You don’t always have to invest money into digital marketing campaigns for your SME. More often than not you only have to invest your time. However we understand that when you do need to use capital to push your digital marketing campaigns forward, it’s important that you make your investment work hard and get some sort of return. But how exactly do you stretch your digital marketing budget and how can you get the most out of it?
The first thing you need to do before you can start making your budget work efficiently is research. Read up on the best budgeting practices for SMEs. You’ll probably find that there are a lot of different ways to approach budgeting but you have to find the one that is going to suit your SME’s budgeting needs best. For instance if you don’t have much spare capital to begin with it’s probably best to lean towards a budget that’s slightly lower at first and then build it up. But remember to be flexible, don’t limit yourself to strict budgeting rules unless you really have to.
We’ve been speaking a lot about ROI recently and why it’s important to SMEs. There are so many reasons as to why you should plan your budget around potential return on investment. Put capital behind digital marketing campaigns that you think will provide you with the most business in the long run. Obviously you cannot have complete assurance that you will make a huge return, you just have to think about it a little more. For example: if you own a small organic cafe, you probably don’t want to have advertisements on the local B2B network. Target your campaigns to your niche and you’ll see better results and returns.
Like we said above – if you’re investing in digital marketing campaigns, you have to think about how much return you are going to achieve. To get a decent return on campaigns they need to be strategically targeted and placed. When you’re starting out, it’s almost always better to make your campaigns more targeted and specific rather than general. However, to do this, you must first understand who your target audience are and where they spend the most of their time online. There is no point in wasting money on campaigns that aren’t targeting a specific audience because then you’ll just recieve engagement from people you don’t necessarily want business from.
Evaluate and replicate.
One of the most important things when it comes to getting the most out of your digital marketing budget is keeping reports on previous campaigns. Measure ROI, lead times and acquisitions. Once you’ve got a decent amount of data on your campaigns you will probably be able to identify a few trends. Looks for similarities in results, peaks and dips. Then correlate this with the content of your campaigns. This way you can identify what is and isn’t working well and either apply it to future campaigns or disregard it.
Now you have a better understanding of how to get the most out of your digital marketing budget are you ready for some serious business results? Of course, remember that these are just general tips and that how you should use marketing strategies is very dependent on what industry you are in as well as your target audience.