With 2016 quickly approaching, your small business needs to have a solid internet marketing budget in place to start the New Year. Marketing budgets are up on average for 2016, according to a recent marketing survey by IBM and the CMO Club, which included CMOs in both B2B and B2C companies. The survey revealed that 57 % of respondents indicated that their marketing budgets will increase over the next 2-3 years. Simply increasing your marketing budget isn’t necessarily going to improve your return, however. If you’ve put off planning a yearly marketing budget, content to invest in marketing on a month to month basis, you may not see the results you were hoping for. The most successful marketers are those that have a well-defined Internet marketing budget that maps out their monthly spend. If you’re unsure how to plan your Fort Lauderdale internet marketing budget for 2016, this four-step guideline may help.
Establish your Marketing Priorities
Before you can allocate your marketing budget to the various internet marketing strategies, you first need to establish what your marketing priorities are for the coming year. Is converting contacts to leads your top marketing priority, or do you need to focus on increasing the number of leads you generate? Perhaps your best path to success consists of increasing revenue from your existing customers. You need to have a clear vision of your company’s business model in order to set your marketing priorities. Once you determine which marketing strategies are most important to your company’s success, you will have a better idea of how to assign your marketing spend.
Know Your Customers
When deciding where to invest your marketing budget, you should base your decisions on your customers’ online activities and behavior. Try to look for new internet marketing strategies that build on your customers’ established patterns. For example, if your customers primarily communicate through email, you may want to invest in a more sophisticated email newsletter marketing program. If social media is the best way to reach your target customers, don’t just allocate more of your budget to sponsored posts and stories; consider investing in short video development to garner more attention for your Tweets and posts. By reinvesting in proven strategies while branching out to related internet marketing avenues, you should be able to generate a larger return for your marketing spend.
Set Concrete Goals
The most effective internet marketing plans are those that have a documented strategy with concrete goals in place. The problem with soft marketing goals, such as “increasing engagement,” or “building your brand” is that there is no way to determine if or when you have met your marketing goal, and no accountability for the budget you invest.
By contrast, when you have solid marketing goals and a set marketing strategy, you can assign your budget according to the projected return of each strategy. If one of your marketing goals is to generate 5 more customer leads a week, figuring out the value of those leads will help you decide on the amount of your budget to invest. Devise a year-long internet marketing strategy, with clearly defined objectives and weekly, monthly, and quarterly goals. This allows you to adjust your budget as you go along, according to the success of your strategies. HubSpot has some helpful free budget planning templates that can help you set goals and plan your marketing spend.
Examine Your Past Performance
If you’ve done a good job of tracking the ROI of your Fort Lauderdale internet marketing strategies over the past year, you’ll have a clear roadmap to help you plan your marketing budget for 2016. Which internet marketing strategies were the most effective? Would those strategies be more effective if you increased the amount of budget allocated to them? Identify any poorly performing internet strategies and eliminate them – cutting away the dross from your marketing strategies can go a long way towards increasing your overall marketing effectiveness.
For more help planning your Fort Lauderdale internet marketing budget for 2016, as well as complete support for all your marketing strategies, turn to Blue Interactive Agency. As the leading internet marketing company Fort Lauderdale businesses trust to build their online presence, we have the experience and skill to help your company achieve the best ROI for its marketing spend in the coming year. Call us today for a free, year-end assessment of your Internet marketing strategies.
Contact us at Blue Interactive Agency today at 954-715-5436 for complete support for your internet marketing strategies in 2016 and beyond.