campaign-creators-RSc6D7bO0fA-unsplash

Three Ways To Determine Your Digital Marketing Budget

Setting a digital marketing budget can be tough. Especially during these uncertain times, so how do you think through how much you should be spending and what the potential return should be?

Now could be the perfect time to re-evaluate your company’s digital marketing strategy and how much money you should be investing in it.

Here are three simple ways to establish a budget based on data.

1. Cost Of Advertising

How much will it cost you to acquire a customer? Answering this simple question will provide high-level guidance on whether advertising will be an expensive or relatively cheap proposition. It can also give you an idea of how many customers you can expect based on what you’re spending.

Working out the return on investment will help your company evaluate the efficiency of an investment in digital marketing.

2. Revenue Per Customer

Establishing a cost per acquisition (CPA) goal will allows you to still see a return. Running your first campaign will quickly let you know whether achieving that CPA goal is realistic, or whether you need to adjust. Remember, you’ll see different costs per acquisition for different channels, so it’s important to test different ways of marketing to prove out those costs.

Lastly, it’s important to know what your actual revenue per customer is. Ideally, you’ll want to know the lifetime revenue a customer represents — sometimes short-term revenue may be low, but recurring revenue can be a much larger opportunity.

3. Percentage Of Your Total Revenue

Finally, looking at your marketing budget as a percentage of your total revenue tells you how much you should be spending based on your size. If you’re a large company, you’re unlikely to move the needle with a very small budget. Take a look at the competitive benchmarks for other companies by industry.

Here at Boss Digital, Our creative team help our clients to communicate their digital brand better.

We specialise in ecommerce web design for startups and SME’s in the following industries, beauty, food, local services including solicitors, accountants, GP’s, Online retailers, Car Hire companies and the manufacturing industry.

If you are thinking about updating your website please get in touch with us today.

depositphotos_20334203-stock-photo-touch-tablet-in-hands

How to Utilise Digital Marketing During The Recession

As the UK come to terms with the ‘new normal’ following a devastating pandemic, UK businesses are now facing their biggest financial challenge in almost 100 years.

Businesses need to utilise digital marketing during the recession to pull through the other side stronger than ever. Digital content will always be key for any modern-day business. If your customers can’t find you and your content, how can they buy from you?

Content will always be key, from blog posts, articles to images, video, and just about anything else that could be seen, consumed, and digested by people potentially interested in your product or service.

The challenge is maintaining a consistent content stream across your channels and knowing what content works for what platform. Why is this important during a recession? It keeps the customer informed, it highlights the strength of your business and demonstrates an active, engaging role in the market.

The trend of more people staying at home is set to stay throughout the start of the recession, with more people staying at home with both remote work and redundancies beginning to rise. With so many people staring at their phones, doubling down, or at the very least, turning attention to any business’s social channels is a marketing hack that all will benefit from.

Remember, a website works harder than any employee, however, the statement is only valid if your business website is of high quality.

Everything from the user experience, mobile capability, images and fonts used should be carefully considered, ensuring that your website rises above competitors. A strong website, straightforward user journey, and intelligent call to action will illuminate your business apart.

A dedicated digital marketing team in place to help with everything on the web, such as Boss Digital is often the next step for businesses.

Outsourcing doesn’t just mean getting the outstanding work from industry experts in their field to maximise your business. Leading marketing teams, arrive with a wealth of benefits beyond the sales package and obvious benefits – meaning you can relax safely in the knowledge that your business is in the hands of digital team of experts.

Here at Boss Digital, Our creative team help our clients to communicate their digital brand better. We specialise in ecommerce web design for startups and SME’s in the following industries, beauty, food, local services including solicitors, accountants, GP’s, Online retailers, Car Hire companies and the manufacturing industry. If you are thinking about updating your website please get in touch with us today.