Marketing and promotion might seem to be similar, but they are really different. People have been adopting a wide number of different ways to promote their products or items across their intended markets. During the traditional old days, it used to be posters, print, TV or radio commercials, etc.
But these days, all marketing and promotions are done via the internet. Thanks to all the smart devices that are available these days, which will help you to find what is going on around. Normal businesses, these days, are implementing a number of new technologies and methodologies to make their digital efforts pay off. Your aim is to reach where your audiences are rather than focusing everywhere else.
Certain reports state that more than 90% of organizations have found a way to increase their digital marketing budget over the years. By next year, all these marketers are expecting some increase in their budget.
Allocating your marketing budget might not be an easy task. Make sure that your efforts in digital marketing are aligned across the brand and its goals, and not anything else.
Are you planning to increase your budget? So what or where should you be investing to make your budget effective? Still, lack ideas? We can help you.
Get and Organize Financial Information
This is another thing you must do before you start planning your digital marketing budget. You absolutely need to get in hold with the company finances. This is crucial because you need to get everything organized. You need the cold, hard numbers.
Now listen to me very carefully: you can’t create a realistic online marketing budget if you have only estimates of numbers in sales etc.
You need to know exactly how much your company makes in a given time period. Of course, the variations will exist and that’s why you always take the minimum amount.
For example, if your company has $10 000 of revenue in one month and $14 000 in another, in your calculations you will take the 10 000 as it is the lower amount. Why? Well, that’s because any amount that is over the minimum cannot be relied upon. It can be there one month and not the other.
After you have those numbers you need to subtract every expense you think of. By that, I mean renting costs, materials, utilities etc. But this time, exactly the opposite, take the highest amount of expenses you have.
What Are My Goals?
You need to have a clear goal or goals when you are planning on your digital marketing budget. Let us not end up allocating budget for unnecessary things. Also, do not forget that we are not here for a long-term solution and not experimenting with something that might work instead of looking for what will surely work.
Set your aim in such a way that by the end of it, you are accomplishing and getting what you wanted. This could be either a single outcome or short-term goals, based on your business’ requirements.
Be clear of what you want to achieve – regardless of whether it is to boost your brand’s visibility or whether you want to create engagement or increase the revenue or the number of customers. Each of your business goals is important – so where you start is important. Make sure you implement ideas that will help you to achieve your digital marketing goals, which are directly aligned to your business goals.
Lowest revenue, highest expenses.
The key to creating any type of budget is to closely examine the numbers and figure out the disposable income that you can rely on.
After you have that amount you now need to decide where will that money go. There are other areas of your company and other people counting on the portion of that amount. Those people will plan their own strategies and have their own budgets.
Marketing is only one area you need to incorporate in a budgeting plan and online marketing is an area within an area. Got it?
Depending on your goals and plans your online marketing costs can be even 80% of the overall marketing budget. On the other side, it could be as little as 5%, it all depends on which industry you are targeting, where do your competitors stand and how people react to your marketing channels.
If your goal is to drive traffic to your website/app ASAP, pay-per-click campaigns are the way to go.
Set up PPC campaigns on one or more different ad platforms and you will have ads across the world in a matter of minutes. Obviously, this will require a big upfront budget. However, if the campaigns are created and optimized properly, they can result in impressive returns.
Email marketing never goes out of place in influencing consumers’ minds. You can always think of using email marketing as one of those important aspects that would keep moving leads to your sales funnel.
Make sure you are sending accurate follow-up emails, which will introduce consistency rather than popping out of the blue and sending an email. A number of email marketing strategies can be implemented. But is important to introduce the one that actually works. Email marketing would need you to invest some budget.
A number of factors, such as the size of your business and its target customers, etc. you should be able to decide how much you can allocate for your email strategy in the digital marketing budget.
Content marketing is the best way to reach a lot of people organically. However, you have to maintain your content. Therefore, you will need to invest in producing it and keeping it fresh.
If you’re looking for long-term results, invest in search engine optimization. It may take a while for your strategy to work, but once it does, you will get “free traffic” on a daily basis.
Planning Your Content
You would always need to focus on creating content. This is one of the most important aspects of any digital marketing strategies. How are you going to do that?
Based on your business, its needs and goals, it is important to decide the type of content that you create. Create articles and blog posts that are in-depth, and make sure these become an important part of the marketing goals. These should be in line with service-related industries and here, you would find that consumers are looking for detailed information before they arrive at a decision. Here, your budget should be allocated for writing experts who will help you to write related content.
Some times, rather than just text content, certain businesses might benefit from video content as well. Though content is involved, it is a different side of the content spectrum that would need a variety of skill sets different from that of text content. So you would need to think of budget in terms of recording equipment, editing equipment, writers and even presenters in case you are seeking external agencies or professionals’ help to accomplish this.
Let us start thinking about where you would allocate your budget for digital marketing strategies. So think of investing in something like paid advertising. Start thinking in terms of how much your overall budget is or how much you’d be ready to spend! Next, it is important to think of what are the factors that would influence your target audiences. Based on these factors, split your budget between Google Adwords and social media advertisements.
Social media ads mainly target social media networking sites, such as Instagram, Twitter, LinkedIn, Facebook and anywhere where your audience is active. With Google Adwords ads, you can include search ads that will drive your customers’ attention or remarketing ads that will bless their minds with your brand’s name. This is important as they look for solutions to their queries.
Search Engine Optimization gets a Fair Share
Your search engine optimization (SEO) gets a fair share of the digital marketing budget. It is important to make sure that your website is ready to attract consumers. Your content should be strong and compelling enough to attract search engines and people to your website. When you invest resources (budget and time) on SEO, there are all chances that your words and voice would reach the right customers at some point in time. So it is also important to have an effective SEO strategy for your business.
Every industry has different needs. What works for one might not work for another. So it is important to do your research well before you start allocating budget for your digital marketing plans.
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