Why You Should Have A Marketing Budget

When I sit down with a prospect one of the first questions I ask is “What is your budget?” One of the misconceptions people have is that by telling me their budget I’m either going to try and raise it or they won’t get their money’s worth. Personally, I don’t take on clients unless I’m 100% confident we can generate an ROI. Why do I need to know your budget?

Imagine This:

You’re planning a nice dinner for 20 people and you decide that you’d like for me to cater the event and we don’t discuss budget. We go to the store to pick up the ingredients for the menu below.

Menu:
Steak and Lobster Tails
Caesar Salad
Truffles
Asparagus
Mashed Potatoes

As the cashier starts ringing the items up and the total begins to climb, you start to get nervous. There’s no doubt that the meal is going to be great, but the total is more than anticipated. So, you do what any logical person would, and start removing items. What if we didn’t do lobster tails? What if we skip the salad? How about we put the asparagus and truffles back?
The total has successfully been lowered, but… We’re left with an incomplete meal.

If at the beginning had you said “my budget is $200,” instead of planning for steak and lobster tails, we could have done spaghetti and meatballs with a garlic bread and a salad. Happy guests, a complete meal, a successful strategy.
Your marketing strategy is no different, understanding what you realistically have to work with allows you to set realistic expectations and goals.

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