5 Steps To Smartly Allocate Digital Ad Budget
Are you looking ahead at your marketing budget for 2023 and beyond? Want to step up your digital marketing game? Then you’re in the right place.
Here at The Underdog Agency, we work tirelessly to get you the results you need. Through a combination of compelling content marketing and intelligent targeting, we’ll be able to boost your online presence and make your business stand out from the crowd.
Looking for some budgeting inspiration? We’ve put together this step-by-step guide to ensure that you get the most out of your marketing budget - and you meet your 2023 marketing goals.
1. Analyse your Previous Budget Performance
The first step to a successful budget revamp is to analyse your previous year’s budget. Did your partner agency meet your expectations? Did your online content perform well, and drive conversions?
Data from Google Analytics will show you the different channels people used to get to your site (Facebook, Google, Youtube etc) and what they did on your site when they got there (made an enquiry, engaged with videos, downloaded product data etc).
Make note of what went well and what you’d like to improve. From here, you can start to set your new marketing goals…
2. Set SMART Goals
Assessing the marketing activities from the previous year will give you a clear idea of where you should aim to be by the end of the year. You can then start making a list of your goals.
We recommend using the SMART method - these are goals that are Specific, Measurable, Achievable, Relevant and Time-bound. Having a clear outline of what you want to achieve will give you the opportunity to measure your performance throughout the year. Be sure to set up any necessary dashboards and digital reporting tools so that you can check your progress regularly.
3. Change up your channels
Google, Facebook, LinkedIn, Instagram, TikTok, Twitter and YouTube all offer value in different ways. Consider which digital channels you should use to reach your goals. You can do this by analysing the platforms your competitors use, and weighing up the benefits and limitations of each channel. Choose the channels that will help you meet your goals and provide you with the best return on investment.
4. Plan your content effectively
To get the most out of your digital marketing budget, planning is a must. Creating a digital marketing plan will allow you to create content in advance, whilst leaving room for you to respond to social or economic changes. For example, brands in the retail or hospitality sector will always anticipate seasonal campaigns, like Christmas or Valentine’s Day. However, you may also want to hop on any current trends and create content about topical news and stories throughout the year. Make sure your budget accounts for your standard campaigns, whilst giving you the freedom to be reactive.
5. Allocate your budget
Dedicate the majority of your budget to the marketing activity that you know drives results - your analysis of the previous year will show you what your most reliable campaigns are. Remember to reserve a portion of your budget for reactive content - you never know what trends and ideas might crop up throughout the year. This will act as a reminder to be aware of current events and viral topics - keeping your online content fresh and ahead of the competition.
By following these 5 steps, you will be able to allocate your digital marketing budget effectively, without limiting your creative freedom. With a well-thought-out budgeting plan in place, you’ll be able to adjust and adapt your spending when necessary, and in turn, generate more clicks and sales.
If you need help planning your own marketing budget or have any questions, get in touch by filling in this short form, or dropping us an email at hello@theunderdogagency.co.uk. We’ll be there to guide you through the next steps of your digital marketing journey.
