full image - Repost: Getting more cases in 2024 without breaking the bank 😅 (from Reddit.com, Getting more cases in 2024 without breaking the bank 😅)
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Most of us are setting our marketing budgets for 2024 right now, so here's my two cents based on what I've seen works best for SolosSTEP 1: Work backwardWhen you ask people what their marketing budget is, they'll throw out a number anywhere from $500-2000/month. What's this based on? Your guess is as good as mine.A better approach is to start with the end in mind. Ask yourself: "On average, how much money do I make from 1 signed case?" and then work backward to get there.Example: Let's say you make a minimum of $5000 from 1 signed case on average — by working backward, we know that having a 50-70% profit margin on each case is ideal. That would leave us with 30% to spend on marketing to get another case of that size.30% of $5000 comes out to $1500, meaning you should be willing to spend a MAXIMUM of $1500 to make $5000 back. Roughly a 233% return on investment.That is your marketing budget. It's relative to the amount you want to earn. There's no room for doubt or manipulation by a marketing company.The less you can spend to get 1 case, the better, of course, but that's where the skill of advertising comes into play. I'll leave that for another conversation. This is just a rough guideline.If you're getting multiple signed cases with $1500 — terrific, keep spending more until your ROI is below 233%. At that point, re-evaluate.If you're not getting ANY cases with $1500 — investigate what's going on. Here are some important considerations:If no one is responding — your ads suck or the people who are running/creating them suck.If you're getting a lot of "junk leads" — same as aboveIf you're getting a lot of leads, but no signed cases — your intake system is bad/inefficientA lot of marketing companies will use views, impressions, website visits, or other nonsense metrics to keep you distracted from the fact that they suck at their job. Don't fall for it. This is the only math you need to make a decision.This is why I always advocate for running ads on your own. It's not rocket science and it's worth the effort.Step 2: Do free stuff if you have no moneySetting a budget is this weird chicken-and-egg situation. You won't have money to spend unless you get cases — but you won't get cases until you spend money.So if you're just starting, try to explore "free" options like referrals from your network. Once you have some money flowing in, you're ready to set a budget.---Hope this was helpful.PS *** If you're budget is actually $1500, which is pretty small, you're better off spending it in one place than splitting and spending in multiple places. Tiny budgets are risky since most platforms work/learn better with volume spending.Happy holidays everyone :)
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