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Has anyone got specific advice on how to better define my marketing budget for a startup?
Where can I pull numbers to make the maths from? Instead of simply saying "less than 1k", where can I learn what each service costs and narrow my number down for business plan?
Note: I wrote the following realizing that i might not answer your question. Instead of deleting it I'm posting it anyway so my time isn't completely wasted:
If the purpose of this question is for a business plan, you are going to be making educated guesses on what you will need when you bring your product or service to market. You specifically tagged Facebook and Instagram on this post so I am going to assume you're asking about paid social advertising, so I am going to focus on that and can offer more advice if necessary.
I'm going to break it down into two parts:
Budget: If you want to properly test an advertising platform, I would recommend a budget between $4,000 to $5,000 per month of advertising spend. This will be enough budget to run creative testing (e.g. images, copy, formats, etc.), audience testing, and one round of optimizations. You could get away with only $3,000 per month if you are promoting a mobile product since mobile ads are less expensive. Any budgets lower than that will be shots-in-the-dark, meaning you are going to throw a bunch of stuff out there and you'll see how thing perform once the campaign is completed. It doesn't mean that you won't have a successful campaign, but you might not be able to rigorously test different components of your campaign.
Service Cost/Labor: You get what you pay for. You can find freelancers that will run your ads for as low as $500 per month and you'll find agencies that will charge you a minimum of $7,500 per month with a two-month contract.
So, for your business plan, I would probably suggest $10,000 for paid advertising.
...to try to answer your question for the second time, I would recommend just doing the research. Here are things to consider:
1. Who is your target market and how will you reach them? If you are marketing your product to both genders, between 18 to 35 year old, you can probably leverage Facebook and Instagram to reach your audience (paid and free). If you are targeting high-niche business professionals, you might need to adopt a content marketing and SEO strategy to get new leads. You can sign up for SaaS platforms that help you manage and track either strategy.
2. What does your sales funnel look like? Are you selling products on a website or are you sending them down a lead funnel? Similarly to my answer above, you can implement platforms that can help you sell your products or manage your leads.
3. What is the LTV of your customer? If you are selling one-time widgets and your LTV is $9.50, you will need to acquire customers at low costs. If you are selling business software and your LTV is $995.00, you might be able to afford paid marketing tactics like advertising.
To be honest, I think you need to do some due diligence and research to figure out what your marketing budget should be.
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