How to Maximize Your Digital Marketing Budget

     
     

Published: May 21, 2018

Your digital marketing strategy is a multi-faceted plan that usually involves a lot of moving parts. From social media marketing to search engine optimization, it can be difficult to know which elements will give you the most bang for your buck, and which can be pulled back when the budget requires you to.

From big budgets to small, here’s what you need to know to maximize your digital marketing budget. 

How Much to Budget?
Before you can dive into which strategies to invest in, it might be helpful to start by determining your total budget for digital marketing. Generally speaking, marketing budgets are on the rise across most industries and businesses, and the average marketing budget falls between 7 and 12 percent of a business’s total revenue.

Small businesses tend to spend a higher percentage of their revenue on marketing than larger businesses, although the total cash output is usually higher from big companies. Businesses that market directly to consumers also tend to spend a bit more than B2B companies. Lastly, for digital marketing, most companies dedicate around half of their total marketing budget.

What your actual spend is will depend on several factors that are specific to your company’s financials, but these averages and guidelines will help you see if you’re on track with other businesses.

4 Essential Strategies
In some cases, trending strategies are just trendy and there’s no guarantee that there will be a payoff. However, there are a few trends that stand out and must not be ignored when thinking about your digital spending:

  1. The Mobile Experience. Mobile devices are quickly becoming the dominant digital interface across the board. Even in B2B situations where you might think everyone’s at a desk with a computer or laptop, mobile devices are still gaining momentum.

    If you’ve not done everything you can to optimize all your digital assets for mobile devices, start here. It doesn’t matter how great your strategies are if most people can’t access them or if accessing them is slow, annoying, or difficult to interact with.

    Keep in mind that people are still using desktops, laptops, and tablets. To really nail this category, make sure to optimize the experience across devices. That means that people can move from one device to another with ease and consistency.

  2. Social Media Marketing. In the early days of social media, most marketers saw promise in direct-to-consumer ads, especially in the fashion and cosmetics industries. However, rather than fizzling out, social media has exploded over the last few years and is consuming a huge part of your audience’s attention.

    Facebook is still the top social site for connecting with potential buyers, with Twitter falling only slightly behind. Plus, LinkedIn has been building a tremendous amount of momentum in the B2B space and is serving as far more than just an online resume builder. Today, people are joining groups, posting thought leadership pieces, starting conversations, and drawing in new customers every day.

  3. Content Marketing. When tied to a robust inbound method, content marketing is one of the most important activities to invest in. Today’s buyers like to look for solutions on their own, and the vast majority are doing so on the web. Most often, purchases start with a Google search, and you want your solutions to be what consumers find.

    Content marketing, digital advertising, and inbound methods are how you draw in modern buyers who are researching solutions, products, and services. If you’re already doing this, you know it works. If you’re behind the curve here, it’s time to catch up.

  4. Marketing Automation. Personalization is king in today’s marketing landscape, but nobody has the budget to send individual messages to all potential leads. Marketers have the tools and the technology to create a personalized feel for every lead while still using automated methods to maximize opportunities.

Email marketing can still get a bad rap from time to time, but when you use an automated solution in conjunction with an inbound method, you can use an automated email nurturing strategy to move leads down the funnel and save expensive human interactions for when it counts the most.

Where to Get the Best ROI
Knowing which activities will give you the best return on your investment is key to knowing where to invest the bulk of your resources. Of course, it’s impossible to single out one or two strategies as “the best” because it all hinges on what your current and past strategies look like and how they have worked.

On the other hand, If you’ve not yet fully committed to mobile, social, content, and automation, you know where to start. If you’re already all-in on these strategies, then you can start working on fine-tuning your SEO across all your assets, digging deeper into personas and segmenting, maximizing automated solutions, and pursuing new avenues like new social media networks.


Categories: Search Engine Optimization, Social Media Marketing
Tags: Digital Marketing, Budgets, Search Engine Optimization, SEO, Social Media


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