When meeting potential clients interested in starting paid advertising, I often ask about their budget. Usually, they are uncertain and ask me for guidance on the ideal budget.
In handling such situations, I’ve learned not to throw out random figures, especially if they’re new to paid campaigns and have flexibility in their budget.
Instead, I adopt a more informed approach: “Let me do some research within your industry and provide you with a minimal spending recommendation.”
For those clients who already have the campaigns running, use their existing campaign data to justify costs based on specific Key Performance Indicators.
However, when clients lack historical data or previous campaign experience, a structured approach is recommended:
1) Industry Research: Ad platforms these days estimate traction based on different expenditure levels, giving us a minimum spending limit.
2) Test and Analyze: Suggest client for an initial testing phase with the minimum spend suggested from the research. This allows for data collection to make informed decisions on scaling budget over time.
For instance, I might say to a client: “Based on my research, I recommend an initial spend of X amount to understand audience response. This testing phase will provide data-driven insights to guide our future decisions related to paid advertising budget.”
Make sure you involve client at every stage of the process.
Clients appreciate this approach as it shows diligence, thoughtful consideration, and a commitment to data-driven decision-making. An ethos essential to successful digital marketing campaigns.