What should be my marketing budget if I want to bring in 5 new clients to my accounting firm each month?
This will definitely depend on a lot of factors and you will likely have to do a little trial and error at first to figure out your conversion rate and cost per acquisition.
If we’re just talking about Facebook ads, you can reasonably expect no more than 5% (likely even fewer) of all people who see your ad to click through and become a lead. From there, again it depends on your offer, how good you are at closing deals, etc. But you can generally expect about 20% of those to become customers.
So, if you want 5 new clients per month, you will need to generate at least 25 leads from at least 500 impressions. Cost per impression can also vary depending on industry and who you are targeting. I’d say you’d want to start out at minimum $250 per month and scale from there, depending on the results you see.
Facebook will actually tell you what your estimated cost per impression will be once you start building your ads so you can make a better estimate from there.
It will cost about $250 per month IF you have an effective lead/sales funnel in place and know how to close deals effectively. This budget won’t get you much if your ad copy is bad, your targeting is off, your landing pages aren’t high converting or your follow ups are subpar/non existent.
$250 can go a long way if the rest of your marketing efforts are on point but these things widely vary across markets and industries. So, the trial and error technique is your friend when first starting out.
Last year, the average CPC on a Facebook ad across all industries was around $0.28. For arguments sake let’s say an accounting/bookkeeping lead costs twice as much as the average, so $0.56 per click. For $250 you could drive around 450 people to your landing page to sign up for whatever deal you offer (free consultation maybe?), let’s say you get 20% of those 450 people to give you their email.
This is a very low estimate because if your landing page matches your ad you should convert way over 50%. But for arguments sake let’s say you get about 90/450 people to provide their emails and come in for a free consultation. You now have 90 people you can send emails to and hopefully most of them come in for the consultation in person. If you can’t convert 5/90 qualified, interested leads into clients you might be doing something wrong.
Wish you the best!
And if you’re ever looking for some help with this I do Facebook marketing and sales funnels for a living and would love to talk with you more about your business goals!
Brittany Michele Lintner is the owner and CEO of Little Birdie, helping businesses attract new customers.