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How should my business spend its marketing budget?

Deciding how to spend your marketing budget will depend on what your marketing objectives and who you want to target.

One thing is for sure; you don’t want to waste it!

  1. Know what you want to achieve. You need to have clear marketing goals. Do you want new customers; to engage with your current customers, improve your sales funnel? Once you confirm your objectives, you can start to narrow down your options.
  2. What can you get for free? Not all marketing needs to cost money. There are many free marketing opportunities that you might not have considered yet. Can you advertise locally in exchange for goods and services? Have you set up your social media accounts? Expensive marketing tools aren’t always the best tools to start with.
  3. Invest in your website. A great website doesn’t have to cost the earth but you will likely need to spend some of your marketing budget on it. Your website is your shop front and needs to give a fantastic first impression! Investing in an expert to create, or enhance your website is not a bad place to invest some dollars.
  4. Outsource. As well as knowing what you are good at and your strengths are, an important part of being in business is what your weaknesses are and what may be better off outsourced. Some examples of elements of marketing that can be outsourced:
    • Content marketing such as blogs and feature articles can significantly boost traffic to your website and your business and can easily be outsourced.
    • SEO and content marketing go hand in hand. Search Engine Optimisation can also be outsourced and is often best left to the experts! SEO is imperative for putting you at the top of search engines and requires content marketing as one of its fundamental elements.
    • Social media management. Social media management is not as simple as occasionally posting on Facebook. A successful social media strategy involves daily tracking and measuring, keeping on top of trends and changing algorithms and combining all the elements into a cohesive strategy. Having someone manage this for you can save you a lot of time.
  5. Track your success. There is no point investing in marketing if you are not going to track what is working and what needs to be changed. Any element of your marketing strategy needs to be tracked regularly.  This includes social media, website analytics, advertising results, to name a few.

Like everything in business, budgets can be difficult to allocate, especially if marketing isn’t your area of expertise.

If you need a hand with your marketing strategy, budget allocation or with any elements you are considering outsourcing – DigiMedia Worx are expert digital marketers who can be with you every step of the way!

 

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