How to Build the most Cost-Effective Digital Marketing Budget for your Brand in 2019
It can be a tough choice deciding on a digital marketing campaign that suits your budget. Regardless of what category of business you’re in, there’s only so much money to go around. Every marketing dollar counts.
Allocating a digital marketing budget should keep in mind 4 goals – content creation that resonates with your audience, optimizing your site for optimum visibility, promoting content to win a new audience, and distributing content to maximize discovery.
No business’ marketing budget is going to be the same as someone else’s. When thinking about a digital marketing budget, ideally, you want to think along with a 20/80 rule. That is, 20 percent of all marketing efforts should be in creating content. Then, the remaining 80 percent of your time should be invested in promoting and distributing your content.
Why we recommend this is because the market is oversaturated with content. Adding more content to the Internet with a mediocre promotional strategy is not going to fare well and will be a waste of money. It makes more sense to create meaningful content that stands out and to amplify its’ voice through smart promotional tactics.
Budgeting for digital marketing should be attached to what you expect to see for a return. Determine what KPIs you want to measure and identify the objects you expect to receive. Depending on the length of your sales cycle and how you intend to track conversions, a cost/benefit analysis might be the easiest way to see what’s possible budget-wise.
How much should a company spend on digital marketing – well, the answer is best explained perhaps in a percentage. On average, a successful business spends anywhere from 5 to 20 percent of their time and/or money on new marketing avenues.
If you know where your customers are, that’s the best way to determine at a minimum where you want to invest your money. As an example, you may want to look at what other organizations in your category are spending on marketing.
Tools like SEMRush and SpyFu are possible ways to track the traffic your competitor’s sites are receiving in addition to their backlinks, ad campaigns, organic and paid keywords, cost per click, and more.
A promising channel that continues to see increased digital marketing investment is email marketing. In 2014, the average Canadian business put $2,067/year towards email marketing. Next year, that number will rise to $3,067/year. For the average Canadian business, marketing investment in display advertising was at roughly $19,801/year. Next year, that would have also risen up to $36,574/year. Subsequently, social media investment in marketing has risen to $17,342/year by an average Canadian business. If you’re putting together a digital marketing campaign and are concerned about maximizing your budget, these are areas where one might focus.
How much you should budget for digital marketing depends on you. As an expert digital marketing agency, we can help in crafting a cost-effective strategy for you. Control costs and maximize your return. As your partner, we’ll do everything in our power to advise you, oversee your campaign’s long-term success, and build successful channels through which you can see major results.
As experts in email marketing, social media marketing, PPC campaigns, SEO, video marketing, and more, let us help in prioritizing where to spend your budget and how to gain a return. Contact Unlimited Exposure today for more information.