How to Set a Marketing Budget | Ep. #125

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 3 December 2016

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: Your budget should always be flexible. Analyze your marketing campaigns for areas of rapid growth than put your budget into those. Spend your money on campaigns that deliver results. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you gotta look at your paid speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream host so just go to
0:46.0	dream host or Google it find it check it out and it's a great way to improve your
0:50.8	low time.
0:51.8	Welcome to another episode of Marketing School.
0:55.0	I'm Eric Sue.
0:56.0	And I'm Neil Ketov.
0:57.0	And today we're going to talk about how to create a marketing budget.
1:00.0	So first and foremost, I think if you look at the large companies out
1:05.4	there to Fortune 500s typically their marketing budgets are a little lower I
1:09.5	think it's six to 12 percent of gross revenues and then smaller companies I believe it's about 15 to 20% of gross revenues.
1:16.7	Neil you're smiling right now and I'm wondering why you're smiling why are you smiling Neil?
1:22.1	I don't believe in marketing budgets.
1:25.0	Elaborate. I believe that if it's profitable you do as much as you can if it's not profitable you turn it down.
1:32.0	So if it's profitable like if a pay-or-click
	...

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