Digital marketing is the most effective way to grow and build your business right now, no matter what your industry is.
But how much should you be spending on digital marketing?
The answer to that question depends on your industry, to a certain extent, and on the size of your company.
Your marketing budget should be 7-10% of your revenue, no matter the size of your business.
And of your overall marketing budget, about 65% of that should go to your digital marketing efforts.
Where in the digital marketing process should you spend your hard-earned dollars?
First, start with building a compelling online presence – a user-friendly website, a welcoming social media platform or two. If your budget is small, this is where you need to focus.
If you have a little more to spend, start building your content marketing strategy – nurturing your leads to a sale.
And if you have a big digital marketing budget to spend? That’s when you can get into spending on things like quick leads to jumpstart your digital campaigns and sustained leads to build for the future.
Setting your digital marketing budget doesn’t need to be complicated, but it does require a few guidelines.