BUDGETING FOR YOUR DIGITAL MARKETING
Budgeting for your Digital marketing is essential.Digital marketing helps your business grow online. It revolves around electronics and digital marketing technologies and mediums like content, emails, blogs, SEO optimization to social media marketing. Digital marketing is now the new normal since the world and businesses are now online. Before embarking on your digital marketing journey, it’s important to sort through all the mediums and make a budget. You wouldn’t want to spend a lot on digital marketing and you lose out. You have to draw a plan and and have a strategy. Make your budget count.
Many factors influence digital marketing budgets, like the size of your company and the scope of your project, the average digital marketing budget ranges from $30,000 to $145,000 per year for SMBs. The size of your business does not matter but it is important to research how much you should spend on digital marketing. Below I present to you the 3 important tips to guide you in making your digital marketing budget. Keep in mind that your budget will grow with time as your business grows since digital marketing iis an ongoing strategy.
Set you KPIs and company Goals. You have to set your goals, what you want to achieve so as to know how much to plan for so as not to waste time and money. Ask yourself, what do you want? Are you looking to boost brand awareness? Create more brand loyalty? Are you merely interested in increasing revenue or customers? All these have different approaches and whatever decision you make will determine your budget.
Analyze the past and allocate based on what has been successful. This has always been an effective step towards development and improvement. You need to look back at your past dealings and reevaluate the impacts. It involves looking at your results of your past actions to see what has worked and what has not so as to drop what has not been working or what has already served its purpose. It also involves analyzing the past actions of the competitors. Once you have managed to identify your goals and you have an idea of what’s been working and what hasn’t, you can start breaking down your budget based on priorities and success.
Look out for the new industry trends. Your industry often determines your budget since it influences your goals, the medium and often defines your competition. For example, for a local restaurant, your target market narrows down to the people who either live in your town or visit it but if you are marketing for mass manufacturers, you’re going to need a whole different approach.Your marketing budget will also depend on the competitive nature of your industry and digital marketing trends. You have to also pay attention to what your competitors are using and if it is working for them. Yo wouldn’t want to be the one caught up in a century, left behind or even caught off guard and this is going to determine your digital marketing expenditure. For example, if you want to overtake a competitor in SEO rankings with a strong social media game, you’ll need to invest more to catch up, keep up, and shine.
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