Digital marketing is no longer just an expense, it is an asset. With its increasing popularity, budget allocations are growing and marketers are struggling to keep up. A recent survey found that digital marketing spending rose 16% from 2020 to 2021. It is essential for employer branding, building digital authority and establishing an online corporate brand reputation. However, it can be hard to determine how much of the budget should be spent on digital marketing campaigns.
Common misunderstandings include believing that success can be bought and not taking into consideration customer LTV, return rates and retention rates. To construct an effective budget, marketers need to understand all of the digital marketing advancements available and use data more efficiently. AI-powered software is allowing businesses to remain competitive, but it comes with a hefty price.
The last step is to name growth goals and track the right metrics. Allocating 10-20% of the expected revenue for marketing costs and having a strong, data-backed feedback loop will help marketers make better decisions. This helps to avoid vanity metrics that don't move the needle and optimize digital marketing spend.
How to Budget Strategically for Your Digital Marketing Campaigns
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