- Digital marketing budget optimization has been a core theme in 2022, and will only become more pressing in 2023
- Neal Schaffer speaks with six marketing experts and offers his own perspective to provide seven budget optimization tips
- He covers four easy tactical changes to action today, and three strategic tips based on data, testing, and prioritization
Digital marketing budgets are being looked at as we enter a new year and a possible recession. We want to get more marketing power with less money. It's a good time to look for new ideas. As we head into the new year, we should remember what worked in the past.
I like to reach out to the amazing marketers that I know in my network to give you different perspectives in hopes that you will find one that meshes with your particular situation.
Let's look at what the experts recommend to help you maximize your digital marketing budget as we begin to market in a recession
Let's start with practical and easy to implement advice that you can take action on.
1) The ROI of simply keeping up with the latest trends
The founder and CEO of Breadnbeyond is a man.
Keeping up with the latest trends helps me and my team maximize our marketing budget What works today doesn't always work tomorrow in the digital marketing world. When we know what our customers want and are excited about, we can adjust to stay competitive. The tools and content we invest in speak to these trends. We don't think those are relevant.
This process will help us cut down some costs from doing outdated, no-longer-work strategies but also help us keep a close eye on the competition and ensure that our marketing strategies are always up-to-date. It takes more effort as we must constantly look for new trends. It is worth it when our audience continues to engage with our content.
2) Place strategic, intentional bets on brand awareness play
Growth advisor by the name ofZachGrove.com.
5% of your budget can be used to brand awareness. Buying ads on niche podcasts or running LinkedIn video ads targeting a list of your dream B2B customers is one way to buy ads. The impact on your organic search traffic, direct traffic, and overall customer acquisition will be monitored in the following weeks. There is a "halo effect" on all your other digital marketing channels if you can't directly attribute revenue to these awareness plays. Search traffic and ad performance will improve after a brand play.
You can use a simple "how did you hear about us?" form on your website to figure out the true value of brand investments. Continue to invest in your brand if results are promising.
Mastercard was able to benefit from a multisensory marketing brand awareness strategy.
3) Put more focus on content creation than media amplification
The founder of My Digital Kube is a woman.
Most businesses spend 80% of their budget on media buying instead of creating the content to buy the media in the first place Making more creatives is the most important variable for success in my business. Half of your budget should be used for contextual creatives and the other half for buying the media. It has worked well for me.
4) Invest more in (influencer) relationships
Neal is a fractional CMO.
One of the easiest ways to get the most out of your digital marketing is to invest in one type of marketing.
I am referring to this type of marketing. When you look at influencer marketing as being those social media users that publish content and have networks of friends and fans that follow their advice, you begin to see a bigger picture. These people may be external experts, subject matter experts, customers, fans, and followers. They create and publish content on social media.
If you want to amplify your content and brand, you need to use internal and external sources. User-generated content can be used in conjunction with a marketing program. It can help you reduce your budget spend on content, as well as improve your paid media performance, and improve your website conversion rates. It could lead to the creation of your customer loyalty program.
For every dollar that you invest in paid media, try to invest a fraction of that in relationships with these various stakeholders and leverage the content that they produce, and I think you will see how this might just have the biggest impact on your digital marketing budget maximization.
The science of marketing budget optimization
Budget maximization is a science that focuses on data, testing, and prioritization. These tips will help you understand how to manage your budget.
5) Marketing budget optimization is a continuous effort of continued testing
Chanty has a marketing manager.
Regardless of whether your company uses conventional methods to set marketing budgets, adopts current trends, or has a unique model based on specific requirements, there is a good chance that you will devote more of it towards digital marketing each year.
Digital marketing budget maximization is a constant effort. It's important to keep testing even after you've decided which channels to focus on.
Minor changes to a campaign can make a big difference. If a social media post is generating a positive return on investment, it's a good idea to change the caption.
To get the most out of your digital marketing budget, your marketing team must constantly refine campaigns across all channels. Try new ideas and techniques.
A small change in a campaign is not likely to lead to more spending. If it increases the return on investment, you have maximized your marketing budget and improved results.
6) Marketing budget optimization is all about managing the numbers
She is the founder of Seene Digital.
It's important to have a budget and expenses for digital marketing. When you implement your strategy, make sure to review the performance of your marketing activities and how they have contributed to your bottom line. If certain channels are not working, look at the reasons and see if you can change them. Can you put more money into this to improve performance?
7) The key is prioritization
The CEO is attrock.
It's not enough to allocate resources equally to all aspects of digital marketing, it's also not enough to choose which tactics to use and which to avoid. It's all about getting things done first.
Understand what types of platforms, content, and marketing tactics work best for you. Make a list of tasks and assign resources according to their order of priority.
You don't want to try everything in hopes that it will work. Do a few things and do them well. This will help you maximize your marketing budget.
Repurposing content is one of the useful marketing budget maximization tips. You can create templates for different types of posts. To get the most out of it, reuse and re-purpose it.
Time and money are saved by both of them. It's possible to allocate more resources to the more important tasks.
Optimize Your Digital Marketing Budget Spend Today
If you don't have money to burn, digital marketing budget maximization should be a constant process. Take some of these tips and use them in your marketing processes.
Neal has helped businesses transform their marketing. Neal is a Fractional Chief Marketing Officer for several companies. He teaches at Rutgers Business School and UCLA Extension. The author of Maximize Your Social and The Age of Influence is also the author of four other marketing books. You can download a free preview of the movie.
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