How to Effectively Set Your Marketing Budget
In this episode of the Max Your Business Podcast, Business Coaches Ben Fewtrell and David Carlin dive into the frequently asked question of how to set your marketing budget.
Tailored for business owners striving to grow their businesses, this podcast covers a step-by-step approach to determining your marketing budget.
Topics include assessing your average dollar sale, understanding customer purchasing frequency, calculating client acquisition costs, and ensuring your sales processes can handle generated leads.
Ben and David also touch on the crucial idea that 'marketing is math,' emphasizing the importance of knowing your numbers.
Plus, you can access a free worksheet to help you work out your marketing budget.
Download the detailed worksheet at www.maxmyprofit.com.au/tam
00:00 Introduction to the Podcast
00:28 Meet the Hosts
00:43 Weather and Fishing Adventures
02:46 Today's Topic: Marketing Budget
03:11 The Four Business Machines
05:57 Understanding Marketing Costs
07:29 Calculating Your Marketing Budget
09:07 Knowing Your Numbers
14:23 Acquisition Costs and Strategy
16:29 The Importance of a Sales Machine
17:32 Understanding Marketing Failures
18:13 The Importance of a Sales Process
20:16 Setting Your Marketing Budget
23:23 Realistic Marketing Expectations
28:38 Repeat Business Strategies
30:24 Conclusion and Resources
