It takes money to make money in order for your brand or product to boost sales and grow your business fast. So first we need to invest money into digital marketing so we become visible in the online world. Why? because most of your potential customers are turning online too looking for products and services they need; and of course, many of your competitors are into internet marketing too. Will you pass the chance of losing these potential online customers?
So how much should you spend on digital marketing? If you spend too little, your message might not be delivered to the audience and if you spend too much, it might blow up your marketing budget. So, here are some of the effective tactics we can use :
- First, we need to start with a clear direction. You have to have a marketing goal before setting up the budget. Are we doing this marketing for brand awareness?To increase customer base in a certain percentage each month? or just to engage better with the existing customers you already have? These are the things we need to consider as it will be a great help in narrowing the focus of our goals.
- Allocate budget to different strategies based on their success and not the actual cost. For projects that did not go well, figure out on how to improve them or spend the money elsewhere. We do not recommend throwing your money on ineffective marketing channels.
- Research on what your competitors’ marketing strategy is; and be updated on the industry trends before engaging in any campaigns to ensure that website is not only current but is search engine-friendly and mobile-friendly too.
It depends on your tactic to either catch up or stand out. If this works with others, make it work for you. But if you see it stumbling, figure out how to stand out and get ahead!
We advise and recommend that you invest 10% of your gross annual revenue into your strategic marketing as a start up or if you are to launch a product or service. And if you want to ramp things up, invest from 20 to 30% of your projected annual gross revenue. Again, you have to spend money to make more money.
Need other internet marketing tips for your orange county business? Call us at 1(888) 375-3058 today.