How do you allocate a digital marketing budget?
When allocating a digital marketing budget, consider the following steps:
Set clear goals: Define specific, measurable objectives for your digital marketing efforts.
Understand your audience: Identify your target audience and their preferred digital channels.
Prioritize channels: Allocate a budget based on the effectiveness of various digital channels in reaching your target audience.
Test and optimize: Allocate a portion of the budget (at least 15%) for testing and optimizing campaigns based on performance data.
Consider industry benchmarks: Research industry benchmarks and allocate a budget based on the typical spending in your industry.
Flexibility: Keep a portion of the budget (at least 10%) flexible to adapt to emerging trends or unforeseen opportunities.
Measure and adjust: Regularly measure the performance of each channel and adjust the budget allocation based on the ROI of each channel.
“If you have the chance and the budget to conduct small pilot strategy tests, then do it. I suggest investing 20% of your budget on new and optimal opportunistic actions to explore and 80% on tried and true” - Semrush Social Media 2024 Trends Report
Here's related information that you may also find helpful – Marketing Spend Statistics [Time to make informed decisions].
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