In case you didn’t know, we’re in tough economic times.  These economic conditions have drastically cut budgets across the nation and world, leaving meager allowances for marketing and advertising in its wake.

Nonetheless, expectations for 2010 remain optimistic.  In a new study released yesterday, StrongMail reveals nine out of ten business executives plan to maintain or increase their marketing budgets.  Execs aren’t thinking conventionally for the new decade either, instead the survey’s respondents indicated they were open to marketing strategies that utilize the Internet and maximize their dollar.  Next year, 69 and 59 percent of business executives anticipate increasing their email and social media marketing, respectively. Another 42 percent claimed they expect to spend more on search engine initiatives, such as SEO and PPC.  The survey’s results indicate a migration to internet marketing tactics, as advertising and direct mailing initiatives are expected by less than 30 percent of execs.

Furthermore, the study showed a desire among business executives to combine the tested and proven tactics of emailing potential customers with social media.  Execs did not, however, demonstrate uniform confidence about how they would go about implementing such strategies in the upcoming year.  Instead, one out of five executives claimed they had no idea where to begin.  With more businesses seeking to establish an online presence in hopes of finding cheaper alternatives to conventional advertising, it is certain that social media marketing and search engine initiatives will play integral roles in the year 2010.

These days it all comes down to budget planning.  The people making the “money” decisions will eventually hand over an overall budget for marketing that will no doubt be meant to use for any and all marketing expenditures.  The next step of course is trying to figure out how to allocate the appropriate amount of budget to each desired marketing channel.  Many companies are moving the majority of the budget only for a few reasons:

• Online marketing is more cost effective – companies have less money to spend and need to find the most appropriate channels while eliminating the excessively expensive media like print advertising.
• Internet marketing is more measurable – companies need to measure and track every penny to ensure their marketing budget is being spent in the best way and achieving the optimal ROI.
• Online marketing is more targeted – The best way to achieve that optimal ROI is to design a Internet marketing strategy that will focus on the exact target audience so no money is watsed on consumers that won’t convert.
• Online marketing appeals to the consumer more these days – The average consumer is more savvy and cost conscious than ever before.  They would rather go online and see what others consumers have to say (Web 2.0)

More and more companies are realizing that they need to improve their online brand if they want to survive and compete.  They understand that their competitors who are doing so, are gaining market share and reaching audiences that they themselves can’t currently target.

What are you doing about your online media strategy?

Whether you are a marketer or a company seeking an Internet marketing company, you no doubt realize the importance of an enhanced online plan.  Most of the top companies out there have shed the old ways and embraced interactive strategies that include search engine optimization, pay per click advertising, email marketing and of course….social media.

So the question remains, how do I allocate the funds available to each online channel?

These days budgets are tight so one needs to research each channel thoroughly to see if it is a good fit.  Just because you have heard of social media for example, it may not be appropriate for your immediate business goals.

Take the following steps:

• Finalize your marketing budget for the year broken down by quarter
• Outline your exact business goals
• Asses how you want to achieve those goals through your marketing strategy – a good Internet marketing company can help you put this plan together
• Choose the online channels that best suit your needs.  Traditionally, a good mix of different online components will give you the best comprehensive strategy.  Keep in mind though that if the budget is limited you should choose the best one or two components that compliment the overall plan.
• Execute your plan – don’t wait!  Business won’t grow by sitting around and discussing the marketing plan.

No go get ‘em!