If you have an online business, digital marketing is an indispensable way of marketing to create buzz. Whatever is your plan into your marketing strategies like content marketing, Search Engine Optimization, social media, or email marketing, all the essential exercise of digital marketing will get a success when they are performed with an effective strategy. More than 95% of online businesses have increased their budget of digital marketing strategy in 2021. To earn a measurable return on investment, it is the high time to channel your investment through digital marketing planning.
World leaders in digital marketing opine on the same thought process that digital marketing is very complex, and strategies can be appropriately devised. Consumers, at present, are expecting omnichannel experience and digital brands prefer to hit the touchpoint.
Now you have to create a budget to ensure your marketing strategy will thrive on a digital platform.
Identify your objectives
Before any speculation of your budget, you need to identify what are the objectives you are planning for your business. The objective comes from your business model and your product life cycle. For example, if you want to generate business from a website, you have to emphasize on content marketing, Search Engine Optimization and leverage conversion funnel to generate revenue.
Audit of the previous result
It is always true that we are learning from our past. In previous years, your marketing strategy may have experienced some loopholes. Being a business owner, you must have to identify the flaws of your marketing channel and repair them.
If the website is your revenue generation model, you must audit the past analytics of the traffic and measure the bounce rate on your webpage. You need to understand which content works and which is not. It will be great learning for you to create a lead generation funnel and repair the loopholes.
For example, you have to monitor closely which marketing channel offers you the best revenue, and what channels are not performing well or what types of marketing tactics offered you success or failure in the past.
Search Engine Optimization is one of the significant techniques for Digital marketer. In recent years, there are multiple changes in search engine strategy and technology. Even Google algorithm has been modified and smart enough to rank your website as per the effectiveness of your content. Investing in Search Engine Optimization is always a long time benefit, and your organic result can offer you a better conversion.
Here is some interesting analysis of Hook agency about the digital marketing channels and its effectiveness to grow business as per the priority.
As you can see from the chart SEO and organic presence tops above all. It is followed by Blog content creation, marketing automation, content distribution, and other tactics of digital marketing.
Marketing budget allocation
As you are planning a marketing budget, it is recommended that your budget should be somewhere between 7% to 15% of the total business revenue. Once you have calculated the total investment budget in 2021, you can plan your activities accordingly. As mentioned earlier, it is always wise to allocate the budget as per the experience of the previous year. There is no one-shoe-fit-for-all process. So you have to customize your budget allocation as per the various channels of your marketing technique.
Do not ignore Marketing software
The investment often ignores digital marketing tools and software for the workforce. But you have to understand that the marketing tools and Automations will help you to grow the effectiveness of the operation. They are very useful to generate data which is the necessary fuel for analysis and decision making. Here we have mentioned some essential marketing tools for Digital Marketing –
- Social media marketing software
- Project management and collaboration tools
- Email marketing tool
- Marketing automation software
- Personalized marketing software
- Outreach tools
Content creation tools: video creators, graphic design software, and so on
Try some new strategies
Digital marketing is one of the most dynamic channels. Always following conventional strategies and tactics is considered stale. You have to explore the new avenues of digital marketing still and walk on the same. Some may work, and others will fail, but testing and experimenting is an essential part of the job.
For example, you may follow the trend Voice Search marketing, personalized marketing, and video marketing as the new age channel to promote your product or service through digital marketing strategy.The best thing you can do is talk to the marketing guy, you are associated withor hire a professional Website Design Company in Kolkata like us who experts in SEO, PPC, SMO, and Website Design. We will guide you accordingly.
Conclusion
Planning the entire digital marketing strategy can be a headache, but if you manage it properly, it will impact your business in 2021. As mentioned in the article, you have to follow step by step process to plan the budget. In this case, you can also help expertise Agencies or out-source the headache to get some input on the same. Hope the content will offer you an Insight for decision making in the digital marketing budget in 2021. Follow your business instinct, use the logic, and analyze the channels to create the most effective digital marketing budget in 2021.