Now’s the time to plan your marketing and project your investment for 2023! Here’s what to include in your budget.
The onset of a new year usually gets businesses thinking about their budget and where to allocate funds to keep everything running smoothly. Digital Marketing investments are definitely a part of the budget.
From advertising campaigns to ad channels and essential optimization tools, details must be considered for the best possible outcome of every action.
To help you out, here is an article with the elements to include in your marketing budget, how to plan strategies, and analyze the returns on your investments. Let’s get started!
What to include in your digital marketing planning budget
A digital marketing budget is simply the sum available for making necessary investments towards this end. It’s usually set annually or half-yearly, considering planned campaigns and resources needed for advertising.
But do you know exactly what to include? Here’s where to start:
- Paid media channels;
- Hiring tools for process optimization;
- Paid partnerships with influencers;
- Developing online events or sponsoring other events;
- Hiring a marketing agency or professionals;
- Any other item that directly impacts the business’ digital communication.
Detailing these investments helps you allocate your marketing budget objectively, as we’ll show you next.
How to plan your digital marketing investment
From setting your budget to analyzing the outcomes of those investments, here’s what contributes towards successful brand communication.
Establish a semesterly budget
To start planning your digital marketing investment, you’ll need to know how much of the company budget to allocate to that end during the first half of 2023.
You can start by analyzing your marketing investment and returns in 2022. Consider how much you plan on moving your strategies forward, your target profit estimate, and (this goes without saying) price adjustments of the optimization tools you use.
Plan your marketing objectives
Next, set goals for your digital marketing strategies. For example, some companies seek to boost their reach on social networks. Others want to leverage lead capture, business opportunities, and sales.
Setting goals makes it more practical to structure campaigns and establish what channels and tools to work with.
Establish the main campaigns for the semester
One important step is planning the campaigns to be run throughout the year. For e-commerce, for example, special commercial dates usually bring in more sales (like Mother’s Day, Valentine’s, and others).
Consider seasonality or expected product launches as well. All of these make for more efficient budget allocation for each month of the period marketers are planning for.
Choose what channels and tools to invest in
Along with your planned campaigns for the semester, list the tools and channels needed for developing your marketing actions.
So, the budget should help you contemplate whether you have the necessary funds for Ads (Social or Google), marketing automation platforms, website creation, tools for scheduling posts and generating reports, and other services (such as hiring agencies or freelancers to develop strategies and produce content).
Once that’s done, you’ll be able to decide exactly how much to allocate to each channel, tool, and service. You’ll have a more accurate view of what new investments to make toward positive outcomes when it comes to growth.
Analyze investment performance
After planning your marketing investment in all things digital, you’ll move on to the next step: consistent monitoring and analysis of the budget you applied to each channel and tool. Are they generating the expected return? How close are you to reaching the goals you set? Do you need to assess any part of the strategy?
Tracking metrics and KPIs goes hand in hand with any digital marketing strategy. It’s what keeps a business on the right track.
Reportei can help! Our platform integrates with a wide range of channels with automation for reports, dashboards for real-time metrics monitoring, and another spectacular update! That’s managing indicators to optimize your decision-making process.
Start your free trial to learn about our tool and find a Reportei plan best suits your digital marketing investment for 2023!