For this 2020, make sure to allocate the appropriate budget for your digital marketing strategy. Looking to redesign your website? Do paid campaigns? Events? Hire an automation tool?
They don’t know how many times I’ve talked to a potential client and I ask, do you have a digital marketing budget? The first thing they answer me is “no”.
The truth is, I do not know if they do it for fear that I take advantage of this information and misuse it to be able to charge them more, it is part of the problem of not having our prices on the page, something that will change soon (we are working on that).
Maybe it’s simply because they have no idea how much this really costs and can’t budget. Worst of all, companies don’t have a budget for digital strategy and are in a “the less you spend the better” mentality.
But let’s talk about one thing, the less you spend, the better … “cheap is expensive” we have all heard this saying, I cannot apply better when selecting suppliers for your digital marketing strategy. Nor is it about hiring the most expensive. It is simply knowing how to choose who best fits the needs of your business.
It is true we all say that we do the same, but it is not true. We all have an area of expertise that makes us stand out from others, if we do not have it then we really do not have a great differentiator and we are doing a lot of what others do.
WHAT DOES THE BUDGET DICTATE?
In order to assign an adequate budget for digital marketing and in general your digital strategy this 2020, the first thing you must do is align it to your business objectives. Are you going to launch a new product / service?
Are you looking to generate recognition, brand positioning? Do you need better, more qualified prospects for your commercial team? Are you looking to create an online-offline synergy? Do you want to target a large or small audience with very specific interests? Create attraction or decision content?
Obviously when it comes to doing something, we want to do everything, but to assign an adequate budget it is important to prioritize and all this will dictate the amounts for each item of the digital strategy.
Analysing what worked in this year or previous years is also an important starting point, especially what did not work. A general marketing rule of thumb is to invest 5% of your income to stay the same, 10% to grow.
It is important that in this budget we consider new strategies to be able to experiment and excel, especially when something that we have been doing over and over again, has not worked at all.
INVEST IN EXPERIMENTATION
Where are you willing to experiment to excel? How else are you going to discover new strategies that improve the overall ROI of your strategy? Consider the immediate value or life value it brings to your business. Which one are you going to analyse?
On the other hand, take the time to cut expenses. What doesn’t work has to go. Finally, have a strategy in mind to cope with changes. If your business is growing, you may have to invest more in marketing to keep up or speed it up.
Maximize the effectiveness of your budget by having a clear objective for each strategy.
LET’S TALK ABOUT FIGURES
Here is an example of some of the costs to consider:
Strategy Design (SOSTAC):
- Situation Analysis (S)
- Definition of Objectives (O)
- Strategic Plan (S)
- Tactical Plan (T) and Actions (A)
- Performance and Results Measurement (C)
Depending on the items that are integrated in each of these chapters. For example, number of customer interviews, market size and competitor research details. In the strategic and tactical part, what depends on the price is what you want to cover, of course this is clear from the objectives. Are we going to start from less to more?
Do we want to cover everything or only certain actions? For example: Organic positioning, lead generation, management of leads and closings (already having an installed database that can be managed), configuration of campaigns, social networks, page redesign, etc.
The tactical plan is executed by the client’s internal team unless they seek to implement it with us directly, outsourcing to our implementation team.
In the same way, what we offer is a strategic direction where we guide your operational team by structuring the plans and in a few words defining what to do in order to achieve the objectives set.
It is also worth mentioning that by doing a SOSTAC you get precisely the consultancy in defining budgets for the entire digital environment. The Tactical Plan chapter includes a heading called “Resource Allocation” or Resource Allocation.
- Stock images
The prices of redesigning a page as you can give an idea vary a lot, the average prices that we handle are $ 80k with a basic site built in WordPress (free CMS) if you are looking to host your site in a CMS like HubSpot the prices can uploading.
Likewise, the HubSpot CMS is priced at $ 300 per month as it offers customization and security features that no other offers.
- Google AdWords
- Display Network
- Digital Magazines
- LinkedIn Ads
- Facebook Ads
- Twitter Ads
- Guest Blogging
As I mentioned previously, it depends a lot on the audience you want to address, the analysis of words that you want to promote still has a lot of impact on the budget you are going to set, a word like “insurance” in English is one of the most expensive words in Google.
It can cost up to $ 50 per click, it is important to create a focused strategy not to go to the massive world and pay that amount for a click that will not result in anything.
On the other hand, where is your audience? How do you search for information? It is important to know that there are channels that are more expensive than others, for doing the same.
