Most businesses and entrepreneurs understand that digital marketing is essential for success in the digital age, but many are unsure of how to set a digital marketing budget and how to make the most of those funds. In this blog post, our experts want to share with you three key tips for you to make the most of your digital marketing budget in 2021.
Spend your budget strategically.
A common mistake that entrepreneurs and SMB owners make when they first establish a digital marketing budget is dumping it all into one initiative. They might splurge on new equipment to start shooting promotional photos and videos in-house, hoping to use them to increase their brand awareness online. Or, they may put their entire budget into a single ad campaign on Google.
By putting all of your eggs in one basket (or your digital marketing budget into one initiative), you could be at risk of yielding a minimal return on your investment (or worse, none at all if that initiative isn’t strategic and data-driven). Instead of spending your entire budget on the first initiative or idea your team has, start by outlining your goals and identifying what tools and initiatives can help you best achieve those goals. Once you have a strong strategy that involves several powerful initiatives, you can start allocating portions of your budget to those initiatives and generate a more sustainable return on your investment (ROI).
Make sure your initiatives are efficient.
One of the fastest ways to waste your digital marketing budget is to create a basic paid ad campaign, set a general ad spend budget, and forget it. Whether you are running your ad campaigns on a search engine (Google) or a social media platform (Facebook, LinkedIn), you should frequently review and optimize your campaigns to ensure your ads are delivering optimal results.
Let’s say your ad campaign goal is to drive traffic to a landing page and encourage visitors to fill out a form. You create a search campaign on Google with the same audience, keywords, and budget you used for your last campaign because they worked great then! But when you check your new campaign in a couple of weeks or months, you realize your ads gained a significant amount of impressions with little or no clicks and conversions. If you had reviewed your campaign earlier, you may have noticed some opportunities to optimize your campaign such as:
- Remove irrelevant or ineffective keywords
- Add better keywords
- Fine-tune your audience
- Add a stronger call to action (CTA) to your ad content
While brand awareness is very important, you don’t want to waste valuable ad spend on campaigns that aren’t strategically delivering more valuable results. By employing professional strategies and frequently optimizing your initiatives, you can ensure that your digital marketing budget is being used wisely.
Work with a professional agency.
Working with a professional digital marketing agency is the best way to ensure you are spending your digital marketing budget on initiatives that are strategic and efficient. A professional digital marketing agency will help you identify your needs and goals, choose the right tools and initiatives, and create data-driven strategies that are guaranteed to deliver the most optimal results.
Even if you have some experience creating a paid campaign or writing content for a content marketing plan, you can still potentially waste valuable funds on initiatives if you don’t have the tools and data to thoroughly review and optimize your initiatives. Professional experts have access to industry-standard tools and unique data that allows them to fully measure the results of any campaign and or initiative and make adjustments accordingly.
We can help you maximize your digital marketing budget for 2021.
If you want to make the most of your digital marketing budget for the coming year, contact us today. Our digital marketing experts will review your budget and current initiatives, help you identify your goals, and create custom strategies that will help you achieve those goals and generate sustainable returns.