Your company is finally starting to take off, and now you are in somewhat of a difficult position. You don’t have a lot of marketing budget to spend, and although you know this budget must be spent on gaining customers. In this post, I’ll explain where you should spend your digital marketing budget.
It must also be spent effectively. The management also needs to ensure that your budget is considered an investment and not another expense.
In the old times, marketing was different than what we have now. Yes, they were simple and straightforward, but it was almost impossible to keep track of them.
Nowadays, digital marketing has made it easier to measure engagement, but since there are so many ways you can spend your budget, it can get confusing.
Here we will be going on how you need to assess your situation and then spend your budget effectively to bring in the engagement and customers your business needs.
Know what you need
When you first go searching online for marketing budgets, you will see several tools and plans recommended, but if they don’t fit with your business, they burn through your money and give no results.
I have read Neil Patel’s blog that’s why I am explaining here in short. Because that blog is too long.
Time must be spent on how you need to spend your budget. Find out what you are the targets of your marketing strategy. Are you looking to increase customer engagement, or are you trying to gain new customers?
Once the time has been spent, and thorough research has been done, you know the boxes your marketing needs to tick. The options will be narrowed, and you will be spending your budget on what you must, instead of on everything suggested online.
Spend Your Digital Marketing Budget
Now here are the things you need to be spending your marketing budget on. You have to decide how much should you budget for marketing for 2021.
Social media marketing
Around 3.5 billion users are active on social media every day, so in 2020 if you aren’t investing in social media, you are leaving out many customers and engagement. Buying social media ads and sponsoring your posts is one of the most convenient and effective ways to bring in a lot of traffic.
Through social media marketing services, people will get familiar with your business, and when you stay consistent in your posts, you will see results.
Embrace Videos and bring in new customers
Facebook, the most used social platform, shows us that about an impressive 6.3% of viewers engage in the video content they watch. This shows that videos are pretty effective in bringing engagement.
Social Media Today also shows that a video posted on Facebook will bring about 135% more engagement than a posted photo or text.
These videos can be budget-effective, depending on what you are putting out, and are a great way to advertise your business and connect with your customers.
In 2020, customers have a lot of trust in whatever product their influencers are recommending. According to Oberlo, about 49% of customers depend on influencers when looking to buy something.
Older influencers will be charging more than younger influencers, so keep an eye out on what you need so you can stay under an affordable marketing budget.
Content marketing cannot be ignored when making an effective marketing plan. It’s a place where you need to invest, and it can be a powerful asset in your set of digital marketing tools.
The thing is that content marketing also has a pretty nice ROI as it is almost 62% more budget effective than outbound marketing methods and also brings about thrice as many leads.
Another benefit of using content marketing is that content can be used more than once. Something you created for one platform can be repurposed and used elsewhere. This helps reduce costs and still bring in fresh content for your marketing plan.
It should come without saying that wherever content marketing is, there will be SEO. You might be producing great material, but if your content is not optimized for SEO, you will not be missing out on those views.
The meta-titles and descriptions and other factors that improve your SEO should be considered when producing content so you can bring as much traffic as possible.
Many businesses tend to miss out on a very powerful and effective budget tool when making a marketing plan, email. Email marketing has stood the test of time, and when several other tools come and go, email keeps being an effective way to market your products.
Many marketing professionals agree that email is a powerful tool and has a good ROI, making it an effective addition to your digital marketing strategy.
Some opportunities are easily overlooked that either cost no money or the ROI is so good you don’t mind spending. These opportunities include going to community events and handing out a few flyers.
Or maybe if you are running a restaurant, why not bring your products to an event where people can have a go at your products, turning them into potential customers.
Now you know where and how to spend your budget, the next step is to track how it’s working and then adapt according to the results. Tracking how effective is your social marketing plan is one of the crucial ways to lead you to successful marketing.
It doesn’t matter if the tools you are using to track your marketing strategies are paid or free; you have to use something to see your results.
If something you implemented doesn’t sit well with your customers and you have no idea of knowing since you didn’t do any tracking. Don’t sit in the dark and look at analytics, as it can alone save you from spending your budget ineffectively.
As we have discussed in the above post, you should be making a plan for your marketing budget. I have explained all the points where you should spend your digital marketing budget.