How To Determine Your Digital Marketing Budget

Every business owner hates – with a passion – big digital marketing budgets. However, even if you’re one of them the income which you can make will cause you to love it. You must have seen that digital advertising and marketing have formed the fastest-growing media market in the world. To be more precise, it has a yearly revenue of US$93.75 billion in the US only. (In rand terms, this is about R156.8 billion.)

You can find many universal formulae online to calculate digital marketing budgets. These suggest spending 6% or, alternatively, 15% or 50% of your income on online ads. Seeing these unique numbers can make planning even more confusing. Honestly, there’s no universal digital marketing budget that works for every business.

The Importance Of Digital Marketing

Marketing as well as promotion are almost as old as capitalism itself. From the very start, we’ve had individuals in market squares shouting loudly in order to promote their wares or posters displayed on walls to talk about brand new products.

Today, we have the Internet as well as Internet-ready devices in customers’ hands. Everything is linked to the Internet and ready to pull up information. This means that it’s become pretty clear – for the modern, 21st-century business – that is needed to devote some part of a marketing budget to digital efforts. In the end, you have to go where the customers are, and to overlook the online landscape is to cut off yourself off from a potentially global audience.

One Of The Most Successful Formats Of Marketing

Digital marketing has established itself to be one of the most effective kinds of marketing. Email, social media, content marketing, search engine optimisation… All of these tactics are vital to business success. This is probably why as many as 95% of organisations have upped their digital marketing budget during recent years – and why nine out of ten marketers anticipate that their budgets will grow in 2020 as well.

That said, digital marketing is very intricate and entails numerous strategies, all very important. As consumers more and more expect omnichannel experiences – and want to be able to reach brands on all their preferred channels – marketers are encountering the big challenge of stretching out that budget for countless channels as well as strategies.

Set A Digital Marketing Goal

One of the most critical first moves in determining a digital marketing budget is setting a clear, concrete goal or goals. You do not want to take a “throw everything at the wall and see what sticks” approach as that will waste both times as well as money.

Rather, what you should be trying to do is determine where you want to aim your results. This may mean a single result, or it may even mean a primary goal with secondary as well as tertiary objectives. In every case, however, you need to know what you are attempting to achieve:

• Are you looking to boost brand awareness?
• Are you looking to create more brand loyalty?
• Are you just interested in increasing revenue or customers?

The first step in designing a stellar digital marketing campaign is setting out a comprehensive budget.

Get in touch with the Digital School of Marketing

For the rest of the steps, you need to do our Digital Marketing Course. For more information, please follow this link.