For example, advertising on LinkedIn, because it is so targeted and segmented, is more expensive and also due to the fact that they charge in dollars.
Maybe you have not considered also creating content for channels like Forbes (digital magazines) but they have an interesting media kit where maybe your positioning objective is aligned with this investment.
- Automation Tool
- CMS (already mentioned in redesign)
- Interactive Content Builders
- Project Management Software
- Support / Service Desk
- Dashboards / Reports
Tools such as HubSpot that centralize different modules in the field of Marketing, Sales and Services, greatly facilitate the creation of budgets in real estate like Tajarat properties. A HubSpot tool with modules for Blog, Social Media Management, Database Management, Landing Pages, CRM, Reports, etc.
It has an average cost of $ 12,000 dollars a year ($ 1,000 dollars a month), of course its packages start from $ 50 dollars, but everything is relative to what you want to achieve.
- Interactive content
- Copies for Landing Pages, Social Networks, etc.
Are you going to produce the content in-house or are you looking to outsource it? Do you want someone to define an editorial calendar for you or are you going to do it yourself?
How many blogs, videos, eBooks, etc. are you going to produce per month? This may be the most variable chapter in the budget definition.
In Group we do not precisely have writers and editors internally, this is because our clients can be a bank or ERP software, so the specialization in content writing varies a lot.
We have a strategic partner that provides us with the design service, we provide the strategic direction (what to do) and we have freelancers that we assign to projects depending on the area of specialization.
Packages typically cost $ 30k per month and they have the option of adding or removing quantity of content pieces as well. We usually set them depending on the strategy.
If you don’t know where to start making your budget for 2020, talk with us about the options we give you to help you build it. Start the year knowing exactly what you want to do, how much it is going to cost you and how you are going to do it.
8 TIPS TO TAKE ADVANTAGE OF THE ENTIRE DIGITAL MARKETING BUDGET
Any digital marketing strategy requires the effort not only of a prepared team, but also of the necessary resources to carry it out.
But what happens when resources are limited? To find out, in this article we present eight tips your marketing team can follow to get the most out of your budget, without sacrificing results.
Actions to make the most of your budget.
Companies seek to achieve the greatest number of results with the smallest budget possible, and although this sounds more like an impossible mission, it is viable if you put the following eight actions into practice.
1. Define the right goals for your business.
For these types of projects, the first question that you and your team should ask is: what do we want to achieve with our marketing efforts?
Having this clarity gives them the opportunity to choose the type of strategy and those stages in which it will be essential to invest money.
2. Choose the type of strategy according to your objectives.
Each company has its own objectives, so once you have them clear, it is time to choose the right type of strategy to achieve them.
Here it is important to evaluate the costs since it is not the same to invest in content marketing, have a presence in social networks or attract potential customers through Google AdWords.
3. Use the information you have available to your advantage.
Having the data of those users who visit your website allows you to maintain contact with them and join forces to achieve a sale.
To do this, you need to create a database with all the emails you have available. Plus, you can save money by using tools that offer free email marketing plans like MailerLite or MailChimp.
4. Look for influencers who connect with your brand.
The influence that certain people achieve today can positively impact your company. Make your team connect with the most recognized influencers in your city, introduce your brand to them and choose those that you know will be able to attract a greater number of potential clients.
5. Motivate your followers to generate content.
Nowadays, using what your clients publish about your brand gives visibility to them and to your company, it allows you to reinforce both trust and your image.
Using the content generated by them is a trend used by many brands on various platforms such as Twitter, Facebook or Instagram.
6. Choose correctly in which social networks to have a presence.
Just as not all companies target the same audiences, it is also important that your business choose those social networks in which its messages will resonate and connect more with the defined buyer persona, that is, not all social platforms are for all types of companies.
In addition, it is important to evaluate how much budget is needed to cover aspects such as design, production, editing, etc.
7. Generate attractive and different content.
There are many companies that choose to copy thinking that this will generate the same results as their competition.
However, there is nothing further from the truth. Focus your time, money and equipment on developing content that is attached to your goals, is innovative and takes the consumer into account. Doing this will save you money up front.
8. Review and evaluate.
For each stage and each step that your team takes, it is necessary to evaluate results in relation to the money invested. Doing so will allow them to make the necessary adjustments to follow and ensure that no effort backfires.
In short, to optimize and properly distribute the budget, blue world city islamabad stick to the initial objectives, review the results throughout each stage and invest or readjust at all times based on them.