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There are many ways to set sales and/or marketing budgets.
1. Arbitrary – Set on a number out of thin air or a percentage of sales 2. Historical – Based on what was spent in the past.
3. Data – Based on a deliberate process using Cost of Customer Acquisition and real world estimates If you know me, you know where I come down on this topic.
In this episode I’ll show you the tool we use to determine the RIGHT* marketing budget. *Depends on specific company circumstances, but one that doesn’t waste money (too much) or is too low (doesn’t produce expected results or no results).