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Episode 70

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:

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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