How to plan a digital marketing budget?
Feb. 11, 2019, 10:12 a.m.
Beginning of the year is always the perfect moment to resolve your company’s budget and plan the expenses for the coming year. Every business should decide how much to spend on marketing and what channels and platforms will be used and what won’t. How to plan a digital marketing budget? Here you have the guide:
Establish your business goals
At the very outset, you must decide what is most important for you. Is your goal to increase online conversions, get more leads, build the trust or maybe something else? Depending on your goals, your channels and distribution of finances will differ.
Determine the overall marketing budget
You cannot plan money spending if you don’t know how much you can spend. Consider what percentage of revenue you can allocate for your marketing budget. It depends on the size of your company, brand recognition growth goals.
Find your perfect channels
This shouldn’t be complicated if you have a strong strategy and your goals defined. Different digital platforms demand a different budget. For example, email marketing and social media are still relatively cheap, but SEM may be more expensive (again, it depends on many factors). Consider what channels would help you to achieve your goals efficiently. Divide the channels and planned activities in categories.
Assign budget amounts to categories
This can be the most challenging part. Assign a monthly budget cost to categories. What categories are the major part of your strategy? Measure the expected results and if something isn’t working, don’t be afraid to change it. Remember that your budget allocations will differ depending on the goals you established. That is why the previous steps are so important and cannot be dismissed.
Planning your digital marketing budget can be difficult and demand a lot of research and, to be honest, sometimes it can be a real fail. Remember that everything you plan will have a huge impact on how your company would work in the future. Good luck!