Sometimes people get offended or uptight by this topic I'm about to blog about today.
Please don't get offended, this is not meant to put you down if you don't have, “a lot” of money to spend on advertising.
This post is designed to get you to think a little bit differently about spending money to acquire new clients profitably and at scale, that's all.
With that being said, you should not have an advertising budget in your business.
Wait, what, how does that make any sense you're probably thinking?
Here's how- If I told you that in your business, if you give me $1,000, I'll deliver you a high quality client who is perfect for your business and what you do and they'll pay you $5,000 guaranteed, would you do it?
I'm hoping that you probably would, right?
I'm guessing that you will actually do whatever it takes and whatever you have to do to get that $1,000 for me, right?
Okay, then if I delivered that $5,000 client to you and you saw that it actually happened, and then I told you that I could deliver an unlimited number of $5,000 clients to you for every $1,000 you give me, you'd probably do what you had to do to come up with much more than $1,000, right??
Well, this is exactly what I mean when I say that budgets are for vacations, dinner dates, home purchases and new clothes, BUT NOT BUSINESS ADVERTISING.
If you can bring back $5 for every $1 you spend on advertising in your business, you should spend as much as it takes to grow the business of your dreams and that is that.
Quite frankly, if you can bring back $1.01 for every $1.00 you spend at first, you should also do it, but that's a little different post.
Throwing out an arbitrary number as a “budget” for your ad spending just does not hold up when you think about it the right way.
You need to find a way to profitably advertise in your business, and once you find that, you should be plowing as much money into it as possible to scale and grow rapidly.
Deciding that there is, “a certain amount of money each month” that you will spend on advertising literally defeats the entire point of advertising.
Start by figuring out how much revenue you want your business to do each month.
Once you figure out that ideal number, you should then immediately spend as much on advertising as it takes to hit that revenue number.
If you're able to get there, and you stick with it, you can then scale the entire system to be much more efficient, much lower cost and ultimately deliver a much higher return on your ad spend.
This is what the most successful entrepreneurs and business people realize and embrace in EVERY INDUSTRY.
Do you see those “gurus” and “experts” who are all over Facebook, Google, YouTube and any other medium you browse?
They are all spending a ton of money on business advertising because it is making them a TON of money back.
This is probably the #1 thing that the struggling or just getting by entrepreneur doesn't embrace, doesn't want to believe, or is simply too scared to take the plunge and try out.
You simply cannot grow a huge coaching, consulting or high end services business without cracking the code of how to turn $1 in ad spend into $5, $10, $15 or $20 in business revenue.
You just cannot.
Summary: The top businesses in your field have figured out how to turn advertising dollars into hard revenue dollars, consistently and at scale and they DO NOT have “advertising budgets.”
- Spend $20 per day on an advertising platform and ad strategy and attempt to break even during your first month.
- If this doesn't happen, do not give up and say, “advertising doesn't work for me.”
- Try another strategy until you are able to break even with your current advertising costs.
- Once you've cracked this nut, you're better off than most people in your field, and you can begin to optimize and scale your campaigns.
- Optimize until you're bringing in $2 for every $1 spent and keep going until you hit a 5x or 10x return on your spend.
- Spend more and more until you've scaled your business to the moon and you have a life changing company.
- Send me a thank you message for this post with the best free business advice you'll ever receive 🙂
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