Contractor Revenue Maxxing 101

If you're a home service operator or a contractor that's ever asked yourself, hmm, what should my marketing budget be? These are the things to consider to create the best budget that will actually help you accomplish your revenue goal. When it comes to marketing budgets and coming up with a budget, there are 2 different types of mindsets. There's a winning mindset and a losing mindset. This is the losing mindset. What's the least amount I can spend? That's never gonna work. And if you're asking yourself and having somebody like an accountant tell you what you should be spending, that's not gonna work either. What should you do instead? Go for the winning mindset. Ask yourself instead, what does my revenue goal require? This is where understanding your cost per lead and customer acquisition cost is essential. Once you know those 2 numbers, you can ask yourself, how much more revenue do I wanna actually generate for my business? And then you figure out how many customers do I actually need to close to be able to generate that revenue? Then you figure out for every one customer that I close, how many leads do I actually need to generate? And then you figure out, well, what's my cost per lead? You multiply that, you figure out exactly what your advertising budget should be. Now obviously, this is a scenario, this is a formula, this is an assumption. You should always be tracking it every single day, every single week, and then updating it in real time. This is another reason why percentage of revenue or establishing a marketing budget at the beginning of the year is not gonna work for you. Because if it's performing, you wanna pump and spend as much money as possible. And guess what? If it's not working, you don't just want to keep spending money for the sake of spending money. Give me a follow and I'll see you in the next video.