One of the most common questions we hear daily is, “How do I pick that perfect marketing budget?”
Well, here’s how you should allocate your revenue dollars and marketing budget to generate more leads, more activity, and reinvest in your business.
Only spend what you can afford!
Do not put yourself in a situation where you have $5,000 left, and you have to throw it into a marketing campaign. Or, the next month, you have $2,000 left and decide to put it towards the campaign. Your marketing budget should be an actual number that is manageable and can be consistently spent for months at a time. With a consistent budget, you can determine how much it is benefiting you, compared to how much you’re spending.
Once you can establish a specific budget, you want to make sure that you have enough budget to continue spending anywhere between six and 18 months to learn and determine the right numbers.
To not let yourself waste money, you need to allocate the budget and learn from it.
How much are you paying for leads?
Spending money on leads is marketing, but someone else is doing the marketing and selling the leads to you. There is a significant distinction between developing your own marketing budget and strategy to generate leads versus paying someone for lead development.
Figuring out the costs you pay for leads is an excellent way to determine your overall budget, so ask yourself these questions:
- How much money am I currently spending on leads?
- How many leads am I getting?
- What’s my cost per acquisition for those different formulas?
With your own marketing budget, you can use your brand to reach the individuals and gain leads, instead of using someone else’s brand to obtain leads.
With content marketing, such as creating blogs, articles, or videos, you can create a long-term strategy to gain organic leads for much cheaper than if you were to spend money on paid ads, which is designed more for short-term results.
By implementing a website where prospects can learn and be educated, you create an asset that will form a long-term residual flow of leads. The prospect will always work with the person who educated them first before they work with someone else.
At Secure Agent Marketing, we understand how the insurance industry works. We can help you determine your overall budget and show you how to allocate that budget.
We combine lead generation skills, marketing, brand development, and more, to give our clients unprecedented potential in their digital marketing efforts. Give us a call at 833-402-4368 to start your long-term marketing strategy today.