Are you spending too much or not enough on internet marketing to have the biggest impact? Is the money you are spending well-invested, or could you put it to better use elsewhere?
Believe it or not, these are great questions be wrestling with, since they mean that you’re fully engaged in your business and looking for ways to run more efficiently. When it comes to finding answers, however, things can be murky. That’s because there is no “perfect” online marketing budget – just what works for you in your circumstances.
To help you determine what that budget might be, here are four things to think about when setting your online marketing spending levels:
You can’t make good decisions without the right information.
Measurement is an often overlooked part of doing business online, but it’s the only way to ensure you’re making the best possible investment. So, if you are getting great metrics from your existing website and promotional efforts, start there and establish baselines to measure your success.
Track specific actions, not just outcomes.
It’s easy to look and see whether your sales are increasing over time, but where those buyers are coming from, and whether you have expensive parts of your marketing plan that are producing at all, is another question. Look beyond the orders you receive to look for other trends as well, like e-mail subscriptions or social media contacts.
Solicit customer feedback.
One great way to figure out what future customers are likely to prefer is by asking your current customers what attracted their attention. This is a simple tactic, but one that’s surprisingly effective, so make communication with your customers a two-way street.
Don’t be afraid to try new things in small amounts.
It’s tempting to devote your entire online marketing budget to the same tools and tactics that have brought you sales in the past. There’s nothing wrong with putting the majority of your money there, but don’t be afraid to experiment with something new once in a while – you might discover something that’s even more effective.
At Alter Imaging, we know that online marketing can be difficult to grasp at first. We are a Charlotte web design agency and have been developing websites for over 10 years. Our staff of friendly and knowledgeable experts can help you define your goals and budget for any web marketing endeavor.