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Thursday, April 09 2015
How To Create A Marketing Budget
For Your Payroll Service
· Word Count: 560
· Time To Read: 2.1 Minutes [based on reading 250 words per minute]
· PRINT AND USE AT YOUR NEXT SALES MEETING
Attention All Payroll Professionals:
Most owners, sales leaders and marketing people in the payroll industry don’t have a formal marketing budget. If you’re in the same camp and would like to formalize your marketing efforts, I have listed below the most common ways to create a marketing budget.
Step 1: Determine Your Sales Goals.
Before you go down the path of creating a marketing budget, you should first establish your sales goals. Doing so will go a long way in helping you define the needed tactical marketing campaigns.
If these are also your goals, I highly suggest defining the tactical plans that you want to implement.
Some Key Components To A Sales/Marketing Strategy:
By the way, all experts agree that a written plan of action is vital component to hitting a goal(s).
FREE Marketing Strategy Template.
If you want a shortcut to creating a marketing and sales plan, click here to request our 11-page payroll service strategy template.
Step 2. How To Create A Marketing Budget.
If you want a more formal approach to creating a marketing budget, I have listed below some of the more common methods used:
Here’s A Simple Budgeting Formula.
Let’s assume your average payroll client generates $1,750 a year in payroll processing revenue and stays on as a client for 7 years. That said, one client would generate $12,250 in life-time revenue. If your 12 month goal is 100 new payroll clients, your life-time revenue from them would be $1,225,000. That said, how much are you willing to spend to acquire $1,225,000 in added revenue.
Executive Summary: Your optimum marketing budget should be based on the number of new payroll clients needed to achieve your sales goal x a client’s life-time value. Once you know the “potential” revenue from this goal, you can reverse engineer an estimated marketing budget.
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