“Where should I spend my digital marketing budget?” It’s a question we get all the time. Let’s break it down:
Take a look at your online presence
Which area needs the biggest boost? Do you show up #1 consistently in organic Google results but get bogged down by all of the paid ads above your listing? Could your social media profiles use a face lift? Ask yourself these questions when starting to map out your goals.
Speaking of, what is your main goal?
Ask yourself, “What do I want to get out of my digital marketing efforts this year?” Maybe you have a new product or service offering that you’re looking to promote, or maybe you’re trying to build brand awareness in an emerging geographic market. Whatever the goal, try to make it as focused as possible. Write it down, review it with all stakeholders, and refer back to it often throughout your planning process.
What is your digital marketing budget?
Once you’ve laid out your goals, you must to decide how much you’re willing to spend to make them a reality. Marketing budget recommendations can vary greatly, but a staring place is to look at it as a percentage of your annual revenue – for a retailer, a good range is between 5-8%; for B to B, this should be lower and closer to 1-3%. This is a guide for your total marketing budget — your digital budget should be a percentage of the overall spend.
Review past tactics
Review past strategies to determine what has worked and what hasn’t. If something has worked in the past, would it work again? Can it be improved upon? Decide how much money you can comfortably allocate towards these “proven” tactics but always make sure to leave room in your budget for new ideas and tests.
Are you looking for immediate impact or long-term growth?
If you have a seasonal product or an upcoming event you’re looking to promote, you may find yourself needing immediate traction on your efforts. This is where paid strategies, such as running Google search or display ads or paying for sponsored posts on Facebook, come in handy. These tactics can yield immediate results, oftentimes instantly after turning them on. The caveat here is that once you turn these campaigns off, or stop funding them, the benefits also diminish. If you’re committed to a long-term growth and investment, you should explore organic digital tactics, which work to increase your digital authority slowly but surely. Always remember that the best strategies usually combine both paid and organic tactics.
Let an expert help
Does all of this sound confusing or at the least, overwhelming? It can be! That’s where an expert can help. Get in touch with a proven and trusted agency, like Rosenberg Advertising, to start making your marketing dreams a reality!