From the course: 17 Questions to Help Improve Your Marketing

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What is your budget?

What is your budget?

From the course: 17 Questions to Help Improve Your Marketing

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What is your budget?

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- Marketing is always constrained by budget, so it's almost a given that you'll need to answer the question, What is your budget? Now, I know this sounds terribly obvious, but I want to encourage you to think past just dollars and cents. Budget is actually a quantity of resources stemming from three areas. Now, the first is as you'd expect, actual money. And the second is your people and the time they can put in. And the third is the tools and resources you'll deploy. Sure, you need to know how much money you can spend on your marketing endeavors. And how you arrive at that dollar amount is actually incredibly nuanced. But to simplify, I encourage you to start by looking at customer lifetime value. It may cost you a lot of money to acquire a customer, and you may actually even lose money in, say the first year. So if you're just looking at yearly ROI, you might be disappointed. But if you know the customer will…

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