Your online marketing budget will make or break your campaign

Your online marketing budget will make or break your campaign

When people think of striking it rich online, they never think about how much money and time they will have to invest into it in order to do so.  Working online is never an easy job, but you can do it as long as you budget correctly for every little thing there is.  When I started out I didn't want to know how much we were making, I just wanted to know if we were profitable and if all the bills were paid lol.  Even to this day if you were to ask me how much I make each year I wouldn't be able to tell you   I have an accountant who now tracks all of that so I don't have to, but in the beginning I had to do all that tedious work.

An accountant can also help you with your marketing budget.  Obviously if the product or business isn't something the accountant is familiar with, they will have to stay out of it and just tell you a rough estimate on what you could spend that month or quarter. 

In this discussion I'm going to go over why it's so important to focus on your online marketing budget. 


The Good:

Your Business Could Flourish
When you can manage your online marketing budget well, you will notice that a lot more money is going to start coming in.  This is because you will know what has to be paid and when it has to go out.  You will then be able to evaluate how much money is left over that you can either pay yourself or push back into marketing your business through PPC campaigns on search engines or social media platforms

You're Less Worried
Worrying about money is something we all do no matter how much we're making.  If you're budgeting properly according to how much you're making vs. spending then you won't have as many worries since you know exactly what is going on with the funds.  I always had my partner worry about this because I didn't want to know, even though I could get a pretty good idea of how we were doing based on the amount of sales coming in lol.



The Bad:

You Could Become Unreliable
If you have a bunch of banner ads out there and you for some reason can't pay for them when the subscription is due, you're going to be seen as unreliable because you didn't plan this payment ahead of time.  I'm usually pretty good at this because I'll have my subscriptions in my daily memos so I know how much I need in my PayPal account on a certain day.  Basically all I'll do is say "Ads = $XX today" and I'll know that's how much I'm spending and how much needs to stay in the account at all times until the day is over.  Defaulting on a payment could be a killing blow to an ad spot.  If you are working directly with the webmaster placing your link or banner, they could not want to work with you if your payments aren't coming in when they are suppose to.

You Could Go Bankrupt
I've seen this before, people spend money as soon as it comes in and then they don't have anything to fall back on in tough times.  When it comes to online marketing, there's no guarantee that you're going to make the same amount month after month.  You will likely see a wave of profits from month to month that go up and down, and this is normal. 

Not budgeting correctly will put you at risk of going bankrupt.  If you spend too much one month and assume you're make a ton of money next month, but don't, now you're at risk of going under.  You need to spend within your means and that is tough for some people to do because they want to scale their business as fast as they can.



In Conclusion:
If you're not managing your budget for an online marketing campaign then you're just going to tank quicker than the titanic.  You need to watch what you're spending and weigh the good with the bad.  Watch what's performing well and kill what is not.  Listen to yourself and not what others are saying because your experience may be different than others and they don't know that.



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Thanks!

Razzy