When looking ahead to 2018, it’s easy to get excited about all the opportunities that digital marketing presents. From social media stardom to successful ad campaigns, there are endless possibilities for online success. However, in order to achieve your goals, you need to come up with a budget first (dun dun DUNNN).
Budgeting for 2018 doesn’t have to be as scary as it sounds. Once you know your options, it becomes much easier to make spending decisions. Below, we have answers to some of the biggest budgeting questions.
How much should marketers spend on digital media?
Doug Lacombe, Communicatto’s president and founder, has a few opinions on the matter.
“Asking how much to budget on digital marketing is a little like asking how much to spend on your next house,” says Lacombe. “The simple answer is, whatever you can afford.”
“In reality it’s a touch more complicated than that,” says Lacombe. “The budget you spend should be proportional to the things you want to accomplish. If you want to reach tens of thousands of people per month, $500 per month likely won’t cut it. Conversely, if you just want to sell ten more pizzas every Friday, $500 a month might be perfect.
“It’s all about ROI. Every dollar put into marketing should make a contribution to achieving your goals, and those goals need to focus on tangible outcomes. Like consuming content, voting a certain way, or yes, even buying that pizza.”
Is social media advertising a smart investment?
“People often ask whether social media advertising should be part of their ad mix,” notes Robin Eldred, director of advertising at Communicatto. “Go where your customers are – and the data points to your customers being on social media.”
“Search engine advertising has been the 800-pound gorilla for years, but when nearly 70% of all adults in Canada use social media, it’s a safe bet that you can reach your audience there.” When pressed for which social channels to pursue, Eldred says “Facebook is the obvious choice given its size, flexibility, mobile focus and powerful targeting features. It’s the right place to start before exploring secondary channels like LinkedIn or Twitter.”
When advertising on any social platform, Eldred also points out that organizations must be prepared for proper community management. “That’s the nature of social engagements, whether organic or paid. People talk; they comment; they react. You must ensure that any social advertising program is backed up by a community management plan, and that plan needs to be adequately resourced.”
What else should you consider for your 2018 digital marketing budget?
The following infographic rounds up some of the most important considerations for your 2018 budget. Which options should your company focus on?
While many different factors play into a strong, strategic digital marketing budget, these tips should help determine how to best allocate your business’ digital marketing budget.
If your team struggles in any of these areas, we can help. Get in touch with Communicatto if you’d like to learn more.
Here’s to 2018!