will take to get there.
ASSESS: This is the living document part. I highly recommend that you review your plan and progress every quarter. This allows you to remain on track or to make timely adjustments if something does come up. It will allow you to make a detour before the entire train becomes derailed.
END: WHAT?! I just wanted to see if you were paying attention. There’s no end. If you want to be successful and profitable in your business, you need an ongoing assessment process. The only time you stop the assessment process is when you want to stop seeing results.