A business’ success can be measured by how it has been performing in engaging existing customers and attracting new prospective customers effectively. This requires a good marketing strategy and for the strategies to keep recording high ROI, the marketing wheels must keep spinning with a mindfully devised marketing budget in place.
As most businesses have onboarded themselves online and customers and prospective leads are spending most of their day on the web, digital marketing is setting unprecedented records as the foremost way of reaching the customer. To gauge the effectiveness of your digital marketing efforts you need a substantial digital marketing budget to rely on.
According to experts in the marketing sector, a business should earmark 7-10% of its revenue for all marketing spending. Reportedly, in the modern day, businesses are allocating 9.5% of their revenue to their marketing strategies of which a staggering 56% contributes to digital marketing efforts alone.
With so much potential to attract customers and build communities of like-minded people for your brand in the digital sphere, you must consider these points while chalking out your digital marketing budget:
Your sales cycle must be in place
The foremost step in making your digital marketing budget is to present the sales cycle with various stages of where a lead is present while buying your product. The Awareness, Interest, Decision, Action, or AIDA model of the sales cycle is frequently used by most digital marketers to understand where a prospective customer in the sales funnel is and what kind of content will prompt them to move from being a lead to an invaluable customer.
Understanding the buyer journey will aid you to understand which of the marketing activities, be it social media ads or video marketing, pay-per-click or email marketing, etc., will work in your favour to convert the lead into a customer.
Define your goal and objectives
Your capital is a precious resource and you need to…
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