There's a lot to learn while you're budgeting your projects. In this video, learn how to budget for your direct mail campaigns.
- [Instructor] Crafting your budget. Step one in direct mail marketing is to determine your budget. Now, your budget is not what you want to spend or think you should spend. It's what you can comfortably afford. Okay, very important distinction. And it must be reproducible. Meaning it needs to be an amount that you can afford to spend week after week without fail. Now, what I recommend is starting with a monthly budget specifically for direct mail. So, let's say it's $400 a month. Obviously broken down per week, that's $100 per week. And then from there, you can calculate, "All right, I can mail X number of letters "for $100 per week." Whatever that number is, again, it needs to be reproducible. Meaning that you'll be able to do this every single week without fail moving forward, with the goal to eventually increase that amount as you start doing some deals. Now number two, you definitely want to budget enough at first to allow you to learn the process. And without fail, all first time direct mail campaigns are not as efficient as they can be. That's just the way it goes. Now, don't spend the extra money until you understand your ROI better. And again, ROI stands for return on investment. And number three, learn how to manage your direct mail campaigns. It is a lot easier to learn by starting small, rather than starting with a huge campaign. So work out the kinks and then you can increase the number of letters that you mail out once you've done that. And also you can't effectively outsource if you don't know how to do it yourself. And that really goes for anything, bandit signs, you name it. Always good to do it yourselves first, at least one or two times, and then you'll understand the system and that makes it a lot easier to outsource eventually. And I also want to make you aware of the fact that there's a direct mail tracker, which can keep track of your budget. So, I definitely recommend taking advantage of that resource.
This course was created by WealthFit. We are pleased to host this content in our library.