First, every company needs a solid marketing plan that outlines every effort to strategies, develop and market a product or service. With every new year, there are new customers, new goals and new opportunities to grow your business. Most companies plan their marketing budget in two ways – based on previous year’s budget and based on estimations.
This can be so devastating because first, you could be condemning your sales strategy to ruin and second you could end up spending too much on wasted efforts just to get things rolling. By having a digital marketing budget, the company can be focused on specific goals to make things work long term.
Every digital marketing agency in India focuses on how they can work out the marketing planning. Digital marketing is now an essential part of your marketing budget, but exactly how much value can digital marketing add to your overall strategy? Research has shown that the average cost per lead through inbound digital channels is less than traditional outbound media. Digital marketing is also highly measurable, which means you know exactly which campaigns and through which channels are providing the best ROI for your business. Combine that with the fact that a large number to find and research products, and allocating for a digital marketing budget becomes a no-brainer.
Start with Specific, Attainable Goals. Establishing goals is the first step in any digital marketing campaign, and it’s also the first step in creating a budget. The goals for your digital marketing strategy can include things like growing your email list for specific markets, increasing web based leads or a complete percentage increase of web based sales. No matter how big or small you go, knowing what you want to accomplish is an imperative before you create a marketing budget for the upcoming year.
It’s not quite an age old question (yet), but it’s just as important. And it’s a popular thing to be thinking about this time of year: how much should you be spending on digital marketing? If you spend too little, your message won’t make it to your target audience. If you spend too much, you won’t have the budget you need for other important aspects of your marketing plan.
So how much do you spend, and what do you spend it on? As the new year unfolds, you need to figure out:
- How much money to spend on digital marketing
- How much of that goes to each tactic – social, email, SEM, etc.
- What tools you need, and how much they cost
- Other expenses you need to plan for