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Creating Your Digital Marketing Budget

Creating Your Digital Marketing Budget

For small businesses and startups, Sydney is an excellent location to launch their digital marketing campaign. The city is known worldwide for the Sydney Opera House, the Harbour Bridge, and Bondi Beach. It has one of the best mixes between modern conveniences and rural landscapes. In recent years, the city has invested heavily in infrastructure, incentive, and technology to become Australia’s innovation hub.

As businesses migrate online, companies can’t afford to lag behind their competitors that have set aside a war chest for their digital marketing campaign. According to statistics, 9 in 10 begin their online journey with a search. Right now, Google is still the dominant search engine by a wide margin, with more than 8 in 10 users worldwide.

Without the help of a digital agency in Sydney, it is not easy to show up in the search engine results page (SERP) if a potential buyer searches for a product or service.

Businesses without any experience in digital marketing will find it challenging to set up their budgets. Where do they start? How much budget should be earmarked for the digital campaign? How to gauge their success?

Creating Your Digital Marketing Budget

  1.  Determine your goals — Digital marketing has several tools and techniques, and each has its distinct pros and cons. For example, you have content marketing, search engine marketing, social media marketing, email marketing, and pay-per-click advertising. But every business has a different goal. For instance, a news agency would be more interested in boosting the subscription rate or ad revenues. An e-commerce business wants to boost traffic, leads, and sales. It is not recommended for small businesses to spend all their resources on digital marketing efforts that fail to support their goals.
  2. Determine your budget —  The crucial question is, how much of your budget should you allocate for the digital agency in Sydney? Marketers recommend that businesses should set aside 7-8% of their gross revenues for marketing spend. Meanwhile, in recent years, digital ad spending has already made up 45% of the total marketing budget.
  3. Always measure — Some campaigns are not easily measurable. For instance, if you are looking to build your brand and increase awareness, the analytics will only give you an overview of the landscape. But they are not as quantifiable as e-commerce websites, whose successes are measured by sales and revenues. The standard measuring tool of the key performance indicators (KPIs) is the returns on investment (ROI). A ratio of 5:1 is considered a successful marketing campaign. In fact, it would be above the industry average for most businesses. But you should also temper your expectations, especially if you are only starting your digital marketing journey.

etting Your Priorities

 If you have a small budget for the digital agency in Sydney, you need to focus your spending on one or two techniques, then scale up as you go along. The way to determine priority is to look at your historical transactions. For instance, you can identify the top five influence points, which are proven to give you the highest returns. Then you can focus your efforts on these streams for the meantime. At the same time, you should also be prepared to shift your tactics promptly. The crucial thing is to measure each step of the process as you go along.

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