Being an SEO “Budgetarrian”: Streamlining Your Online Marketing’s Financial Plan
Given the importance of online marketing for your business, skimping on the budget is a huge mistake to make. Unfortunately, budgeting is not as easy as asking the finance department to shell out money simply because the project is necessary. There are many things to factor in, and missing just one of them may compromise your strategy.
While looking at the prevailing prices of services is an important part of budgeting, other determinants should include the scope of the campaign and the ratio between the company’s annual revenue and marketing expenses.
Here are some things you need to keep in mind when streamlining your online marketing efforts’ budget.
The Type of Campaign
One campaign’s budget is different from another’s, and it all depends on the purpose. Is your campaign geared towards finding leads? Do you have plans of curbing the competition? Is the campaign meant for raising brand awareness? The nature of your campaign will not only influence your budget; it will also test your team’s skills and versatility. Be specific with short-term and long-term goals.
Your Provider and Definition of ROI
Your budget will also depend on the SEO company you will work with. Find the right agency with resources like SEO Companies Reviewed. The campaign’s financial requirements also lean on the existing risks, your definition of ROI and your standing in the competition. Your ROI, on the other hand, does not only depend on how much you are willing to spend, but also on how much you are willing to risk.
Your target audience has an effect on the way you set your budget. How many people do you want to reach? Are you targeting local customers or are you also eyeing foreign clients? Answering these questions makes it easier to estimate how much you are going to shell out for a single campaign. Putting it in perspective, a local campaign requires a smaller budget.
Your business’ marketing budget should not follow a cookie-cutter approach. This is because each campaign has its own objectives. When dealing with these things, it is important that you coordinate with the company’s finance department and key stakeholders.