— Increase Sales
Allocating appropriate budgets for your projects is such a key feature of successful marketing. Although it would definitely make life much easier: money doesn’t grow on trees! Here at Growthlytics we are leading experts in reaching high quality marketing success with economical input. Want to find out more? Read on!
Audio 7.29 Minutes
In our ever digitalised & now more than ever, competitive environment of Digital Marketing having a multi-layered creative & well thought through & strategized paid campaign, is essential to the success, growth & advancement of your business, be it big, small or start-up.
When it comes to the Digital Marketing Environment, there are many different tips, tricks and strategies to think of and plan for in order for you to allow your business or brand to hit your long and short-term goals. Part of this is having a long-term budget allocation in place.
— Budget Allocation
Multi-Channel Marketing Budgets – A How To
We’ve done the research, so you don’t have to. The team at Growthlytics have compiled on-topic and forecasting research. Forrester Research and eMarketer have reported some statistics to indicate estimated budget allocations within the marketing sector, through offline and online platforms. Here are some key highlights we’ve summarised for you in 5 short facts:
- From a Spend Survey by Gartner CMO found that around 1/4th of marketing budgets were spent on media. When unpacking this into subcategories, digital media accounted for 16% for the total spent in marketing budgets
- When allocating marketing budgets, it is fundamental to consider the nature of your business, the marketplace and competition and customer behaviour
- Now, mobile marketing is exponentially taking its rightful place – it should be considered across all marketing channels
- Digital marketing is growing, with a steady increase of 11% compound annual growth between 2016 and 2011. The biggest growth is expected to be through online video.
- It is predicted that digital media will take up 46% of all advertising. This can be split into paid search, online display advertising, social media advertising, online video advertising and email marketing.
— Quick Question:
Who can carry out this type of work?
Researching, analysing, and delegating budgets can be time inefficient and pose a real challenge for your company’s valuable time. So, why stress about it when we can do the work for you?
That’s where Growthlytics come in! We have already shown you our expertise and knowledge within the field. So, you may ask yourself – why choose Growthlytics?
There are so many options in this day and age – such as tools or outsourcing – can all be valid choices. Here are some of the aspects of marketing budgeting our professional company can help you oversee:
- Client/Customer Research
- Business Growth
- Strategy and Analysis
- Campaigns and Promotions
- Project Management
- Content Creation
- Social Media Management
- Scheduling posts
- Community Management
We don’t just do the nitty-gritty, behind the scenes work. We also are proud and strong believers in support. We will support your business throughout the entire project life cycle, from listening, discussing, brainstorming ideas, to accepting criticism. It’s crucial for any business to input feedback at every stage to ensure the project is as effective as possible.
The Growthlytic’s team consists of expert consultants who can help you discuss the following topics further. This is just scratching the surface – but you may be wondering if your company should even invest in digital marketing in the first place!
Digital Marketing – Should I Invest?
How much you invest in digital marketing heavily depends on where you generate sales. Businesses who rely on the internet (e.g. online retailer) will invest a larger proportion of their revenue to digital marketing channels.
As mentioned previously, digital marketing is expected to take up almost half of all advertising spending – don’t forget this helpful tip! This percentage can be influenced by other factors, such as industry, local markets, and growth plans. Ensure you are considering all corners of your company’s potential before you allocate budgets.
Different companies have different situational factors! A more traditional business – one that generates sales both online and offline, or one that is significantly offline – will need to tailor their budgets accordingly.
However, no matter where your company stands, it’s also healthy for your business to look into the future. Digital marketing is hugely invested in currently, but it will be predicted to only grow substantially. Take your company’s rightful place at the top, and maintain the success, by considering digital marketing budgets closely.
Before looking into budget allocations and different channels for investments, we can firstly direct our attention to market trends in social media. Facebook is still taking the biggest bite out of consumer usage; a Pew Research 2019 study shows. Therefore, this platform is still a first choice when it comes to choosing certain channels to invest in. On the other hand, Instagram is creeping up to the top – being one of the most used social media platforms across the globe, with 2.7 million of them from the UK alone.
It also makes sense to look outside the box. Did you know more than 32 million UK adults use YouTube regularly? YouTube can now be seen as a social media channel, with comment features and creatives being able to post on viewer’s home pages. An advertisement can have place on this app through display ads, links, videos, and youtuber sponsored advertisement. This is a beacon of online digital marketing.
— Social Media:
Which Should I Invest In?
— Ok, I’m on-board, but
how much money should I spend?
The Business Development Bank of Canada outlines 2-5% of revenue should be allocated to marketing for B2B, and 5-10% should be spent on marketing for B2C companies.
Here’s also a proven 2 step approach to tackle marketing budget allocations:
- Research Your Sales
Know your business. Ask yourself how social media can help your company reach it’s objectives. Firstly, is a significant proportion of your sales online? If so, it makes sense to invest more into these marketing channels.
- Your Target Audience
Also, social media has different impacts on different age groups. For example, Instagram is mostly used by 18-24 year olds, with this group accounting for 45% of total consumers. On the other hand, Facebook is more evenly split, with 25% accounted by 25-34 year olds and 22% accounted by 55 years or older. Choosing how much to invest in different social media channels would therefore differ.
We also have summarised the budget breakdown of social media marketing:
- These are averages of the marketing budget spend, taken from this year’s CMO survey
- Please ensure that these averages are coincided with your company goals and resources
— Why Us
Why Leading Brands Choose to Work With Us
Maximise your digital presence online & get multi-channel campaign strategies tailored to your business objectives from our specialist teams
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Want to get in touch?
Please note, even during the Covid-19 pandemic, we are still running business as usual.
Please feel free to contact our team at firstname.lastname@example.org if you’d like to start a discussion on what Growthlytics can do for your company. We also offer a free consultation service to help with any of your business needs. Looking forward to speaking with you!
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