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.

Time Stamped Show Notes:

• 00:27 – Today’s topic: How to set a marketing budget
• 00:34 – Bigger companies’ budget vs small companies’ budget
• 00:52 – Neil doesn’t believe in a marketing budget
  • 01:18 – Your budget should be flexible depending on the results you’re getting
• 02:24 – The one that spends the most, is the one that wins
• 03:31 – The budget should be set by internal resources
  • 04:02 – Spend money on things you get results from
• 04:24 – Explain why you’re capping budgets
• 05:17 – Neil talks about his and Eric’s trip to Las Vegas
• 06:32 – Neil is a gambler in business
• 07:21 – Spend money in the right areas
• 07:57 – That’s it for today’s episode!

3 Key Points:

1. Your budget should always be flexible.
2. Analyze your marketing campaigns for areas of rapid growth than put your budget into those.
3. Spend your money on campaigns that deliver results.

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