How to get smart with your digital marketing budget
Digital marketing has become a vital component for modern-day business success.
Pre-pandemic, people were spending just 27 minutes more on digital media than on traditional media. This year, that gap will widen to 139 minutes and is predicted to stretch further to 165 minutes by 2025. Businesses are recognising this shift and rising to meet the challenge, with analysts predicting digital marketing spend to reach the £200 billion threshold in 2025.
These numbers paint a clear picture: digital marketing has become the lynchpin of any marketing strategy. Rather than discussing whether digital marketing is needed or not (the answer to that is quite clear), our latest insights piece sets out how you can get the most out of your budget.
Objectives and Goals
Before starting to allocate the budget, it’s important your team are all on the same page when it comes to what the desired outcome from digital marketing is for your business.
It’s important to figure out the current and future priorities the marketing team plans to focus on.
What is the marketing strategy for the upcoming months? Ensure that you gather a holistic picture, including any support the other teams may need from marketing pursuits.
For example, the company may want to make a significant hiring push next quarter. In this scenario, different sectors may need to collaborate with the social media team to post open roles on social channels.
Once you have this information, align on the degree to which you need to support the different priorities you’ve noted with digital marketing. Doing this will give you a good idea of how to balance your budget across the planned activities while keeping some in reserve for any ad hoc campaigns.
Choosing the Right Channels
Not all digital marketing channels are created equal. Depending on your target audience and goals, some platforms may be more effective than others. Common digital marketing channels include:
- Social Media (e.g., Facebook, Instagram, LinkedIn): Ideal for brand exposure, engagement, and driving traffic to your website.
- Search Engine Marketing (SEM): Effective for driving targeted traffic through paid search advertising (e.g. Google Ads).
- Content Marketing: Involves creating and distributing valuable, relevant content to attract and engage a clearly defined audience.
- Email Marketing: An excellent channel for nurturing leads, building relationships, and encouraging repeat business.
- You should look to allocate your budget based on where your audience is and which channels align with your marketing objectives.
Quality not quantity
Content is the backbone of any successful digital marketing strategy. Create high-quality, engaging content that resonates with your audience. Tailor your content to each platform, ensuring it fits the medium and captures attention effectively. Quality content not only attracts potential customers but also helps establish your brand as an industry authority. Focus your spend on the areas that resonate best with your audience and drive the most traffic; drop the ones that cost you more time and money!
Testing makes perfect
It’s important to continuously test different strategies, advertisements, and messaging to identify what works best for your audience. A/B testing can provide valuable insights into consumer preferences and help optimise the performance of your campaign. If you’re happy the copy is conveying your messaging concisely, try changing the asset or the call to action and see if that makes a difference to your click-throughs.
Track the results
Invest in data analytics tools to track the performance of your digital marketing efforts. Analyse metrics like website traffic, conversions, click-through rates, and customer engagement. This data will guide your decision-making process, allowing you to reallocate resources to what is working best and will be a key tool for informing future campaign strategies.
Summary
Effective digital marketing requires a strategic approach, understanding your audience, leveraging the right channels, and investing in quality content and analytics.
By setting clear goals, choosing the appropriate platforms, and continuously refining your approach through data-driven insights, you can ensure that every penny you spend on digital marketing delivers the desired results.
We have years of experience in delivering successful digital marketing and integrated campaigns for clients.
Get in touch at info@coolblue.co.uk or call us on 0191 375 9150 to see how we can take your marketing strategy to this next level!
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