The Key to Optimizing your Marketing Budget

Madalena Castro · October 22, 2020

Table of Contents

1. What should a marketing budget be like?
2. 5 main marketing areas
3. What to include in a budget
4. Steps to creating your plan
5. Keys to optimize your budget

What should a marketing plan budget be like?

Managing a department’s resources is always a task that is full of challenges... therefore, it is essential to define your resources well from the start and avoid undesired extra costs.

A digital marketing budget template should align with the SMART goals: Specific, Measurable, Achievable, Results-Focused, and Timebound. It should also be flexible. As always, the challenge is to optimize expenses to achieve the best possible results.

The 5 main areas of a marketing budget model

• Team: the internal employees that are going to undertake different tasks associated with the marketing projects.
• Freelancers: external employees who will support the team for specific tasks and temporary campaigns.
• Software: the digital programs that allow for management and creation tasks to be undertaken.
• Content: includes all the resources geared towards the creation of catalog content, informational content, website and blog content, images, videos, etc.
• Advertising: digital marketing plans to put ads on the internet, websites, sponsored content, etc.

What to include in a marketing budget model

• Website: domains, web hosting, updates, SSL certificates, maintenance, etc.
• PPC (pay-per-click) ad campaigns
• SEO and SEM analysis and optimization
• Contents: product texts, copy, success stories, etc.
• Graphics for ads, infographics, banners, etc.
• Events with their associated costs for participation, attendance, etc.

Steps to creating your digital marketing budget

1. Be familiar with the current resources in your company.
2. Define a maximum amount for expenses.
3. Study the purchase journey stages for your target audience.
4. Adjust your budget to your marketing goals.
5. Study ROI (return on investment) constantly.
6. Readjust the budget for the tasks with better and worse performance.

Keys to optimizing your marketing budget

Audience analysis

This means undertaking an analysis of the markets that you operate on and the competitive environment... it is important to do research through interviews, surveys, and group activities.

Digital content marketing

Creating and distributing quality content that is of value for your target audience is a very useful way to ensure that your first encounter with a user is a successful one.

Software for content: PIM

Any marketing team can end up being overwhelmed... A Product Information Management (PIM) tool helps you to have all your product contents under control and organized in a single place.

Competition study

Having a good idea of what your competition is doing... How can you stop being just ‘one more’ in the crowd and stand out?

Website maintenance and optimization

It’s very important to have or hire a SEO service to guarantee that your website is always ready, up to date, and optimized.

Online ad campaigns

Joining forces with collaborators... is increasingly more important for a digital marketing plan.

Workshops and digital events

While in this day and age the majority of the budget is probably for online activities, you should not forget about this offline part... organize industry events or participate in events.

You are ready to begin to hash out your budget for a digital marketing plan, and we can support you with a tool.