We live in a digital world. We are constantly surrounded by screens. People heavily rely on the internet for almost everything: research, entertainment, shopping, data storage; with various portable digital devices always within reach.
Hence, it’s pretty understandable why digital marketing continues to be one of the most powerful forms of marketing ever since the internet made it possible. While traditional and stealth marketing methods still prove effective, we simply cannot ignore the array of benefits digital marketing holds in store.
It has an extensive reach, most of the promotionals you post online stay there indefinitely, and most of all, it’s affordable. In fact, there are even methods and platforms that you can access and utilize for free. It makes a significant impact, though, to invest your resources into it.
Creating an Effective Digital Marketing Budget
And to do so, the first thing that you need to come up with is your budget. There are four aspects of digital marketing that we suggest you consider in your budget allocation:
Quality Content. When it comes to digital marketing, content is key. As such, you need high-quality content in a variety of mediums, from visuals to written, to extend your campaign’s reach across different online platforms.
We understand, however, that content creation is an art. Not everyone has the skills nor patience to do it. Fortunately, there are a lot of digital content creators who are willing to offer their services.
Rates may vary according to the type of digital content you need, but you can certainly maximize your spending by hiring a freelancer instead. In this way, you’ll only need to pay for his talents when you need it.
Search Engine Optimization (SEO). Your quality content won’t get noticed, though, if no one even sees it. Hence, the next aspect that you need to invest in is search engine optimization, or SEO.
It is the method of improving a website’s ranking in search engine result pages. The higher you rank, the more online attention and visibility you’ll get, and with more online visitors come quality leads, just waiting to be converted into paying customers.
Content Promotion. A search result page is not the only place that your online visitors should find you. After all, there are certainly times that call for you to initiate the conversation.
Bring your content closer to your target demographic by posting them on the online platforms that they hang out in. There are a myriad of social media platforms, online forums, and communities that you can easily sign-up for, and most of the time, for free!
It can be difficult to manage all these digital platforms, though, especially with your hectic schedule as a business owner. Instead, consider hiring a social media manager who can handle your online accounts, monitor audience feedback, and boost client engagement.
Online Tools. We’ve been talking about seeking professional support should you find your digital marketing campaign overwhelming. Those who want to add digital marketing to their list of experience and expertise, though, will find the whole process more manageable with the help of reliable programs.
Most of these online tools cost money, true, but there are also a lot of them that offer basic accounts and trial periods at no cost.
Hiring Marketing Professionals vs. Self Hustling
You might find that most of your budget allocation goes into hiring employees or freelancers to aid you in your digital marketing campaigns. You can even decide to get the services of a digital marketing company for a complete package instead. That is until you see the breakdown of expenses and you wonder if you should just hustle your own digital marketing.
There are a number of benefits to hiring digital marketing professionals. They usually have tried-and-tested marketing formulas prepared already, they undergo constant training, and most of all, they already have the gift of marketing foresight that was brought about by years of experience.
However, there are a lot of good points in handling your own digital marketing efforts as well. The learning curve might be steep, but as mentioned, digital marketing is an essential life skill in our modern age. You will have full control over your campaign which can be liberating for people who find it hard to express their brilliant ideas into words. And of course, it might cost less.
We say “might” since a lot of self-made digital marketers find themselves putting the funds that would have been spent on digital marketing services into different online tools instead.
So, how much do I need?
It’s hard to put a specific price on your digital marketing needs, but a good rule of thumb is to spend 7-8% of your revenues of marketing according to The Manifest. If you feel that this is not enough, then you can consider looking into online personal loans to further bolster your marketing capital.
What is your digital marketing goal?
Finally, don’t forget to determine your digital marketing campaign objectives. Do you want to promote a new line of products or services? Are you thinking of expanding your demographic reach? How about boosting customer engagement and increasing your positive ratings online?
Just be clear on what your goals are. It will help you determine the type of digital marketing services and tools you need that will further streamline your budget allocation.
To Sum Up: Investing in Digital Marketing
According to recent statistics, the internet now has over 4 million active users. That makes up more than half of the global population. Can you imagine the potential ROI if you can tap into this limitless resource through digital marketing?
As with any marketing method, though, proper investment is essential in order to launch an impressive and efficient digital marketing campaign. There are various factors to consider when determining how much marketing capital you need.
There are four aspects that you should consider focusing on, though. These are high-quality content creation, search engine optimization, content promotion, and online tools. They are the foundations of digital marketing, whether you choose to launch your own campaign or seek out professional assistance.