How Much Should You Budget For Marketing In 2016?
Happy 2016! As we start the new year, we know that just having a website is not enough. Resources are needed to market your offerings to attract more qualified traffic to your site, and convert them to paying customers.
This may be obvious, but we get asked by many clients, especially those who are start-up businesses, how much should I be prepared to pay for online marketing? What should I budget?
The following post How Much Should You Budget For Marketing In 2016? from Neal Lappe has some really nice information. Here are some important things to keep in mind:
- Most businesses are currently budgeting around 9% of their revenue to marketing. This could be higher if you are a start-up business, or are in a more competitive industry, with some approaching 15-20%.
- From that budget, about 30% of your total marketing budget should be aimed at online/digital channels.
- Most of that online budget should go to search engine marketing (both organic and paid), followed by online banner display ads/video.
- Social media will continue to need more investment, but are still behind display and search.
- Mobile marketing should be included in everything you do. Your website should be mobile friendly, and you online ads should use mobile friendly campaigns.
- Some online marketing doesn't cost as much, so what is more effective for return on investment, regardless of budget spend? The highest appears to be email marketing, SEO (organic search), content marketing, and paid search, or pay-per-click (PPC). Marketing automation can also greatly help, where certain functions can be automated.
We can help you put together a custom online marketing plan and budget to meet your needs, tailored to your specific business, industry, and budget constraints. Please contact us for more questions or help.
Posted on Fri, 15 January, 2016
by John Sharkey