We cannot stress enough the importance of digital marketing. Large companies are advertised in different ways, but for small and mid-size enterprises, digital marketing is of utmost importance. All research has shown how digital marketing has a positive impact on business, but also how the absence of digital marketing can significantly reduce revenue. The situation has become even more drastic after the pandemic, as the pandemic has accelerated digital transformation and people are more dependent on the online world than ever before.
This brings us to a seemingly simple but actually very tricky question, and that is how much should you really be spending on digital marketing?
Digital marketing budget
When you read a few articles about the importance of digital marketing, you will probably want to invest all the money you have in improving digital marketing and thus propel your business. But it’s not that simple. You should not spend 40% of your whole budget on just one thing no matter how important it is.
Also, there is no guarantee that a bigger budget will always win. Strategy is equally important. There is something called the 5% revenue rule and you can definitely stick to it. Our advice is to set aside 5 to 10 percent of your marketing budget if you want to maintain the current situation. However, if you want to improve your current position, then it is realistic to spend up to 15% of the budget. In some extreme cases it may be 20% but in general it is too much and can put your business in trouble in case the marketing campaign fails.
Digital marketing has become a huge part of marketing and something you should not do alone, but should leave it to the experts. So you need to find an engine that will help you search for online marketing agency near me, more precisely near you and that agency will help you choose the right strategy.
Nevertheless, you definitely need to familiarize yourself with certain strategies to understand what is best for your business. A website is a must in today’s world, and it goes without saying. Also SEO (search engine optimization) is equally important, because any website that is not on the first few pages of Google is irrelevant. But that’s not all. Social media profiles, podcasts, video marketing, media relations and many other things must be part of a marketing campaign if you want it to be successful.
Factors affecting price
A similar campaign will not cost the same for you and for a much smaller or larger company. The size of the company is certainly the first factor influencing the price. Then what strategy did you choose. The more complex the strategy the more expensive it will be. Another important factor is patience. If you are patient and do not push for everything to start very quickly, but are willing to wait, especially for things that require time such as SEO, the price will be lower. On the other hand, if you want to jump-start your business in a couple of weeks, it will cost you dearly.
In 2022 and beyond, digital marketing will become even more important than it is at the moment. So find a marketing agency, establish a good relationship with them and develop a successful strategy together. Another good way for the digital marketing is that you can promote your business through Instagram. You can check IGInstant and find more details.