Every business has it’s restrictions, and a restricted budget is something that can often frustrate marketeers, especially the most ambitious. There will always be more things that you can spend your budget on whether it be traditional or digital marketing, and everyone is being pushed to make their budgets go that little bit further. Even with a limited budget it is still absolutely possible to create an effective strategy that will increase your visibility in a the market place, but where should your focus be in order to maximise your returns?
Create a workable Digital Marketing Strategy
Creating an effective digital marketing strategy is the best starting point. Nailing the key objectives from the beginning will allow you to then put the most effective digital marketing tools in place to achieve them. If you have key areas that you wish to target you will then find the best solution to achieve this goal e.g. if you want to increase sales on a certain product for a specific time period, then your strategy may point to Paid Search.
Planning your budget spend
Based on your business objectives, you’ll then be able to look at where to allocate your budget. It’s a good idea to know how much each new lead is worth to you (customer acquisition cost) as you will then be able to establish a cost per acquisition which will help in your planning and justification of which channels to choose.
Is your website working effectively for you?
Review your website
Establishing a good brand and including content that will help you rank organically is vital online. Making sure your content is accurate and includes relevant keywords that you want to be found for can be easily done for free and this will then encourage organic traffic to your website.
Looking at the most relevant and achievable keyword terms can give you great knowledge and information which you can use to effectively optimise particular site pages which should translate into more traffic and in turn, more leads/sales.
Paid Search and Paid Social
This is where you may be looking to spend the bulk of your budget, however if you have already determined the customer acquisition cost of each lead, you will have a much clearer understanding of the ROI that you are likely to receive from these channels. Having a reasonable budget for PPC is important to make it a worthwhile option. If you know that the return for one lead will bring in X amount over a year, and you have only spent X amount on the keyword then you can work out whether it’s worth doing or not.
Email Marketing Campaigns
If you have a good database of subscribers, email marketing can be a relatively cheap option to communicate with a large amount of people at once. You can edit and customise email templates to fit in with your brand and it’s a great way of directly marketing to your contacts. However, with the GDPR guidelines in force from May 2018 it is even more important than before to ensure that you are legitimate in your communications and are only sending information to those people have expressed an interest. If you do have a solid database of subscribers this is the perfect tool to communicate news, offers, sales, new product information or anything that is of relevance.
The key points for you to think about before you start spending your budget are:
- What are my objectives?
- What is my budget?
- What options will best achieve my objectives?
- How much will that cost?
- What is the ROI (return of investment) in relation to CAC (customer acquisition cost)
- How will I measure the success of each campaign?
- What other options are available to me that are not as costly?
Make a plan, do your research and measure your efforts so you know what is working for you, what isn’t and what can be improved upon. With these results you will be in a better position next year when you are planning your next yearly marketing budget.