Whether you run a small or large company, navigating the world of digital marketing can be overwhelming. The US Small Business Association advises business owners to allocate 7-8% of their gross revenue to marketing, then spend 50% of the marketing budget on online advertising, according to Business 2 Community.
But with so many different platforms and advertising channels, you’ll likely have a difficult time figuring out where to start. You may also have concerns about the cost of various marketing strategies for growing your online business. Typically, every dollar you invest in marketing should guarantee more conversions, improved website traffic, or enhanced brand awareness. Read on to understand ways you can maximize your online advertising budget.
Set A Budget In Line With Marketing Goals
Before you identify your target audience and create ads, consider establishing measurable digital marketing goals. Once you’ve set goals, create a budget that revolves around them. That way, you can have a clear picture of maximizing your budget and increasing your ROI before investing any amount. Moreover, consider the number of your target audience, the experience you have with a specific platform, and how long your ad will run. Doing so makes the process of creating a realistic marketing budget easy.
Prioritize Quality Over Quantity
Launching an online advertising campaign is costly if you factor in the time it takes to design, implement, and monitor an ad. Therefore, instead of designing many adverts at once, create a few campaigns that guarantee positive results. Alternatively, leverage pay-per-click adverts, as they allow you to place ads on search engines and then pay when internet users click on them. To achieve the best outcomes with this marketing model, you’ll need to seek pay per click help from professionals. Guidelines shared by professional marketers help you identify and pay for high-intent visits, control your spending, measure ad performance, and stay up to date with current trends.
Choose Your Platforms Wisely
After setting your advertising goals and budget, you’ll need to pick your platforms carefully. There are several options to choose from, including display, search, social media, connected TV, and video. Each one of these platforms comes with benefits and drawbacks, so it’s prudent to conduct thorough research to ensure you select the right platform. Consider choosing a marketing platform you’re familiar with and one that aligns with your goals. For instance, if you opt to invest in social media marketing, you may want to choose Twitter or Facebook.
No matter how big or small your digital marketing budget is, maximize it to achieve the best outcomes. As a golden rule, set a budget that aligns with your business’s marketing goals. Also, focus on quality over quantity, and pick the right advertising platforms carefully.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
