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The Right Answer To “What’s Your Budget?”

July 12, 2007 by Brendon Sinclair 1 Comment


I was talking online marketing with a couple of people today.

When you’re looking at doing marketing for anyone your basically need to know 2 things:

1. A goal.
2. A budget.

80% Don’t Mention Their Budget

I always ask for both. What happens, in 80% of cases, is that people:

  • don’t have a budget in mind, or
  • they’re not prepared to tell me.

What they generally want me to to do is prepare a marketing plan on spec and then decide if they want to spend the money.

That’s bad for a couple of reasons:

  1. I could spend hours doing a marketing strategy that cannot be financed (after all, if I quote $2,000 for online Pay Per Click advertising and the client has a budget of $100 then we’re not even close).That’s a waste of everyone’s time.
  2. If I know your budget I can tailor the best solution to meet the goal. For any given problem there are numerous solutions – money gets you the best, easiest and quickest solution.

The Best Answer

I got the correct answer to the question “What’s your budget to achieve this goal?” twice today.

One guy was a client we’ve had for years. His web site does extremely well and makes him lots of money.

The other was a young entrepreneur we haven’t worked with before.

I asked both what their budget was: “Unlimited. If it makes sales I’ll keep spending money.”

Marketing Should Be Cheap

Your marketing shouldn’t cost you a cent. Your marketing is meant to be making you sales. If it doesn’t then stop it immediately.

Cheers
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Filed Under: Blog

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About Brendon Sinclair

Brendon is the Founder and CEO of Tailored Media. He is one of those rare creatures who can not only tell you how to do it, he’s done it himself, with a vast array of experience across a broad range of areas from marketing public companies, national brands, large retail operations and much more.

He can be found on Twitter, Google+ and Facebook.

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Comments

  1. Avatarcostas says

    July 13, 2007 at 8:37 am

    Hey Brendon,

    I met with a business owner who gave me that same answer last week.

    He wanted to invest a minimal amount and pay us according to his success. Sounds nice on paper but my problem was: how can I trust his business practices and that he’ll follow through enough to make this a success.

    So how does that answer help you decide what initial investment they’re willing to make?

    -Costas

    Reply

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