The podcast discusses budget allocation for marketing efforts, including website development, search engine marketing, and email automation. It explores the pros and cons of hiring a PR firm and highlights the value of content creation. The use of chat GPT and social media spending are also discussed, with an emphasis on LinkedIn. The importance of personalized marketing strategies, setting aside a monthly budget, and the debate around reasonable marketing budgets for small firms are explored.
It is advisable to budget around $1,000 per month for website-related costs and $3,000 per month for search engine marketing and optimization, while allocating $400 to $800 per month for email marketing and automation platforms.
Instead of fixating on metrics like website visitors or form conversions, focus on developing a lead generation ladder and spending around 4% of total time and resources on marketing activities to achieve desired results.
Deep dives
Allocating Budget for Marketing Expenses
When it comes to marketing expenses, it's important to spend as little as possible while still achieving desired results. This typically includes budgeting around $1,000 per month for website-related costs, considering a budget of $3,000 per month for search engine marketing and optimization, and allocating $400 to $800 per month for email marketing and automation platforms. Additionally, spending on social media platforms like LinkedIn can be valuable, but alternatives like Twitter or TikTok may not be necessary. Hiring a PR firm for self-promotion is generally not recommended, as organic exposure tends to have a greater impact. Lastly, it's advised to set aside a flexible budget of around $1,000 per month for miscellaneous marketing activities tailored to a firm's specialization and the individual's personality and goals.
Focus on Generating Quality Leads
The primary goal of marketing is to generate revenue by acquiring right-fit clients consistently without compromising the brand. Rather than fixating on metrics like website visitors or form conversions, the emphasis should be on developing a lead generation ladder and climbing it as the firm's market presence grows. It's important to avoid dabbling in multiple tactics, instead, focusing on excelling in one or two strategic initiatives. While marketing efforts may require both time and money investment, the target benchmark is spending around 4% of the firm's total time and resources on marketing activities to achieve desired results.
Hiring Out vs. Doing It Yourself
While it is possible to outsource marketing activities to agencies like Newfangled, it may not be necessary for all firms. Hiring an external agency can cost anywhere from $5,000 to $12,000 per month, covering various aspects of marketing. However, it's essential to consider personal preferences, specialization, and long-term goals before deciding to outsource. Doing marketing yourself, with a focus on writing content, building a presence on LinkedIn, and leveraging social media platforms organically, can lead to significant cost savings. Ultimately, it comes down to finding the right balance between internal capabilities and external support to achieve marketing objectives efficiently.
David addresses another frequently asked question, looking at what creative firms should budget in terms of both money and time for their website, SaaS/automation, PR, content creation, and social media.
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