— Budget Allocation
Making sure you have a long-term budget allocation, as a template and outline for your business going forward, should be an integral part of your marketing strategy.
Long Term Budget Allocations
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 planning, and organizing for your marketing strategies, is having a long-term budget allocation and monetary plan in place. Making sure you have a long-term budget allocation, as a template and outline for your business going forward, should be an integral part of your marketing strategy, so you know what sort of long-term spending and investments need to happen, in order for long term goals to be hit, and your Key Performance Indicators be generated.
— Budget Allocation Long Term
In a similar way to short term budgeting allocations, when it comes to these longer term planning templates for your brand, there are several factors to consider in your forward planning, and key business touch points to identify and place your emphasis on, as these are the touch points that will evolve, draw your consumers in, and allow your business to naturally grow.
Key points to consider and bare in mind when suggesting a long-term budget allocation are:
- Having a natural search option and how to manage this natural search in comparison to paid search
- Managing resources
- Identifying what type of budget to allocate and what it will be used for
- What to spend on SEO?
- Social Engagement
- Content Creation
A Natural Search option uses the help of Search Engine Optimization, Search Engine Marketing, Key Word Searches, Technical Search Engine Optimization and link building to bring your website or social platform to the top of search results in internet browsers.
This is opposed to Pay Per Click Marketing, which short term budget allocations are highly effective for, as this style of Pay Per Click Marketing yields your results instantly, and puts your site to the top of search results instantly, thus resulting in a better and more successful click through rate and customer journey to finding your product or service.
However, they do say that hard work pays off, and if implemented correctly, Natural Search can be just as effective at getting yourself to the top, and when proven to be executed to perfection, Google does see this and recognize this, and this can then lead to much more traffic to your site, which is perfect.
Managing your resources
With so many brands fighting for that top spot, and highest ranking, it can be intimidating at first to navigate yourself through the process of digital marketing and optimization to reach the top spot yourself, however, there are fundamental things that you can put in place naturally to ensure that you are there.
These things to consider come in the form of these key factors that will help…
Your website needs to be accessible across all search engines.
It should follow Google Webmaster Guidelines for SEO best practices.
Run on the highest speed, to allow your consumers the ease of use when visiting your site
Be visible and accessible across multiple devices such as: mobile, tablet, and desktop devices. It should even be developed as an App perhaps.
Then, in terms of your content on your site and across your platforms, is
Highly unique in your branding and service you offer in order to help you stand our and shine in the market place above your competition
Offering value to your consumers search, and deeper their lifestyle which the service or product will fit into.
Being of high quality in your visuals and written advertising content.
Satisfying the fresh content algorithm.
Identifying your budget
The third step of the long-term budget allocation process is considering what type of budget you need to allocate for your business in order to hit those long-term goals with your campaign and natural, and SEO search.
In terms of developing your budget for this, there are key factors to consider so goals and targets are met. These budget factors could include: improving organic sessions by x percent, increasing conversions by y per month, or increasing revenues by z percent. This henceforth, sets the outline out for developing the plan, and knowing what to spend on each element.
Once this budget is set, this then allows the focus to be turned towards the more important and visceral elements of the plan, such as: identifying your competitor’s habits, and comparing their content and marketing plan to yours, identifying how effective your website’s backlinks are for driving traffic to your websites and platforms, and arguably the most important factor, determining how much work there is to go in order to meet the above set long term goals and marketing and communicative strategy for your campaign, so results are seen.
What to spend on SEO?
Determining what to specifically spend on SEO for your website, and how much of your budget to allocate to this highly important search and marketing tool, is a step needed in your long-term forward planning for your campaign. Afterall, when using natural search options, rather then Pay Per Click to gain top browser results, you need your SEO to be top notch so you are found in browser results and so consumer engagement and click through journeys are at a high level.
For SEO budgeting, the figures are, on average, as follows: If you are hiring a top-level SEO company to execute a local campaign, expect to pay £500+ per month. Then, a national or international campaign will require a minimum budget of £2,500 to £5,000 month, and then finally in some cases, some firms do in fact offer a generous “trial package” at a lower price, with no contract, so businesses and brands can try, before they buy, to put it simply, before investing a much larger sum of money into a SEO agency.
However, fear not, as there are still options to take if this sort of pricing and costing is not in your reach, or yet affordable to your business at the stage in selling you’re at.
This is where heightening your social engagement comes in, and we get to step five in the process.
— Budget Allocation
Creating Social Engagement
As we all know in this digital environment we’re currently in, advertising and promoting your services or products on Social Media, is a given, and so important for success when using digital marketing strategies today. Having a Social Media marketing budget, although this is not the only thing to allocate your long-term budget towards, should still have a lot of budget set aside for this factor.
To put this into figures and examples, according to the Business Development Bank of Canada, a common rule of thumb is that Business to Business companies should allocate 2-5% of revenue on marketing, while Business to Consumer companies should spend between 5-10%.
However, after taking this into consideration, it is then important to decide what the best budget for your own business’s Social Media promotion should be, and when deciding this it is integral that you consider how large your consumer base is, how accessible your business is to consumers, how your competitors use Social Media Marketing, and then also how much of your sales originally come from Social Media and Internet selling.
For example, if your business operates in a much more traditional, rather than contemporary sense, it may be a wiser option to spend more on traditional media outlets and marketing, rather than more digital options, like Social Media and online selling.
However, whatever you choose to do, you still need to always keep track of your consumer engagement and business retention, so you are always building up brand loyalty, whether this is in a traditional or digital sense, as this is how your business will grow and develop.
No matter what the business, content creation, be it visual or written will always be at the very heart of brands, and be the string that connects not only all brands together, but ultimately, the string that connects customer to business. Consumers, no matter what type of budget you allocate, will always be connected emotionally to images, words, branding, colour schemes and creative, yet cohesiveness, in marketing campaigns, especially when they are that one step ahead of the curb in their forward thinking, and media strategies.
Content creation surrounds, but is not limited to:
- Photography and graphic design
- Influencer Marketing / campaigns
- Article Creation
- Paid Partnerships
- Celebrity endorsements
- PR endorsements
- Sponsored content
If all of these factors are done correctly, and SEO is still used throughout, your consumer engagement will be higher than ever, as will your consumer retention.
What more could you want for your business!
Our Latest Work
We have provided strategies to prepare long term budgets to help companies reach their goals. Weighing costs against benefits & utilising existing financial data to create informed marketing campaigns.
Targeted campaigns that have ambitious but realistic budgets. Helping your business to achieve multiple marketing goals whilst not over extending your finances.
Budgeting includes more than just the marketing. If you have a few employees within an office working on the campaign you will need to include all costs associated with them in the budget.
leading companies we have worked with
“Growthlytics strength is in his knowledge and processes of digital tasks – there’s not a question you can ask them that they doesn’t know the answer to. Focused and driven by passion for the industry, they truly are Subject Matter Experts, from whom I’ve learned a lot. First, they gains depth of insight from business owners to determine “What does success look like for you?”, then they create a strategy that best supports the business goals bespoke to that business, to help accelerate growth.
They been in the industry for many years, and covered a wide variety of industries”
MNA Digital (Midland News Association)
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