You probably already know the importance of digital marketing when it comes to reaching out to customers. But are you sure about the outlay? How much spend is good enough? Spending too little may fail to make an impact while too much of an outlay will make you cash starved for other equally important tasks.
The New Year 2019 is fast approaching. Let this not be just another year, but a year of all-round success and outreach. Spend wisely to attain success where you failed in the previous years. We will show you how to attain success in your digital marketing efforts with minimal spending.
First of all, it should be realized that there is no fixed budget for digital marketing. A lot depends on the nature of business, the target customer segment, their geographical location; your own operational reach or areas. It is not possible to have a uniform budget in all these cases, even if the underlying marketing strategy remains the same.
Next in the agenda will be how much diversification will go into your digital marketing? Digital marketing can take many forms and can be targeted towards search engines (SEO), social media (SMO) and some of the older means like Email marketing and the like. Branding is another strategy that is proving very powerful these days and often takes precedence over search engine results. Application of all or some of these strategies depends solely on your budget. We would however suggest that rather than deciding solely on the basis of budget, the ROI factor should be given credence. As long as the benefits outweigh the spending, it is ok.
Directionless spending does not yield desired results. The first step should therefore be the primary focus. Have pre-determined targets about what you want to achieve during the next few months, like a specific percentage of increase in customer base.
Creating brand awareness takes precedence over SERP. Users tend to prefer brands they are familiar with rather than an unknown brand even if the search engine results list a different brand or product higher in ranking.
An analysis of past efforts and their success rates should be done. There are some campaigns like twitter that are completely free but still effective. For projects that are not effective there are two options, either to improve or to put the resources elsewhere.
What works for your competition may work for you too. You can analyze them and adopt. If it didn’t work for them, figuring out where they failed would help.
Consistency, quality of marketing content, brand value, products and services, right identification of target audience and their preferred media etc., will help to attain success.