Professional digital marketer, Raymond Halliwell highlights budget allocation for digital marketing. According to him, businessmen need to make a budget to market their products.
Brief Definition of Digital Marketing Budgets
A digital marketing budget is making plans on how to distribute money and resources for marketing. These plans are written down to document them for future reference. The document shows how much the business is willing to spend on marketing. It also shows how long the company wants to spend the money.
It is important to note that budget allocation is part of business management. It is like a pointer that directs your business to the right way.
If you want to plan and allocate budgets for digital marketing, think about the cost. Does your company have the required amount of money and resources? Do you have the money to hire workers, buy digital tools? Can your business afford to maintain and secure its website?
Why Your Marketing Strategy Need a Budget
According to Raymond Halliwell, there is one major advantage of making a budget. You can keep track of the business growth and operations. There will be the availability of funds to use to get good returns.
Marketers need to balance marketing plans with budget allocation. There should be precise calculations so that there won’t be room for errors. This will also prevent the misappropriation of funds.
A budget will let you know your target outcomes. It will also show you which advertisers are affordable and effective.
How To Allocate Digital Marketing Budgets
Identify Your Goals:
The first step is to know exactly what you want. Write down what you want to achieve at a specific time. It will guide you on how to execute your tasks. What plans do you have for the business? Where do you want to take your business in three years? Who are your products for? How do you plan to reach them? Find answers to the above questions. Start from there and make your decisions.
Find Your Main Marketing Platforms:
Once you have stated your goals, the next step is to find the right platform.
The following are the marketing platforms you can use:
PPC (Pay Per Click):
PPC is used to attract people to your site. Create accounts to stream adverts. It doesn’t take long to do this. You have to learn to do this and it can be a bit expensive.
SEO (Search Engine Optimization):
This marketing method is for long-term results. Companies have to make their presence known in the digital world. They need to increase their rankings and site visitors. To do this, they have to be at the top of search engines. You need more money if your marketing goal is for half a year or more. It is better to set aside more than 20 percent of the money available.
Emails are the cheapest marketing method used by marketers. They are commonly used to bring good results. Businesses that can effectively use emails have more sales. Set aside ten percent from the budget for emails.
Make use of social media to market your products. Though it may take a while to have followers following your accounts. You can get a social media manager to help you grow your page. You can also outsource it to consultants. The downside is that the manager and consultant will need payments. This can increase your budget.
You can create a business blog to post relevant content. The blog may have videos, audio, pictures, electronic books, and so on. Content requires dedication and creativity. Post new content frequently to keep your audience interested. Five percent of your budget is enough for content marketing.
Stick to The Allocation:
Be strict on yourself. Do not exceed the amounts you have set aside for each marketing plan. Documents the marketing channels you want to use and the corresponding funds. Don’t forget to allocate money for the marketers who will work for you. That should be about 50 percent of your budget. Also, set aside money for the digital tools you will use.
Allocate more money to the best marketing plans that will give you huge returns. When you are done, make a list and calculate the total cost you will spend. Compare it with the money the company makes. Check if the budget is effective and efficient. If the budget is more than the fund available, make another budget. It is better to use marketers that fit into your budget. But remember never to compromise on the quality delivery of services.
Monitor the Marketing Steps:
You are paying for the marketing services so it is your right to know the progress.
Develop monitoring tools and methods to know how far the marketers have gone. You can try out the tools for a month to know the outcome. If you discover that a platform has a better outcome, focus on that platform. The following month, you can make that platform a priority to get higher results.
Invest in the best digital marketing tools and methods you can afford today. This will increase your returns on investment.