Feb. 3, 2022
Topic: Budgeting for Marketing That Works
Guest: Dan Gordon & Donnie Shelton
In this episode we discuss:
Why this topic is vital to your company's ability to grow and scale — Dan calls it "the single most important thing you need to grow your business"
The (unscientific) return on investment Donnie seeks and Dan's take on that figure
The problem with marketing as a percent of revenue
How Dan and Donnie recommend budgeting for marketing aka the growth goal method
How to define sales vs. marketing
How to know if you have a sales problem vs. a marketing problem
The infrastructure you must have in place for the growth goal method (tracking for every phone call, text, web form submit, etc.)
Definitions for cost per lead (CPL) and cost per sale (CPS)
Key numbers to know (CPS, CPL, conversion rate, revenue per sale, unit sales)
Whether to add an agency's management fee to your CPL/CPS
The perils of comparing CPL and CPS with other pest operators
Why it's important to account for attrition
Resources mentioned:
Coalmarch/Donnie's YouTube video: How Much Should I Spend on Marketing?
Donnie book: Grow!
Notable: "This is how the pros run their businesses. They don't sit back and say the marketing budget is 10% and throw caution to the wind." —Donnie Shelton
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