Where should I invest my online marketing budget?
Many guides will suggest for consumer businesses to budget 15% of revenue to online marketing, and for B2B to budget 5% of revenue, which is a good starting point, however, for B2B, I beg to differ. For B2C, this is a good starting point to set a monthly budget based on your target market and industry. Network Solutions has a beautiful Marketing Calculator that will give you a good idea of where to invest depending upon whether you want to get leads fast or invest in long-term results.
For small businesses, it is important to diversify your investment and recommendations should be based on current market competitiveness. Online marketing calculators can give you a good idea of what you should investigate in terms of service quotes and discussion with your marketing servicer. They’ll be able to provide services to meet your budget and objective, within reason. You can’t win a race if you don’t have an equivalent investment in the vehicle performance. If you find you have big-time competition, it will be a struggle.
The online marketing calculators may suggest the following options:
- E-mail marketing
- Social/Content Marketing
Depending upon your industry, these options and the amount of investment will vary, but the following rules will apply: for long-term ROI, invest in SEO; for instant gratification, invest in PPC; to develop customer loyalty, invest in social; for online reputation management, invest in local; to maintain customer relationships, invest in email. Many of these services will go hand-in-hand, for example, your email marketing should include social content, your local marketing is usually a part of organic SEO (here at MWC), your content marketing is a natural next-step up from SEO.
We can help you assess your business goals and build a marketing campaign around your budget, contact us to discuss your business growth.