Marketing Budget Discussion

[findme2108]

Hi, I'm curious how much you spend on digital marketing help these days.

Do you hire freelancers or agencies? What's your typical monthly budget for marketing?

Share your experiences and insights

Thank you!

 

[fisicx]

Nothing. No longer need to spend a penny on digital marketing.

If I do need to cough up some cash I’d not use it on an agency or freelancer. Nearly all of them are useless.

How much do you spend each month?

 

[findme2108]

Nothing. No longer need to spend a penny on digital marketing.

If I do need to cough up some cash I’d not use it on an agency or freelancer. Nearly all of them are useless.

How much do you spend each month?

I am still considering it, that's why I am asking.

If your business has never done digital marketing. What industry are you in?

 

[fisicx]

I am still considering it, that's why I am asking.

If your business has never done digital marketing. What industry are you in?

I didn’t say I don’t do digital marketing. I just said I don’t spend any money doing so.

I do all sorts of webby things as shown in my signature.

Can’t you do for yourselves what you do for your clients? If SMM works for them surely it should also work for you.

 

[MeAndMyAi]

I am still considering it, that's why I am asking.

If your business has never done digital marketing. What industry are you in?

A very good mentor I paid a princely sum to a few years ago taught me some amazing stuff. Top of his list was to limit your time on the forums, anyone on these all day everyday clearly have time on their hands. Double your prices, spend more time on effective marketing and pay someone else to the things that take time, so you can concentrate on what you are good at. So, if you are not a digital marketer, pay someone else bud, and if they are no good, learn the lesson and hire someone else.

 

[Annoying Donkey]

Hi, I'm curious how much you spend on digital marketing help these days.

Do you hire freelancers or agencies? What's your typical monthly budget for marketing?

Share your experiences and insights

Thank you!

How much other people spend is irrelevant. What matters is what is the lifetime value of a customer. Then you'll know how much YOU can afford to spend...

 

[fisicx]

Top of his list was to limit your time on the forums, anyone on these all day everyday clearly have time on their hands.

Indeed I do. That's because I don't need to spend all day chasing money. Passive incomes are a wonderful thing.

 

[Paul Carmen]

Other people's budget are a total irrelevance. This sort of question is so generic and vague that it should never be used in any data gathering process without a series of follow up questions.

Every business is different in terms of, leads/sales needed, industry and services provided, type of marketing required, budget available etc.

A budget should be set based on your marketing plan, which should target the customers looking for the services/products you need to sell, in the places they look.

 

[Mark T Jones]

Interestingly, this will actually be on my list to consider over the Christmas period, since 'online' has been my primary source of business this year, for the first time ever. That's despite having spent zilch to date.

If I do go that route, price won't be the top of my agenda (though it will need to equate with returns) - I have certain expectations from any marketing people, if they don't meet those expectations then they won't be my provider

 

[fisicx]

The problem is @findme2108 is a marketing company. They already claim to be one of the leading marketing companies in their area. Which does make me wonder why they needed to ask the question.

 

[ethical PR]

A very good mentor I paid a princely sum to a few years ago taught me some amazing stuff. Top of his list was to limit your time on the forums, anyone on these all day everyday clearly have time on their hands. Double your prices, spend more time on effective marketing and pay someone else to the things that take time, so you can concentrate on what you are good at. So, if you are not a digital marketer, pay someone else bud, and if they are no good, learn the lesson and hire someone else.

So your mentors marketing advice was to double your pricing - interesting

 

[MeAndMyAi]

So your mentors marketing advice was to double your pricing - interesting

 

[MeAndMyAi]

Yes, probably most people's biggest fear is upping prices but worrying they'd lose customers. As he said, lose half your clients, that's half the work, for the same money you are earning now.

And as I was far, far too cheap, I only lost the cheap Charlies, allowing me to have the resources to take more time on existing/new clients. So prices went up to what they should have been, work got even better (example if you earn £100 profit per client, you can't put a 5 days effort in, just can't).

So it benefitted my loyal and new clients even more. Everyone wins

 

[MarketingQuote]

We know of companies that have spend hundreds of thousands on digital marketing and had little to no results.

Bare in mind that most of the platforms are valued into the millions just because companies fall into the trap of throwing money at them.

 

[Mark T Jones]

We know of companies that have spend hundreds of thousands on digital marketing and had little to no results.

Bare in mind that most of the platforms are valued into the millions just because companies fall into the trap of throwing money at them.

This is similar for pretty much any marketing or promotional medium

The problem being that there are hoards of buyers looking for magic bullets, and many sellers happy to take their ill-considered cash for as long as possible

This is why I won't trust anyone selling 'marketing' unless they open by asking questions about my strategy and target customer

 

[fufuda]

it depends on the type of business. some people do not need any marketing in digital

 

[Paul FilmMaker]

I've worked for small and large businesses. As a rule of thumb, larger businesses like Oracle, Hitachi etc... spent 3% of gross on marketing.

I also worked for fast-growing unicorns and they spent more like 10% - 15% depending on how small / big they were and at what stage of their growth.

In my small business, it depends on pipe. So for decent content, we create it ourselves because that's what we do. It's organic, generates us a couple of customers a year and doesn't cost us anything. Otherwise, we're gearing up to about 5% from September onwards.

So we have a massive pipe of business coming in and therefore likely to have a serious cashflow squeeze until around August. From September onwards, we should be cash rich and ready to spend. Starting off with a website, then marketing campaigns etc...

 

[lesseo]

I worked in the digital marketing sector for many years. It varies completely from sector to sector.

For example, plumbers are very useful and can allocate significant budgets.

And plastic surgeons are the same.

But it is usually not useful for an SEO agency. etc.

 

[PaulSmt]

£500–£5,000. This covers basics like social media ads, SEO, and content creation.

 

[MarketingQuote]

It depends on your business.

If you are a small company, doing it yourself or using a freelancer.

If you are a global business, an agency is best.