10 Must-Haves In The CMO’s Digital Marketing Budget
With the world’s focus shifting from traditional marketing to digital marketing, it is important to distribute your budget to achieve good marketing strategies effectively. Digital marketing strategies can take up unlimited funds, which is why you need to set a budget which is comfortable for your company to spend.
Within this budget, it is important to allocate the right resources to help maximise your efficiency. If you don’t divide and pay in an organised way, digital marketing can become a big hole for your company, causing problems that will be tough to deal with.
10 Essential Digital Marketing Spends for Your Business
This is the most important part of any marketing strategy. Without this, no company can gain enough traction with their marketing strategy. In digital marketing, most campaigns revolve around content to interact with people online. This content may be in the form of videos, photos or written pieces. Thus, hiring talented content creators or companies to handle your content requirements are important.
#2. Content Marketing Specialists
This is the new age of marketing which means there is a need to hire new people who are experienced with or specialise in content marketing. Without having these people on board, running a successful campaign is tough as there is nobody experienced enough to handle tough situations or have the ability to think of the best ideas by utilising all resources available to the fullest. In the competitive world, being on top with the best resources and people in order to craft the best strategies is important.
#3. Content Distribution
Content distribution avenues on social media are endless in nature. While brands can look at some paid avenues, they can look at other free options as well. Investing in the right ones for your brand is key. Getting paid ads everywhere is not the best way as a large number of people ignore these paid ads or block them. Using only unpaid avenues makes your brand hidden in the wave of information that exists on the internet. Striking the right balance is crucial to expand your viewership base and have a successful marketing strategy.
#4. Email Communications
No matter what people say about it, email is not dead. It is still the primary medium of communication for all official purposes. A lot of customer engagement still happens via email. Thus, it is important to invest in email communication and automation. It is the easiest and cheapest way to have personalised communications with your customers. According to Salesforce Marketing Cloud, the return on investment for emails is $43 for every dollar spent. Thus, spending on email is essential for a successful digital marketing budget.
#5. Influencer Marketing
Social influencers who have an enormous social following help you get access to wider customer bases. It allows you to tap into the trust certain people have in specific circles online. Doing so helps you build credibility and trust among influencer’s followers as well when they advocate your product on their social handles. Not only is your brand promoted in front of a bigger audience, but it also helps in building greater brand awareness.
This helps you boost your organic search ranking in search engines. Most people never go beyond the second page of search results. Thus, it is important for you to get ranked higher in search results; doing so will exponentially increase the traffic on your website, helping you boost sales. Many tools are used in the process of SEO, and they require specialists to use and work on them. SEO is an important part of marketing in the digital sphere. It exponentially increases website traffic, generating more leads.
#7. Marketing and Analytics Tools
Analytics is critical to measure the progress and success of any online campaign. Using analytics, you can check the reach of your social posts, measure social traffic, website traffic, online engagement, retention time and a lot of other valuable data which provide metrics for measuring the effectiveness of strategies. This data is essential as it gives you an insight into what to tweak, what works, what doesn’t and what is your average buyer persona. You can mould your strategies to fit your buyer personas to reach your target audience.
#8. Paid Media
Ads are a good way to reach out to people who may not be in your target audience but still would be interested in buying your product. The majority of digital marketing efforts go into targeting particular audiences. This strategy neglects potential customers you are not targeting. Ads are a good way to reach out to untargeted customers. They will let people know about your company and product without engaging them in any activities with your business. The people interested in this can participate further if they want.
#9. Web Design
Your website will be the first self-owned page through which people will engage with you. For this, your site needs to be very intuitive and user-friendly, or else people will not want to stay on your website and engage further. The site helps form the first impression based on which people judge your company while deciding between you and your competitors. Hence, having a great web design is of utmost importance to your web team. Thus, putting this high up in your budget is important as a significant part of your sales depend on it.
#10. Social Media
Social media is an essential online medium to connect with people. It lets you reach out to a large number of individuals at the same time and engage with them. For making the best use of this medium, it is essential to invest in a team to manage all posts and engagement on it, and also on tools that help you analyse and make the best use of social media.
Dividing your budget according to your requirements is essential. Wasting extra money on tools don’t always ensure better results. Smartly optimising the money spent in every avenue helps ensure better strategies and best use of resources, maximising results in the given resources.
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