One of the biggest challenges that business, digital marketing and social media marketing leaders face, across organisations of all sizes, is getting the needed support, buy-in and funding in order to achieve their desired goals and objectives.
Many businesses have pockets of people who are within the organisation who understand they need in order to make major shifts in how they are utilising social media, digital media and modern technology as well as communication, however they struggle with making it happen. They struggle with making the required mindset shifts as well as even getting their organisation off the starting block as well as away from using the social networks for only spamming and tactics that – in reality -may be hurting the brand more than helping.
Set A Digital Marketing Goal
One of the most vital first steps in figuring out a digital marketing budget is solidifying a clear, concrete goal or set of goals. You do not want to take a “throw everything at the wall and see what sticks” approach as that will waste both time and money.
Rather, what you should be aiming to do is deciding where you would like to see your results. That could mean a single result, or it could mean a primary goal with secondary as well as tertiary objectives. In every case, you need to know what you are trying to achieve:
- Are you looking to increase brand awareness?
- Are you looking to create more brand loyalty?
- Are you just interested in increasing revenue or customers?
These are all very diverse goals, with diverse approaches, so the ones which you choose to follow will have a big effect on your digital plan as well as how you should be budgeting.
What Worked Previously?
Another step which you need to take, when it comes to digital marketing, is to see what has worked as well as what has not. This applies both to the efforts of peers and competitors but also particularly for your own efforts.
If you’ve already had some involvement with digital marketing, then look carefully at what your results have given you:
- Where have you have experienced success and why?
- Which efforts did not work out well for you?
- Do you know why they did not work for you, particularly if these were techniques that did work for other companies?
Knowing what worked as well as what didn’t and, most significantly, why there was success or failure, are crucial pieces of the digital marketing puzzle which you’ll need if you want to move forward with your next effort.
When it comes to planning a digital marketing budget, you’re working with opposing forces, so it’s important to keep laser-focused on your goals that you want to achieve. Set out a strict annual budget however remain flexible monthly. Concentrate on getting your digital marketing goals watertight but take a broader perspective which includes the entire company strategy. Examine your short-term results, while considering your longer-term metrics.
Setting a digital marketing budget is one of the crucial aspects of digital marketing.
Learn what the other aspects are, which make up digital marketing, on our Advanced Digital Marketing Course. Find out more here.
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