Making the Most of your Digital Marketing Budget With marketers constantly compelled to make compromises in their campaigns due to limitations in budget, it is important that every pound is appropriately allocated to optimize profitability. Here are a few tips on how to make the most of your marketing budget.
Focusing on what Works Best for your Campaign
The best place to start as an internet marketing service provider is Google Analytics. This is an excellent platform where one can set up goals that are easily measured with regards to source, sales or even quantity of leads. With the help of tools that help you compare sources such as organic traffic, social media channels and paid campaigns you can easily make use of the 80/20 rule and make correct decisions. By identifying sources that generate maximum sales your budget allocation can be easily optimized. The idea is to identify the top 20% of the traffic that generates 80% of your results. Focus your budget on this top 20%.
Controlling your Budget and Targeting
It is next to impossible for a digital marketing agency to gain full control on how much to spend and who to target. The best way to approach this is by spreading your budget on a variety of platforms and then focusing on those where you are sure of acquiring complete control over cost and targeting. Advertising giants such as Facebook, Google and Bing are excellent platforms in this regard. The more you are able to control your spends the easier it will be for you to wean out what does not work, hereby focusing your limited financial resources on effective platforms.
Scaling Only After its Profitable
Regardless of your budget, any marketing campaign should begin with narrow targeting and on a small scale. Once you are able to experience some profitability you may choose to scale up your campaign. This involves experimenting with different types of campaigns on same or similar platforms while you also add newer platforms. The profit from your first campaign will help you develop a buffer for other campaigns that may incur a loss. Furthermore, this is an excellent way to assess exactly what it is that works best for your campaign. All your other marketing efforts can then be implemented with relatively little risk.
Aligning your Marketing Efforts Across Channels
Remember that every part of your budget that you spend on online marketing should be aimed at communicating the exact same message. Also includes accounts that do not rely on paid campaigns such as Pinterest, Instragram and maybe even Twitter. Even the time you spend on a single campaign should be considered as precious money and using all your social media accounts to push the same branding efforts should not be considered to be free.
Finally, focus on cross channel remarketing. This refers to targeting your website visitors that have not yet converted into paying customers through the exact same platform. Cross-channel remarketing helps you take your communications up a notch by retargeting these users on other platforms such as social media websites. Get more info on: Digital Marketing Agency&Internet Marketing Service