Chans Weber has raised one of the fundamental questions concerning implementing an Inbound Marketing project. And yet possibly because it’s not a simple definitive answer, as a potential purchaser, information is not all that thick on the ground.
This article splits the article up into three distinct needs that will impact your budget, your niche, your timeline and your needs. Simple, direct and covers most requirements.
I like to adopt a consultative process. We start first of all, with business targets, what do you want your New Biz sales to bring in month after month, in six months, a year? Which is basically the timeline and the needs covered. We then work with the individual niche, the market, the place in the market, sales approach/capacity…. We examine everything and only then do start to talk budget and with this approach and depth of research, our old friend accurate ROI is never too far behind.
This is why I love selling inbound, it’s predictive and prescriptive, get it right and you are a trusted business partner, not just a service.
At least a handful of times a week I get asked the question, “how much should my inbound marketing budget be?”. It’s a great question, but one that does not have a simple answer. Setting a budget is much more complex than simply coming up with a monetary value and hitting the go button. Instead, the focus should be on setting an inbound marketing budget that can get results within your niche as well as aligns with your business’s timeline and needs. If you have $10,000 a month to put towards inbound marketing, that’s great, but is it enough? Could your results be comparable with a $5,000 a month budget? Develop your strategy and then work towards a specific investment amount that’s going to get you the results that you need in the amount of time that you’re targeting.