Whether you are new to the complex world of digital marketing or if you consider yourself a seasoned expert, creating a comprehensive digital marketing budget can be intimidating. But just because it can be intimidating doesn’t mean you can neglect this step. Businesses like yours are dependent on growing a solid marketing campaign to help their company thrive and succeed. Thus, solving the puzzle of marketing budget allocation is a responsibility that you must tackle.
But where do you begin? How do you start creating the best budget for you? What marketing tactics will work best for your brand, and what is the appropriate amount of money to spend to execute those tactics?
Here are a few tips on how you can start building your marketing budget for 2022:
Determine the Goals for Your Business
Every expert you may ask when it comes to creating a marketing budget will tell you that the first thing you need to do is establish the goals for your company. After all, if you don’t know what you want to achieve, how can you hope to achieve it? Web FX recommends setting goals to earn more sales, increase leads, gain more subscribers, and build brand awareness. Web FX also suggests that when setting these goals, make sure they are specific and smart. That means not just saying that you want to earn more subscribers. Instead, go the extra mile and say you want to have 100 more subscribers before the end of the year, or I want to increase revenue by 20% next year. These goals are easy to measure and will give you and your teammates something to aspire to.
Understand Your Options
The various digital marketing strategies available to you include:
- Social media marketing.
- SEO advertising (or boosting your website’s ranking in search engine results).
- PPC advertising (paid ads that appear at the top of search results pages and other web pages).
- Email marketing.
- Content marketing (creating informative and engaging blog posts or videos).
Choose Channels Based on Your Audience
When crafting your digital marketing budget for next year, you must ask yourself not only where your clients spend their time on the Internet but what channels make the most sense to reach them effectively. For example, if your target audience doesn’t participate in Instagram, then don’t spend money on Instagram ads. Makes sense, right?! Instead, Data Box recommends allocating your resources to the channels that have more proven results. This may take some time to truly implement; start by allocating an almost even amount of advertising dollars across different channels. Once you can review the data that shows which channels truly translate to paying customers for you, you can funnel more dollars into those channels and less into other, less successful channels.
LocalDigitalKY.com is a digital agency that specializes in driving leads and growing revenue for our valued clients. Our expert creative team leverages best practices in marketing for your industry with continual optimization designed to deliver the best return on investment for your business.