What methods do you use to budget effectively when marketing?

[Shortie]

When it comes to marketing, you can easily get carried away and sometimes lose track of how much you are spending and whether how much you have spent has even been worth it.

It is recommended that if you are spending money on marketing, you budget before you go ahead so that you know how much you are spending and whether or not the investment was worth it or if you need to change it up.

What methods do you use to budget effectively?

 

[Nomad]

If I have done paid marketing previously for the site/product, the amount of money I made from the site/product determines how much I will be spending on marketing. I also check the conversion rate. If the conversion was high, I also spend high amount on marketing. For something I have not done paid marketing, I will test with a small amount.

 

[Heatman]

Competitive Analysis is something that have always worked for me when it comes to planning and budgeting for my marketing. With a clear objective of what I want to achieve, I will look into what other brands which I'm into the competition with are doing and use the information to work on something better that's going to give me an advantage.

 

[Shawn Gossman]

I set goals and have a timeline of what is expected.

If I'm spending $50 a day on X advertising for example with a total budget of $500, I'll set goals for X number of days. The goal might be X number of members or unique page views or even X number of profits earned.

I feel like when we forget to set goals and an expected timeline of events, budgeting gets a little wild.

If you have no accountability for your budget, how do you know if you're making wise financial actions?

You should really have a strategy with goals in mind before you even start your budget.

 

[Heatman]

I set goals and have a timeline of what is expected.


I feel like when we forget to set goals and an expected timeline of events, budgeting gets a little wild.

You should really have a strategy with goals in mind before you even start your budget.

Yeah, that's very correct. If you do anything without setting a clear goal of what you want to achieve, it's going to be like you're operating in the dark without any guide. Set goals are like blue prints of what you're working for, without it, you wouldn't even know when you have achieved your desired results.

 

[Henrywrites]

If I have done paid marketing previously for the site/product, the amount of money I made from the site/product determines how much I will be spending on marketing. I also check the conversion rate. If the conversion was high, I also spend high amount on marketing. For something I have not done paid marketing, I will test with a small amount.

It is necessary to control how much you spend on any site that you've not done paid marketing on. Finding out the best strategies to follow is quite necessary as it will make you know how much you will be spending marketing on such a forum.

 

[Heatman]

It is necessary to control how much you spend on any site that you've not done paid marketing on. Finding out the best strategies to follow is quite necessary as it will make you know how much you will be spending marketing on such a forum.

Spending without a plan and target will only make you over spend what you can't recover from your profit making. Always invest with a target goal in order to ensure that your investment pay off.