How to create a digital marketing budget

Digital marketing is an essential component of any company because it helps them reach their target audience to promote their products or services. Experts at a digital marketing agency in Omaha believe it is critical to have a solid digital presence due to the high volume of time people spend online. 

Digital marketing is an effective way to reach your target audience where they spend most of their time, and it is more budget-friendly than traditional marketing methods. What many companies struggle with is figuring out if they can afford to do digital marketing. Without creating a digital marketing budget, there is no way to find out. As the best digital marketing agency in Omaha, our team has created this guide to help you figure out a marketing budget. 

What is a marketing budget?

A marketing budget is an outline of the estimated money that your company will spend on marketing-related projects over a specific period, such as a quarter or year. This budget should take into account all aspects of marketing for your business, like paid advertising, hiring costs, marketing tools, etc. The top reasons for a company to create a marketing budget are it helps:

You stay on track

Allocate funds to the right places

Set benchmarks and goals

Track your business’s growth

Plan long-term

How to plan a digital marketing budget

Outline your sales funnel

A sales funnel is the journey that a potential customer will go through on the way to making a purchase. Taking time to create a sales funnel is important because it will help you figure out where your money needs to go. 

Figure out your operational costs

Once you figure out what your sales funnel will look like, it is time to list your operational costs. These are the costs that are non-negotiable in your budget. Typically these costs include things like your subscription for scheduling platforms or graphic design editors. 

Set SMART goals

The next step is setting SMART goals. These goals help you make a roadmap to achieve specific digital marketing goals. Setting SMART goals helps you invest in the right marketing methods to help you reach your goals. Four digital marketing goals to set include:

Expanding brand awareness

Ranking higher on search engine results pages

Gaining more website traffic

Increasing brand engagement 

Learn what strategies you will use

After you have your goals written down, you need to figure out the strategies you will implement to achieve them. You do not need to know the exact details of each strategy, but you should have a good idea. There are various digital marketing strategies you can use to create those strategies, like search engine optimization (SEO), email marketing and social media marketing. Knowing which digital strategies you will use will help you fit them into your marketing plan.

Research the strategy price

Now that you have your strategies in place, you need to figure out how much each strategy will cost you. Will you be handling all your marketing strategies on your own, or will you outsource to a digital marketing agency? Using a digital marketing agency in Omaha may be a great option for a company without a marketing team or with a one-person team. It gives business owners the time to focus on their business while letting an agency handle the marketing tasks for them. 

Estimate your budget cost

Once your marketing plan is complete, you can go through and estimate the cost of each marketing activity. You should consider getting a reasonable ROI and get an estimate as close to the dollar amount as possible to help you finalize your budget. Then, go ahead and submit your marketing budget to get it approved. 

Hire a digital marketing agency in Omaha!

If you are looking for affordable digital marketing services, hire Monstrous Media Group! We take the guesswork out of digital marketing strategies. Our experts provide technical and cutting-edge marketing strategies that help a company increase its organic ranking in search engines over time and target its audience through social media. Contact us today to get started!