Are you Doing Enough Digital Marketing for your Business?
May 18, 2022 | by Admin
Digital marketing is the need of today if you a running a business or are a professional and want to draw more customers/clients. While conventional marketing still matters, digital marketing is more vital in this age of internet and online activities where more and more people are checking websites, to quench their thirst for information and get what they want.
As per a report, for local businesses, 87% of consumers are checking online reviews. Besides, effective digital marketing gives you more conversions. Through social media, for example, today businesses are generating as high as 78% more business, vis-à-vis the organizations that aren’t harnessing the powers of the Social Media Marketing (SMM). Similarly, through e-mail marketing also the companies have an edge over others, in terms of engagement with those on their radar. This shows that you should do aggressive digital marketing to stay ahead and do a good business.
The Million-Dollar Questions
How much digital marketing you should do for the purpose? How much time you should devote every week or month to keep your business flourishing and the stream of customers flowing endlessly?
Let’s first talk about the time period!
As per some experts and those in-the-know, a standard business, in a regular industry, should dedicate not less than 20 hours every month for online marketing. If you are doing business in an incredibly competitive geographical market, you should spend more time on marketing, in relation to companies in the smaller towns. If you try to get a high rank for various locations, states, nationwide, or even globally, spend more time.
Now the amount that you need to spend!
If you have a small size business, then spend 7-8% of your total revenues on marketing (this includes conventional and internet marketing). If you have a mid-sized business, then 10% of your total revenues for the purpose would be perfect. Similarly, if you have an enterprise business, then spend 15% of your total revenues on marketing.
However, if you are running your company in a highly competitive industry, boost your investment for marketing.
How to Make the Most of Your Marketing Spend?
You know how much to spend and how much time to set aside for digital marketing, right, but how to make the most of your marketing budget? Well, follow these two tips!
- Develop a marketing plan
An effective marketing strategy is vital to your marketing budget. Draw your goals, marketing channels, and plans before you kick-start a drive to direct your marketing spend to the right projects. With a marketing plan, you can take a calculated approach, to push your business and make it more successful.
- Use analytics software to keep tab on your performance
Certain website analytics software–such as Google Analytics, for instance–is a must-have since these will help you track and measure your return on investment (ROI).
Spend the right amount of money and set aside sufficient time for digital marketing to do well in your business and profession. Have a good marketing plan and use analytics software to keep your digital marketing drives on the track.
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