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Marketing Budget?

Do you have a marketing budget? If so, how did you calculate it? What's in it? How often do you assess whether it needs adjustment?

Comments

  • samgloversamglover Minneapolis, MN Admin

    Here's a peek at the results of the marketing spend survey we did a few weeks back.

  • gyitsakalakisgyitsakalakis Chicago Admin

    Can we adjust x axis? Maybe max it out at 30 and count by 5?

  • samgloversamglover Minneapolis, MN Admin

    Just a peek for now! I plan to write up the results soon for Lawyerist. We got a lot more responses from people paying $5,000+ than I expected to see.

  • chadmurraychadmurray Decatur, IL

    Well shit, I missed this one. I hover between < $100 and $100-$250. Content and referrals with a tiny bit of mail.

  • AFFAFF United States

    It would be great to see this as a percentage of revenues. If you're spending 10K/month, are you doing 100K? I'd also be interested to see this broken down by quintile of revenues. So if you're doing 500K/year, what are you spending? Is that more or less as a percentage of revenues if you're doing 2m/year.

  • gyitsakalakisgyitsakalakis Chicago Admin
    edited July 2016

    With several caveats (i.e. goals, stage, not specific to law, etc), here's what one author at SBA.gov suggests:

    _As a general rule, small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing. This budget should be split between 1) brand development costs (which includes all the channels you use to promote your brand such as your website, blogs, sales collateral, etc.), and 2) the costs of promoting your business (campaigns, advertising, events, etc.).

    This percentage also assumes you have margins in the range of 10-12 percent (after you’ve covered your other expenses, including marketing)._

  • familylawyer1familylawyer1 Toronto
    edited November 2016

    Wow great post. My company is currently spending less than $1,000 dollars a month for SEO maybe it might be time to increase my marketing budget. Thanks for the great read.
    Peter

  • MajayMajay Union City, CA

    It's definitely a question of weighing the risk and the reward from putting more money into your marketing. There are so many marketing agencies targeting law firms and sucking them dry for money each month, while not providing anything other than the traditional spamming that you could have an intern do for free with minimal training.

    I personally use The BootUp for my marketing. They've been the ones to really take us to the next level, and it started by a thorough evaluation of current practices, the market, and growth projections. It saves so much time and money by having them, so that we can actually focus on our area of expertise, rather than worry about learning something unrelated.

    It's a small agency, but they have years of digital marketing specific experience and proven results, on top of which they also do consulting for operations and really helped us clean up our act, so that we were ready to grow.

    Our monthly marketing spending is typically around $2,500 a month, including The Bootup's fees and a slew of advertising.

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