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In this episode of the Business Growth Hacks Podcast, we explore the challenges and strategies related to marketing budgets for small businesses. They discuss the different types of agencies and the wide range of pricing, emphasizing the importance of aligning marketing goals with budget considerations. The hosts also get into the significance of investing in digital marketing and provide insights into budget allocation, recommending a budget of up to 12% of overall revenue.
Key Points:
Diversification of Agencies:
-Discussing various types of marketing agencies, from entry-level options for small businesses to high-profile agencies with substantial retainers.
-Understanding the diverse landscape allows businesses to choose the right fit for their needs and budget.
Digital Marketing Investment:
-The need to invest, whether in time or money, into digital marketing to see results.
-Social media platforms are a place where businesses can use time instead of a significant budget.
Budget Allocation Formula:
-A key takeaway is the recommendation that businesses allocate up to 12% of their revenue to the marketing budget.
-Examples of different services and suggesting that this budgeting approach should be a scalable strategy for sustained growth.
Quotable Moments:
"It takes money to make money.”- Andrew @ 3:20
“Your marketing budget should be up to 12% of your revenue." - Andrew @ 2:36
“LTV to CAC ratio: A customer should be three times more than the cost of acquiring them.”- Andrew @ 5:46
