How to Plan a Digital Marketing Budget? Get The Most Out Of Your Digital Marketing Budget
In the UK alone, £10.3 BILLION was spent on digital advertising last year. Making digital marketing one of the fastest growing industries today among businesses. There is an urgent need for start-up businesses to get a marketing strategy in place that will ensure that they reach their goals.
Below you will find four ways to make sure you’re getting the most out of your budget.
1) Only Invest In Digital Marketing When You’re Ready To Scale Up
It’s no rumour that digital marketing can have a very positive impact on business; otherwise, it wouldn’t be a billion dollar industry. In fact, many reports like this and others, are expecting digital advertising and marketing is expected to surpass that of marketing on TV this year.
With that being the case, before any money is spent on bringing in new business opportunities, it’s important to make sure that your business is ready to handle the growth the comes along with it. Far too often we hear of businesses and start-ups investing in digital marketing, sometimes millions of dollars, yet their products & services are not being offered or supported in a way that their target audience prefers or expects. That has been the root problem as to why that so many companies fail as a whole despite aggressive marketing campaigns.
2) Be Sure To Hire & Work With Experienced Digital Marketers With A Proven Track Record
Due to the fact that there is no industry accepted training or certification that is widely accepted and recognized as a standard for digital marketing professionals, literally anyone can claim to be a digital marketer. What that has resulted in is many companies hiring self-professed experts or outsourcing to agencies that end up wasting valuable time and resources on digital marketing campaigns that do not positively impact the revenue that the said businesses are bringing in.
It is for that reason a company should ensure that their marketing budget is going to a professional or vendor that has a proven track record. For example, think about a company that is looking to hire and build an in-house marketing team to help with a specific area of digital marketing; like Search Engine Optimization. Many of the most successful companies with that goal are investing in SEO consultation services, which is a rapidly growing business, to ensure their in-house team stays on the right marketing path. It greatly increases the chance that their investment in that form of marketing will succeed.
So whether you prefer to have an in-house marketing team, or you outsource to a digital marketing agency… it’s important that you protect and get the most out of your marketing dollars by ensuring you have the right experts to assist.
3) Ignore The Shiny Object Syndrome
With this being such a large industry with different marketing tactics available to put in place, to get the most out of digital marketing requires that a business understands which marketing channel is best suited for their industry and clientele.
Some business perform well with social media marketing, others see the most return on investment from content marketing, while others prefer and do well with the immediate returns that come from paid search engine marketing. Whatever you feel is best for your business, it’s best to research, strategize and implement a marketing strategy and stick with it.
With so many reports of companies rapidly switching one form of marketing to another hoping to see quick growth, it often results in a company not sticking with a certain type of marketing long enough to reap the benefits of doing so.
4) Develop A Marketing Strategy That Will Pay For Itself
Unfortunately, it’s a common practice for freelance digital marketers and some agencies to tell their clients that digital marketing has to take months or years before there can be any real ROI. Depending on how competitive a particular industry is within the realm of digital marketing, and how substantial the available budget is in comparison to some of the most successful companies… and experienced digital marketer can usually create and implement a strategy that will allow a business to reap financial benefits as a result of their investment within a matter of months.
If the priority is getting an ROI within a reasonable amount of time on the available marketing budget, be sure to hire and work with marketers that will keep that goal as an important aspect of the marketing campaign.
With That Said…
These are just four of the many ways you can get the most out of your budget. If you’re at a place where you’re trying to make a decision on what aspect of digital marketing you should focus on or what your expected marketing budget should be, speak to us! Our web specialists can help with these and any other concerns you might have on succeeding with and properly using your cash.