How to wisely allocate your digital marketing budget

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If you’re a business owner in Australia, you might be wondering how to allocate budget for digital marketing and how much budget to use. Well, you’ve come to the right place because we’ve got some tips and tricks that will help you determine the right amount for your business. Keep reading to save yourself some coin!

Digital marketing budget

At Five by Five, we can help you whether you’re looking to launch a new site or replace your old one, and we have the know-how and dedication to make it happen. We understand what goes into great, digital marketing and we can find a solution that works for your business. Contact us today to get started.

How to allocate budget for digital marketing

When it comes to allocating a budget for digital marketing, you might feel like even the Lotto odds are more in your favor! But fear not, before investing large sums, do some research on what digital marketing options are best for your business. A good starting point is to understand your target audience and determine which platforms they’re using. That will help you decide if you should invest in platforms like Facebook and Google Ads or focus on content generation via Instagram or YouTube. 

And don’t forget – set aside some of that budget for testing so you can adjust based on feedback and results. In the end, striking gold with the budget may be an elusive goal, but a wisely allocated one is within reach!

How to budget for digital marketing when you don’t know where to start

Setting a digital marketing budget can be an intimidating task but it doesn’t have to be a dreaded chore. Think of it as an investment in your business, rather than just money leaving the bank. It’s essential to do your research and analyse the digital marketing channels that will yield the best return for your money. For example, if you have strong visual assets such as product images, then influencer marketing may be a great start. 

Once you figure out the most effective channels based on insights from your already established customer base and industry trends, lay out specific objectives with associated budgets and timelines to measure success. Don’t forget to leave room for experimentation because in digital marketing there’s no one-size-fits all strategy! 

The best way to get started is simply by taking the plunge and diving into creating an effective yet efficient budget for digital marketing – you can thank us later!

What percentage of marketing budget should be digital?

Figuring out what percentage of your digital marketing budget should be devoted to digital can be a daunting task! However, with proper research and a solid strategy in place, it’s possible to make an educated decision on the best allocation for both short-term and long-term goals. Ultimately, it’s important to remember that there are many different answers when it comes to digital marketing budgets – it depends on the type of campaign being planned, the customer base you are trying to reach, and the overall organisational objectives. 

With that said, a great starting point is to allocate between 10-15% of your total budget to digital initiatives in order to maximise reach and engagement. This way, you’ll leave room for adjusting tactics as needed while still getting plenty of mileage out of your digital spend. Plus, who knows? Doing some experimentation along the way might even unlock some unexpected opportunities!

So don’t be afraid to get creative and explore how best to use your budget to achieve maximum impact.

Should i hire a digital marketing agency

Should you hire a digital marketing agency?

Hiring a digital marketing agency might sound expensive and unnecessary at first, but it really can be a great investment. Not only do they have all the resources to create a successful strategy with the right tools and techniques, but by delegating tasks to an agency you’ll vastly increase your chances of seeing better results and growing your business more quickly. They also take on the burden of staying up-to-date on the latest trends in digital marketing and will always be one step ahead! 

With the digital marketing landscape growing increasingly competitive, having an experienced team on your side is becoming a must for success. Hiring an agency to manage your digital marketing efforts can free up valuable time and resources that you can use to focus on other aspects of your business. 

Not only will they be able to create and execute tailored strategies, but you’ll also have instant access to their years of experience, insights and best practices. Plus, it’s always nice to receive some positive reinforcement – a social media post every now and then doesn’t hurt either! Let others see why hiring an agency was the right decision; bring in the experts, sit back and reap the rewards.

Figure out your digital marketing budget with Five by Five

To sum up, allocating a budget for digital marketing can seem intimidating, but following a few key steps can make designing an effective budget simpler. First, set specific and measurable goals that align with your overall business objectives. Next, assess each of the channels available and determine which are most likely to achieve those goals. After this, research performance metrics to get an understanding of what success looks like in those channels. Finally, allocate funds to the channels most likely to deliver desired outcomes while also keeping an eye on ROI over time and adjusting as needed. By utilizing these steps when creating a budget for digital marketing, you can find the right blend of tactics that works best for your organization.

Are you looking for something different in your digital marketing approach? Then why not give Five by Five a chance! Our team of experts know just how to get your brand noticed; whether it’s focused on the web, social media or video. We provide the latest tools and techniques to keep up with changing technologies, so you can depend on us for reliable care and attention. Not only that, but we are always sure to make it fun – after all, why should good marketing have to be boring? With our creative and innovative ideas, we can make sure you stand out from the rest. So don’t hesitate, take your digital marketing needs to the next level with Five by Five – contact us today.

About the author
Jon Hollenberg
With over 20 years experience within the web industry, Jon is an expert in online marketing and online growth strategies. Over the last ten years he has worked with iconic brands such as Qantas, Jeep and the Currumbin Wildlife Sanctuary plus hundreds of other businesses Australia wide. Jon is a published author of "Love at first site - How to build the website of your dreams".
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