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!