How To Allocate Your Marketing Budget
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How To Allocate Your Marketing Budget


One Million dollar marketing budgets
are great, but they’re not always realistic for many small business owners and entrepreneurs. So with the reality of a more limited budget
to work with, you need to be sure you’re maximizing your budgets reach, impact, and
effectiveness. Which is why on this episode we’re talking
all about the $10 Per Day marketing budget, and the best way to ensure you’re getting
the most bang for your marketing buck. Hello and welcome, my name is Adam Erhart
and you are watching the Modern Marketing Show. Where we take different marketing tactics,
tools, tips and strategies and break them down into bite sized actionable clips that
you can use to immediately take your business to the next level. Even though it’s probably the least sexy
word in all of marketing, a Budget is still a pretty important tool to have. Especially in the beginning or when testing
something new where results aren’t guaranteed, and it may take more than a few tries to figure
things out. To make things worse, it seems that everybody
out there is suggesting some complicated combination of different tools and tactics to use in your
business. All of which take time. And all of which take money. Eating up your budget, and pushing you further
down the rabbit hole of marketing confusion and overwhelm. So what should you do? And where should you start? And most importantly, how can you protect
your precious resources while still growing your business?… Here’s my advice. The first step is to dedicate and invest at
least 10% of your businesses revenue towards your marketing, or if you’re just starting
out than you can use $10 per day to start. $10 Per Day is really a bare bones minimum
marketing budget as marketing is a vital business function and ignoring it or dedicating any
less than $10 a day towards it is a recipe for disaster in the long run. Now of course you can invest more and for
most businesses I’d advise (Prioritize Marketing) prioritizing your marketing above many other
business functions and giving it the respect, and budget it deserves. But if you’re brand new to business or running
with a really tight budget it is ok to start with a budget of as little as $10 per day. Over time as your business grows you can scale
up and invest more in the areas that are delivering the best results, while cutting back on the
areas that aren’t. So here’s how to make that $10 a day work
for you. The first step in maximizing your budget is
to cut that 10 dollars in half and assign 5 dollars a day to training and ongoing education. With a smaller budget many of the things needed
for your business to grow and thrive are going to need to be done by you. In fact, even if you decide to hire or outsource
some of the work in the future, it’s still a really good idea to at least have a basic
understanding of marketing and how to apply some of the tactics and strategies to your
business. Training can be done in any number of different
ways but the most cost effective way is likely through reading books, joining online communities
like the Modern Marketing Community, and taking online training programs like Modern Marketing
Mastery which are designed to help you grow your business, and all of which can be done
for less than $5 a day. The next step will be to take your remaining
5 dollars and begin working on the 4 Pillars of Digital Marketing one by one. Rather than tackling everything at once, focus
on training and ongoing education first, then use your remaining budget to put the rest
of your marketing campaign together, piece by piece. Here are the 4 pillars of digital marketing
you’ll want to concentrate on. Start with Website Optimization by ensuring
you have a clean, modern, and efficient website that represents your business and helps convert
visitors into buyers. This is your businesses hub and the central
piece of your entire digital marketing strategy. It doesn’t need to be overly complicated
to start, but it does need to be clean, modern, and strategically designed to help you achieve
your goals. Next focus on Content Marketing and creating
helpful content for your customers through a blog, podcast, or video series just like
this one. Content not only helps your website rank better
in the search engines, but it also gives you multiple opportunities to be found online. Effective content marketing also builds trust,
authority, and makes your business easier to refer. After that, it’s time to move on to email
marketing and implementing an email autoresponder service like mailchimp, aweber, or my personal
recommendation, drip, to help you better connect and stay top of mind among your customers. Email marketing provides one of the highest
ROI’s out there and is a powerful tool every business should be using. Then finally, it’s time to invest in social
media marketing and advertising. Fortunately, thanks to the targeting and retargeting
options that are now available, reaching your ideal target market is more effective and
cost efficient than ever before. When working with a budget like $10/day the
key is to take things slow. Learn, implement, adjust, and keep moving
forward. Over time a steady and consistent investment
will ensure you build up a solid and strong marketing foundation. So thanks so much for watching. If you enjoyed this episode be sure to subscribe
to the channel, give it a thumbs up, and if you have any questions, comments or suggestions
for a future video, be sure to leave them in the comments section below. If you’d like more content like this, then
be sure to download your free copy of “The One Page Marketing Plan” by visiting adamerhart.com/plan
which will not only give you a great free resource but will also give you insider access
to my best tips, tricks, and strategies that I don’t share anywhere else. Take care for now, and I’ll catch you next
time on The Modern Marketing Show.

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