Every marketer is looking for that sweet spot of maximum return on minimal investment. Digital marketing budgets are usually very tight with no wiggle room in sight, but that doesn’t mean that a marketing budget can’t be optimized to produce the best results while still keeping an eye on the bottom line.
When it comes to digital marketing, the budget is likely a small fraction of the total marketing budget allocation. However, with a little bit of strategic prioritization, you can make a small digital marketing budget work for you in ways that will be more profitable and flexible.
Are you searching for ways to optimize your budget to get the most out of your digital marketing budget allocation? Read below to find some of the best ways to get the most bang for your buck out of your marketing dollars, and learn how CMG can help!
Do Your Homework—See What Channels Work
Before you start allocating your digital marketing budget, and before the invoices start flowing, you have to set yourself up for success by doing a little homework. Take a look at your online presence and evaluate what has been working the best so far. Different digital and social media platforms serve different purposes. Find out which avenue conveys your message most accurately to your target audience. Compare the following aspects of digital marketing:
- Paid advertising
- Organic traffic
- Social media
Use tracking and analytic tools to conduct an analysis on your current marketing methods to see what is working and what isn’t.
Is your social media activity generating business leads, but your website seems invisible? Having an idea of what your current target market is using to find you is a great indicator of how you can better reach them moving forward.
Not sure how to reach your target market? Develop a content marketing strategy in conjunction with a digital budgeting plan. Creating a strategy will ensure that you are reaping every reward from organic and paid search while also carving out opportunities for re-targeting in display.
Use the 80/20 Marketing Rule
The 80/20 marketing rule, also known as the Pareto Principle, suggests finding the top 20 percent of your digital marketing applications that generate 80 percent of your traffic. Once you have done your homework using analytic tools, you can use the 80/20 rule to determine which campaign avenues to devote your budget to.
Don’t allocate your budget frivolously on something that isn’t working. Instead, divert it to what works! Analytics will inform your content marketing strategy in terms of what’s driving traffic: what content you should be creating, how you should craft your message or your call to action, and what format or type of content works best for your brand.
Be Consistent with Online Marketing
You are going to be spending a lot of money on your online marketing campaigns, and you want to make sure that they are consistent and communicating the same message — just in different ways. One of the most important aspects of marketing communications is consistency. Be prepared to spend some of your budget money keeping things consistent.
Let Professionals Help with Marketing Budget Planning
Sometimes, it can be helpful to have an outside expert help you with your marketing budget planning and execution. At CMG, we are a group of expert marketers who look forward to getting into the trenches with our clients to come up with pragmatic and creative solutions to digital marketing problems.
We specialize in an agile adoption process and aim to help you not only embrace change — but create it. When you entrust your digital marketing campaigns to our experts, you will get effective, customized marketing solutions in return.
Let's talk about how we can accelerate your ability to create value. We're here to help. Get in touch with us today!