These days, you have the web and web-ready smartphones and iPads in your hands just like your customers. They’re connected online, and can pull up any information they like. That is why business owners spend some amount of their marketing budget on digital campaigns.
Based on the findings of the Marketing Leader’s View of Digital’s Future, it was found that 95 percent of companies have increased their budget on digital spending recently and nine out of ten marketers anticipate that the budget will keep increasing by the year 2020.
The question is how much is too much when it comes to your digital marketing budget. According to an article published on Entrepreneur, there are ways to do digital marketing on a budget, one of which is making the most out of visual platforms such as YouTube. Based on the findings of Shareaholic.com, the video site generated the maximum post-click engagement as well as the minimum post-click bounce rate when it comes to any social site. These days, people prefer visual content to walls of text.
Here are some of the best tips to plan your digital marketing budget for running successful online campaigns:
Focus on a rock-solid goal. The most decisive and early steps in determining your digital marketing budget are strengthening your goals, which must be clear and concrete. You cannot expect to try everything and expect to see which of your strategies work. That would be a complete waste of your effort, money, and time.
On the contrary, you aim to figure out where to invest your marketing dollars, especially where you can expect to see fruitful results. Now, that might imply a solo outcome, or it might mean a fundamental objective with less important and tertiary goals. Then, in a daily scenario, you should try to aim for something that you know about well. For instance, if you want to boost your branding and create enhanced brand loyalty, you should know what you want. Again, are you just interested in making money, earning revenues, and gaining more customers for your business?
Then, all these are unique goals with diverse approaches. Then, which goals to choose so that they have a significant impact on your digital strategy, and the way you need to do the budgeting.
Assign your budget depending on the success rate. When you have a precise goal, and you know which ideas are working, and which aren’t, start breaking your digital marketing budget based on the success rate and priorities. The essential thing to mull over is success and not the cost. For instance, social media marketing will not make you pay anything initially because there are no costs involved when it comes to account creation and making posts on Facebook, Twitter, or Instagram. If you would like to know more about online campaigns and budget, get in touch with any digital marketing agency near you.
Then, when the assessment of your previous digital marketing efforts indicates that developing brand awareness works fine on social media platforms such as Facebook, you will need to allocate budget for social media promotion if you have none. When your social media promotions were working fine and you had a couple of staff to make occasional posts, it would become more effective if you hire a social media manager or use the appropriate social software and tools to make the most out of the same.
Likewise, if it is obvious that your demographic is shifting from social sites such as Facebook and now switching to Instagram, and you witness less suitable results compared to your Facebook ads, why carry on to give it the same importance? Move your budget away to something that is giving you enhanced results, instead of setting aside the money in place for a method that information has disclosed that isn’t working for your business requirements.
Break down your needs. Now that you are sure of your goals and the kind of digital marketing tactics you will use to realise your goals, it is high time that you set aside some figures for the particular resources you will require. When it comes to digital marketing, it is nothing but the amalgamation of two separate resources, workforce and tools or software. You will be required to start looking at how your digital budget will give room to these.
For instance, if you would like to make the most out of Twitter, Instagram, as well as Facebook for your social media promotion work, would you like to hire devoted staff for every channel or allocate one employee to manage all the social media accounts for your business? When you choose one person, figure out how much time your staff must spend on social sites and their management.
If you would like that staff to have maximum efficiency, you can leverage a tool such as Buffer, which helps you to make as well as schedule posts so that they become live at the right time instead of an employee creating the post and waiting for an appropriate time to post the creative manually. Again, if you would like to have some detailed info on how your social media efforts are fetching results, you can leverage advanced analytics tools so that your staff knows what is working for your business, and what is not. The analytics will give you definite numbers to figure out where you need to improve.
When it comes to SEO tools, Moz is one leading name that you should add to take your digital marketing efforts to the next level.
Focus on content development. Create the right type of content for four digital marketing efforts including detailed guest blogs, articles, product guides, and case studies. Then, you will need to hire seasoned copywriters for the job and allocate a considerable budget for content marketing. If your business is product-oriented, video content is your best bet. You will need recording, editing gear as well as writers and presenters to make your video marketing pop.
Now that you have these tips handy, create a digital marketing budget to make your online campaigns work to drive website traffic, boost conversions, and eventually sales.