Have you finalised your Marketing Budget for 2020 and beyond? 2020 is the year for your digital marketing activity to step up a gear, and Jam Digital is THE agency to partner with. Here are our 5 top tips to ensure your marketing budget delivers a healthy ROI, whether you’re using PPC, Search or Display ads, or Social Media and Video Ads.
1. Analysis of Previous Budget Performance
Scrutinise your spend and performance from the previous year. Did your agency partner deliver? Are your in house team thriving or would they benefit from additional digital marketing training? This analysis will uncover which efforts hold the greatest value. Dig deep beyond the surface level of Click Through Rate and reactions on social media. Look for the marketing activity that delivered the best Return on Investment (ROI), and evaluate Lifetime Value or the number of referrals your current customers generated.
2. Goal Setting
A frank assessment of your marketing activities’ performance will help you determine where you can (and should) aim to be by the end of the year. Make sure your 2020 vision is fully achievable by using SMART goals. SMART goals enable you to clearly outline what is required to really succeed, whilst factoring in all potential constraints. Setting clear goals will make your budget allocation easier. ‘What gets measured gets managed’, so be sure to set up dashboards and digital reports that will let you check performance instantly.
Google, Facebook, LinkedIn, Instagram, Twitter and YouTube will hold potential value for a wide range of brands. Consider which digital channels YOU will use to reach YOUR goals. Look at seasonal data, analyse your competitors, set ROI expectations, and weigh up the benefits, limitations and risks associated with each channel. Whilst some channels like Google Search command a higher Cost Per Click (CPC), they can often provide better ROI.
At Jam Digital Marketing, our campaign plans (recipes) take a broad view, splitting these into quarterly periods to look for seasonal trends etc. Creating a foundation digital marketing plan means you can create content in advance, whilst leaving plenty of room to be reactive to changes in social and economic spheres. For example, brands in the Hospitality sector will anticipate seasonal campaigns, however, there will always be emerging stories, trends and opportunities to create bespoke/reactive campaigns.
5. Allocate Budget
Planning ahead will give you scope to be agile when it comes to launching high conversion campaigns quickly. Dedicate the majority of your budget to the activities and campaigns you know will get you results. Your analysis will show what these ‘safe bets’ are. Always reserve a portion of your budget for campaigns and activities which are innovative, disruptive or reactive. This will force you to recognise or create these opportunities. Keeping you one step ahead of the competition.
EXAMPLE: If you have a product or service that would be suitable for export, consider launching a Facebook lead generation campaign targeting a new territory, perhaps a foreign country where there is a demand for your product or service
By following this 5 step process you will create a plan that clearly defines how to allocate and optimise your digital marketing budget. A candid and objective review of your campaigns’ performance is the only way to deploy a lessons-learned approach. By planning ahead your team are aware of objectives for the year as a whole, whilst knowing what to expect on a day to day basis. Keep your finger on the pulse of your digital campaigns, and you will be able to adjust and adapt helping you generate more clicks, leads and sales.
Jam Digital Marketing
Still need a little advice on how to effectively allocate your digital ad spend, Jam Digital Marketing are here to help, get in touch today.
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