When we try to spend money on something, we will always attach a budget to it. When it comes to our foods, there is budget for it. When it comes to buying our new phone, there is budget for it. However, in marketing you never want to have budget for it. You want to have unlimited budget when it comes to marketing of your business. Let me show you how you can have unlimited budget for you marketing! ---TRANSCRIPT--- (00:00): Hey, what's up everyone. You're listening to Internet Profits Blueprint podcast, I'm Lik Foon. And today I wanna talk about why having budget in your marketing campaigns is bad for your business and what it means to have unlimited budget in your marketing campaigns. (00:16): So when I first started in this online marketing journey, I invested in a lot of courses and trainings and just trying to learn the game. I remember when my mentor specifically talks about the running ads part, I will always get annoyed because I didn't have the budget. I didn't have the budget to run ads. I didn't have the money. And I will look at those big brands and company and think: "Maybe this game is not for small people like me. I will never be able to outspend them. And therefore there will be no place for me to stand out in the market, which is not true at all. (00:58): But that was my belief that time. Understand that for entrepreneurs like us, there are only two resources we have in our business. It is either your time or money. You either spend time trying to build up your business, growing the following and making more sales, or you spend money on ads on your marketing campaigns to get more people in door. And the common question that people always ask is, how much budget I need to put aside if I want to be able to use ads to speed up my process, my business. First, I want you to think about what is the meaning of a budget. Budget means a specific amount that you are going to set aside, that you know, we'll never get back to money. That's budget. It is things like the food budget, the travel budget and the budget for new toys. These are what we called budget. (02:01): When we want to spend money on these things, we will think about budget. We'll think about setting a budget that we can spend on these things. And when you attach budget to one thing, you already know that you will never get back the money. Basically, you just dump the money into the sea. So I think the right question when it comes to putting in money in your marketing campaigns, the right question to ask is not the budget. Is not how much budget you need to set aside, but rather, how can you make it so that for every single dollar that you spend, that you put in your marketing campaigns, you get back at least $1 in return instantly. That is a big shift in your thought process. (02:54): Let's say you are, you have a $50 product that you want to sell. And let's say you spent $50 today on Facebook running ads. And by the end of the day, you'll get back $50. How often will you do that? You spend $50 and you get back $50 on the same day. How often will you do that? You will do it all day every day. And let me explain why. First off, it gets you a customer for free because when you spend $50 today and you get one customer to buy, it means that you break even, you are not losing money. It means that you didn't spend a dollar to turn a prospect into a buyer. And that is actually a huge win in our business. Even though you didn't make any money right now from this customer, because you only break even on your ad costs, but what's going to happen next is, on the back end, that's when you can continue to communicate with this customer through your email or SMS or any other ways to eventually ascend this customer to your next product. (04:13): And the best part is, those money that you make from this customer from now on, are all pure profits. Because it doesn't cost you anything to generate the sale, because you already breakeven on the ad costs that you spent earlier to acquire this customer. Which brings us to the lesson today. When you decided to turn on the ads, well, your number one goal is not to multiply the profits that you make from the money spent. Your only goal is to at least breakeven on your ad costs as fast as possible so that you get to acquire the customer for free, so that you don't lose money to turn that prospect into buyer. Because when that happens, you don't have budget. You just continue to spend as much money as you could to acquire as many customers as possible. (05:13): Again, even though you might not making a lot of money right now, you, you might only break even right now or maybe profitable a little bit, but now these people are your customers. You have their information and you can continue to communicate, build relationship and push them to your next thing. And obviously this is the best case scenario, to break even and not losing money. But what if you spent $50 today and you don't get back $50? (05:43): This is when you will step back and to make changes on three things: your offer, your funnel and your traffic. Because every single time when something is not working in your marketing campaigns, it is always one of these three things.Your offer, your funnel or traffic, which I'm going to go deeper in next few days. But after you make changes on these three things, then you will go back and turn on the the ads again and see if you can at least break even on your ad cost to acquire a customer. (06:21): And if you are, great, you continue to spend your money until you start losing money. And then you will go back to make changes again. And that is basically the process. I think my goal today is to get you to see that anyone can go to Facebook or YouTube or Google and spend $50 today and see if we are breaking even or profitable. And if you are, you don't have a budget, you do it all day every day. When it comes to marketing, you don't want to have a budget. You want to make it so that it doesn't cost you money to acquire a buyer. And that's the ultimate goal. I think this is of the biggest lessons I learned in my journey, and I hope you are getting it. This is how you can compete against big brands and names who have way more money than you do when it comes to marketing. And this is how you can outspend them. Anyway. That's my message for you today, hope it helps to get your wheels spinning. And that being said, I will talk to you again tomorrow and take care.