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Digital marketing has taken the business world by storm with its measurability and ease of access. You can run an effective digital marketing campaign without breaking the bank, all while meeting your marketing targets and KPIs.
Making the shift to digital marketing doesn’t mean abandoning offline marketing. With a good and comprehensive strategy, the two actually work really well with each other. You just have to know how to craft both campaigns, and that process starts with splitting your marketing budget.
Start with a Total Budget
Before you can determine how much to allocate to online and offline marketing, you need to first determine the total marketing budget available. There are several ways to do this, but the general rule is taking 10% to 15% of your gross revenue and allocating it for marketing.
If you have gross revenue of $100,000, you are looking at a marketing budget of around $15,000. If you want to be more aggressive with your KPIs, you can increase that budget accordingly. The same can be said for when you want to be on the conservative side with your marketing.
Of course, the rule is only here to give you a starting point. You are free to allocate more (or less) for marketing purposes; it all depends on what you are trying to achieve.
Learn from Past Campaigns
Data is your friend when it comes to crafting marketing campaigns, and there is no better source of data than the campaigns you have already run in the past. Learn from the results you get from digital and offline marketing. Those results will tell you your average return on investment (ROI) for every marketing tool you use.
Based on the ROIs of different marketing campaigns, it is easy to measure the effectiveness of each instrum… Read More
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