With the new financial year fast approaching, now is the time to get your new marketing budget in order to ensure you spend wisely. Every company has a different way of working when it comes to assigning their budgets for marketing activities, but it can be all too easy to follow the same plan year on year. Instead of undertaking the same tasks and activities from years gone by, we suggest re-examining your tactics every year to ensure you get the best ROI.
So how should you divide your marketing budget for the coming year?
Make digital a focus
This may seem like a no-brainer, but there’s plenty of reports suggesting that businesses around the world aren’t utilising digital platforms. In fact, last summer it was reported that 52% of companies do not have a digital strategy, while of those, a staggering 96% of business leaders do not fully understand their company’s digital strategy.
A stable but dynamic digital marketing strategy involves a great deal of work, but by putting the effort in, businesses will be left with a great base on which to build for the coming years. Digital marketing is intertwined meaning that each activity increases the effectiveness of another, so on and so forth. So if your marketing strategy doesn’t have a dedicated digital arm, it’s time it did.
Make content your king
Successful content marketers experience 7.8 times more website traffic than businesses that don’t produce quality content. Need we say more? We know producing quality content, such as shareable blogs and engaging social media posts to increase SEO isn’t easy, so if you don’t have a dedicated team, consider outsourcing to the experts. With such staggering figures, you’ll be destined to reap the rewards.
Make social media your leader
Social media is a wonderful tool for increasing engagement and building brand awareness, but the results won’t come overnight. Although the platforms themselves are free to use, social media requires a lot of time and effort to fully realise its potential. In order to make it successful, you will need to engage regularly with your audience in the form of quality content, industry shares and consumer interaction. So it’s worth setting some budget aside to ensure you can cover the costs of maximising its effectiveness on a day to day basis – whether it be by paying a salary, outsourcing or PPC.
Invest in multimedia
We’ve been aware of video marketing’s power for quite some time now, but reports now suggest that 69% of companies are increasing their video marketing budget – and for good reason. Video content has become an increasingly popular way of explaining ideas and concepts quickly and concisely in visual format, and as a result, video is projected to claim more than 80% of all web traffic by 2019.
If you would like to discuss your marketing strategy for the coming year, and how you can improve ROI, get in touch with us today.