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How to create an effective digital marketing budget for 2020

Nine out of ten marketers expect to increase digital marketing budgets in 2020, but how do you make sure your budget is effective?
Digital marketing has proven itself to be one of the most effective types of marketing. Email, social media, content marketing, search engine optimization – all of these tactics are essential to business success in 2020.

It’s probably why as many as 95% of organizations have increased their digital marketing budget in recent years – and why nine out of ten marketers expect that their budgets will grow in 2020 as well.

That said, digital marketing is very complex and involves numerous strategies, all extremely important. As consumers increasingly expect omnichannel experiences and want to be able to reach brands on all their preferred channels, marketers have the big challenge of stretching out that budget for countless channels and strategies.

So how do you create a budget that ensures your marketing strategies will thrive?

Identify your marketing objectives
What are your main goals this year?

The best way to start planning your budget is to be very clear about your goals for the upcoming year (or quarter). Having goals in place will allow you to prioritize the tactics that you should focus on the most.

For example, if you wanted to grow the business website and generate more business from it, then you should invest more in producing high-quality content, leveraging conversion optimization to boost conversions on your website and invest in better search engine optimization to boost targeted traffic and any other tactics that drive targeted traffic.

Audit your past results
Once you know what you want to achieve this year, you should look at your past results to help inform your 2020 strategy and budget.

Using the same example as before – generating more business from your website – in order to identify the best tactics to achieve that goal, you should audit your past results to see which channels and tactics performed best in the past, as well as what hasn’t worked as you’d wanted it to. Which channels drove the most (targeted) traffic? Which ads generated the most leads? And so on.

For example, some of the things you’d need to look into:

Which channels drive the best results, consistently, based on your marketing objectives? These are the channels you’ll want to continue to invest in and even increase your spending.
Which channels aren’t performing well enough? If you’ve tried out certain channels and they’re simply not producing results, it might be worth removing them completely from your strategy or cutting down the budget.
Which marketing tactics have you used in the past? What was your ROI (return on investment) for each of these tactics?
When performing this audit, keep your goals in mind so you’ll know which tactics will actually help you achieve these objectives.

That said, if a strategy didn’t work out for you as you’d hoped it would, that doesn’t necessarily mean that you should altogether remove it.

Full details are available from the link below:

Source URL: Digital Marketing - Bing News

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