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Prospecting strategy: what budget should be allocated?

What budget should you set aside for your prospecting strategy?

Planning a budget for your prospecting strategy is the first step in ensuring a return on investment. Any company wishing to increase its turnover must leave nothing to chance in order to set up effective and relevant prospecting campaigns.

This article will address the following questions:

  • How to calculate your budget?
  • How much budget do you need for prospecting on LinkedIn?
  • What is the minimum budget for prospecting?

How to calculate your budget?

It is necessary to calculate the total cost according to the prospecting campaign to be adopted. This will enable you to assess the profitability of the investment.

Take all the details into account

Once the technique has been chosen, the desired result, the characteristics of the target, etc., should be taken into account when calculating the budget for canvassing. You can refer to your previous prospecting plan to see if it was effective or not. It is worth noting that the cost of acquisition is essential to know. It is an index used to define its profitability and effectiveness.

The cost of acquisition may relate to a new customer, appointments obtained, the number of prospects, etc. The cost of investment is then divided by the number of customers or appointments obtained to find out the amount.

Choosing the right equipment

Estimating the budget needed for a prospecting campaign is a complicated operation, given the number of details to be taken into account. Therefore, to save time and get accurate results, turn to modern marketing tools. CRM software, such as Hubspot, allows you to automate the process. As a result, tracking is stricter and the cost of acquisition is easily obtained.

Know the most effective methods

Knowing the most effective prospecting methods does not really help you to calculate the budget for a campaign. It only serves to make the calculations easier and to reduce the estimated cost. The list of effective methods is not exhaustive. However, cold calling remains the most widely used. It is simpler to use a list of prospects already defined. You just need to adapt the campaign to the target’s habits.

How much budget do you need for prospecting on LinkedIn?

The LinkedIn platform can be used to generate quality leads. However, you have a choice. A paid option allows you to get easy-to-convert leads. There is also a free option, but you need to focus on inbound marketing if you want to get the best results.

One of the most interesting paid options for LinkedIn prospecting is the “sales navigator” subscription. This subscription helps you to focus the activities on your profile on prospecting. You can access this option from 55 euros per month.

The budget to allocate varies according to your needs. As a professional social network, you can develop your business on LinkedIn and take advantage of the many features offered. External prospecting tools have also proved their effectiveness in recent times. Available at competitive prices, they can be used to reduce your investment in prospecting.

What is the minimum budget?

The minimum budget to be allocated to launch a prospecting campaign varies from one company to another. It also depends on certain parameters. Indeed, the amount to allow for a campaign carried out internally or assigned to a specialised company is not the same. First of all, determine your real needs.

For basic prospecting with the aim of attracting more customers, you will need defined prospecting tools and a qualified team. The cheapest offer from a digital marketing company is often sufficient. To launch your business and target a wider audience, you need to invest more.

Remember that prospecting is a long road to selling a product or service. Each step has a defined cost. It is a good idea to define the time needed to draw up an offer. Also consider the cost of the tools you use for prospecting.

It is difficult to determine an exact budget depending on the type of business. However, it is possible to deduce an estimated minimum budget from the costs of previous campaigns. You can also estimate the cost of your new LinkedIn prospecting campaign by adding up the costs of each stage of prospecting.

Conclusion

Setting a minimum budget for prospecting is a complex process. Online tools and task automation are a great help, but they are not enough. You can define your needs and ask for a quote from a professional to get an estimation of how much you need to invest to get the results you want.

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