3 Key Things That Should Be On All Digital Marketing Budgets

3 Key Things That Should Be On All Digital Marketing Budgets

3 Key Things That Should Be On All Digital Marketing Budgets

Did you know that you should be spending between 2 and 10% of your business’s revenue on marketing? While that may seem like a lot, a well-planned marketing strategy will bring in much more revenue than it costs to implement.

Digital marketing budgets, in particular, have the potential to bring huge returns to your business. But how do you know how to build the budget? Which categories should you be investing in the most?

Here, we lay out three key things to keep in mind when budgeting for marketing on digital platforms.

1. Your Most Profitable Channels

When budgeting for marketing, you need a keen sense of what works for your business and what doesn’t. One way to think of this is in relation to your target audience.

For example, do you sell products geared toward teens and young adults? TikTok could be a ripe marketing space for you. If you sell exclusively to adults age 65 and up, this probably won’t have as good of an ROI for your business.

Figure out where your audience hangs out online, and take your product to them. If you have data about the success of previous digital marketing efforts, use that to help you allocate your budget for the upcoming quarter or year.

  1. The Right Balance of New and Traditional Strategies

As with any aspect of running a business, you need to spend some of your marketing costs on strategies that have guaranteed success rates. On the other hand, you’re missing out on key opportunities for innovation if you never try anything new.

If you have a high clickthrough rate on your email newsletters, don’t stop writing them! Your audience clearly resonates with this content, so keep giving them what they want.

However, if you see a new social media marketing strategy bringing success to your competitors, you want to have money set aside to give it a go yourself. If you are extra-savvy in marketing, you can even anticipate some of these trends and get in on the first wave. Finding your perfect balance of innovative and traditional digital marketing will maximize your brand recognition and subsequent profits.

3. A Digital Marketing Agency

At the end of the day, you’re a business owner. Your job is to have a little bit of knowledge across many content areas. DIY digital marketing tips when only get you so far before you need to have a full-time staff person dedicated to implementing your digital marketing strategies.

If you’re not ready to take the leap toward hiring an employee, you can also work with a digital marketing agency. They’ll assign you a campaign manager, and meet with you to understand your marketing needs and goals. Then, they’ll take that information and run with it!

Tips for Choosing Professional Photo Editors

Digital Marketing Budgets Made Easy

Use these three tips to help approach your digital marketing budgets from a strategic, innovative perspective. No matter which channels or approaches you choose to invest in, working with an agency can help you maximize your return on investment while freeing your time up to focus on your business.

Interested in other news about digital content marketing and SEO? Look through the other articles on our site!

3 Key Things That Should Be On All Digital Marketing Budgets

Leave a Comment

Your email address will not be published. Required fields are marked *