The internet is a busy place! And with the rise of digital devices, people are looking online to buy and research services and products. The good news is, that there has never been a better time to promote your small business online. This can easily be done by making a digital marketing budget.
This is why learning the basics of digital marketing is a smart move for any business owner. An effective way to promote your brand is to employ tried and tested digital marketing techniques. To be able to reach the 4.3 billion+ active internet users and potential customers.
Here’s how to start one.
The Size of Your Budget
There’s no set rule for how much to spend on digital marketing in general or social media in particular. However, there are some general guidelines and benchmarks backed by surveys and research.
Remember that your social media budget is not just the amount calculated of how you spend on paid ads. You’ll also need it to cover factors such as staff time and training. If you have a larger group of people involved in your business.
A good portion of your budget will have to account for content creation and merchandising such as photography and images, video production, actors, production costs, graphic design, copywriting and editing, etc.
Further, choosing the right platform for transactions is also a key component of budgeting; you might want to familiarise yourself with PayPal, or the rules of tax on Venmo payments.
Software and Tools
Design, editing, and social media analytics tools are essential components to be accounted for in your digital marketing budget. Again, costs will vary significantly depending on the size of your business and your team, and if your business is large enough to profit from – see here for tips about how to know if you can start earning money from your blog.
Some software tools (including Hootsuite) offer free plans with basic features. If you’re starting off using free software, you can engage with your fans in other effective ways, such as getting involved in paid social media campaigns. However, it is hard to predict how much these will cost, as they will most likely vary across several different platforms e.g. Instagram, Facebook, TikTok, Snapchat, etc.
Create Your Social Media Strategy
You’ve now got some good starting information to help build out your social media strategy. This will help you work out how you’re going to go about achieving the goals you set by clarifying what you want to achieve through your business endeavors.
A summary of your social strategy is a good document to attach as a cover letter to your social media budget proposal since it shows that the amounts you’re asking for are based on real data and solid planning.