Marketing is easy with a very large budget, but for most, you need to get clever to use your budget most effectively. In this video, learn how to identify your budget.
- 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 generate revenue for years, …
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