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Are you prepared to control your marketing expenditure? Buckle up for a fast-paced, wild ride… through goal setting and spreadsheets.
This year, you may feel more pressure. There’s still a lot to worry about regarding financial stability ahead of the forecast for 2023.
It’s easier to balance long-term growth with short-term goals. Now, we’re in a second recession within three years. It’s too big a task.
Resist the temptation to cut budgets everywhere. You could do more damage to your business than good. If you only focus on cost containment, it can harm long-term performance and profitability.
We can help you maintain a healthy budget and set your business up for growth this year.
Following these steps will help you plan your marketing budget and, as a consequence, your overall strategy.
Calculate Marketing Investment
Why it is essential to calculate your marketing budget
Marketing success is not just about playing chess. By that, we refer to a strategic approach.
It is essential to think strategically, but planning a marketing budget and adhering strictly to it can help you determine your strategy.
What should your marketing budget cover?
Beware of being misled; your marketing budget is not just about the in-house or externally outsourced. A marketing budget includes your marketing expenses as well as investments.
You can focus your budget on the following channels:
You’ll need a marketing plan that is tailored to your budget if you want your business to grow.
This is a delicate balance, just like most other things in life.
If you spend too much on marketing, your revenue will be sucked up. Your business must fight an uphill battle if you want to scale.
If you underspend, your business will not be able to grow as it won’t have enough customers or revenue.
It’s important to learn how to manage your marketing costs.
Achieving an appropriate balance in growth means you will acquire new customers without consuming all your revenue.
You know that a budget for marketing is essential to growth. But why? A marketing budget can be used for a variety of things.
Take a look at the below.
Marketing is a complex and ever-changing field. Technological advances in artificial Intelligence and Google Analytics force marketers to constantly play catch up.
By calculating your marketing budget, you can include the cost of new software and training.
Related: A Beginner’s Guide for Google Analytics 4
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Calculate Your Marketing Budget
You’ll have to determine which marketing strategies are working for you and bringing you results to optimize your budget. Every business is different.
The factors that will affect calculating your marketing budget are your business turnover, goals, and the level of competition in your industry.
Define Your Goals
We make sure that when new clients join Exposition Ninja, we clearly define their organic growth objectives. The growth goals of most companies are similar. The only way up is!
You may have a few goals in mind (and here are some suggestions for achieving them).
Increase website conversion rates and maintain conversions.
We recommend that you conduct a comprehensive audit of your website. To achieve your marketing goals, you need to be laser-focused on the audience that you are targeting.
Not sure where to begin? You may not know where to start.
Does each step in the customer journey make sense? — Your site visitors need to be able to find the information they are looking for quickly.
Do you have a lot of Calls to Action on your website? — the more CTAs you have, the more likely your visitors will convert (up until a certain point). CTAs can also push people through the sales funnel by encouraging them to act and make that purchase.
How do you differentiate yourself from your competitor’s products/services? — Your visitors should be able to easily understand your unique sales point and the problems your product/service will solve.
What about the content? Does it have the right tone for your audience?
Your site’s content may also need improvement. Copy that is engaging and speaks to the reader directly will increase conversion rates if it addresses their problems. It will encourage users to believe your website by adding social evidence.
We can assist you with your website audit. You can even receive a review of your website from us at no cost. Nada. It’s free!
Your goal: Improving rankings ( search engine optimization) for your website.
Our Recommended Action: To find the terms and phrases related to your offer, we would research keywords to determine which have a large monthly search volume without too much competition. Our SEO experts collaborate with our content writers to produce optimized content that will rank high on Google.
Your goal: To increase your email list and to get more subscriptions.
Suggested action: We recommend including many well-written calls to action on your website, asking users to sign up for your mailing list.
People are a little more hesitant to give their email addresses away for free. Lead magnets can encourage customers to sign up for your newsletter. The user gives you their email in exchange for valuable content like an ebook or guide.
Financial incentives are also effective, such as offering 10% off to email subscribers.
Increase exposure by increasing the number of visitors and customers on your website.
Our Recommended Action: We suggest writing a PR article if you hire us as your digital agency. We can create newsworthy content relevant to your product and pitch it to popular sites. Your company will gain more exposure and traffic in your field.
Your Goal: Customer retention. Make sure that valued customers do not look elsewhere.
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