Budgets, budgets, budgets. They are things that may feel like we never have enough to fulfill, but always desperately need! When it comes to your digital marketing budget, the pandemic might have pressured you to make some cuts or eliminate it completely. If you have, you are not alone, as many other small business owners have been put to task to consider their digital marketing budget during the economic struggle created by the pandemic. This, however, does not have to mean the beginning of the end for your small business! Today we have some tips to help you consider how to best create a digital marketing budget, as well as how to keep it alive and profitable.
First things first, it is crucial to identify which avenue of digital marketing is most beneficial to invest in. This avenue can look very different from business to business; for example, email marketing might provide much more return than social media marketing. If you have previously invested in digital marketing, chances are you have a collection of data to analyze that can help you determine which avenue is best for your business. If not, doing some research on your competitors’ methods can help get you some much-needed insight. You could also contact an agency that can recommend the best approach or work to help you find it.
The next step is to gather what you have learned from past mistakes and successes. Any digital marketing campaigns you have invested in prior to this point should be measured. How much was spent, where it was spent, and whether it was profitable or not are all key variables to help you in creating a budget with goals that can do better this time around. Would you increase the amount you spent in one area? Would decreasing the amount for another area make more sense? You want to be sure to create a digital marketing budget starting on the right foot.
Last but not least is the need to determine a portion of the budget allocated for advertising. While there is no best way for all to strive for, there is a way that will prove best for your small business. Consider variables like your current revenue, sales volume, and future product or service expansions or cutbacks. Are you planning any promotional offers you will need to advertise for? Mapping out these factors can help you determine how much adspend to plan for while you create a digital marketing budget.
Be sure that your budget includes a reasonable amount of areas that will be funded. Too many avenues can break your system, as you may not be able to support them all. Worse yet, keeping track of a large number of investments will make it much more difficult to track them. It is easy to get lost in the sea of subscriptions, campaigns, tools, and other outlets if you do not continue to manage and monitor your investments (like a professional agency helps do) after you create a digital marketing budget. The market responses and measurable variables are very valuable for learning about budgeting for your business and should not be overlooked.
It is not too late for your small business to get back in the game! If done right, digital marketing efforts can substantially increase your exposure to your consumers. More people than ever are turning to online shopping, entertainment, and social interaction. Don’t accept defeat by turning down the opportunity to adapt and grow your business during these trying times. If you would like some help to create a digital marketing budget that makes sense, give OCGnow a call today at 904-600-3600.