Table of contents
Next, define your target audience. Determine who is in it and what interests them. This will help you focus your marketing efforts.
Next, set priorities. You can’t focus on everything at once, so it’s important to prioritize and focus on a few key marketing goals.
First, prioritize your marketing efforts.
Monitor and measure progress. To see if you’re achieving your marketing goals, you need to have a way to measure them and monitor your progress. You can do this with data analysis tools such as Google Analytics, or through market research.
How to handle each of these steps?
How to establish an optimal marketing campaign budget – KPI
Determining a marketing budget will become much simpler when we know what we want to achieve through that budget. It’s important to regularly check progress and adjust goals as necessary. Imagine that your online campaigns are a kind of test – it will only make sense if you can clearly evaluate the answers it contains. Therefore, set yourself specific goals you want to achieve, such as in the first quarter of 2023 and throughout 2023. This will help you adjust the ways to reach customers, as well as the approximate amount of your budget.
Your goal should be: specific, measurable, achievable, relevant and time-bound. So “increasing sales” is a poorly set goal – you will achieve it even if you increase sales by 1%, but will such a result be satisfactory to you? For that “increase sales by 10% within Q1 2023” already sounds reasonable.
Example, properly set goals:
- increase the number of page likes by 50 per week
- getting 25 new newsletter contacts in a month
- acquiring 100 new customers in Q1 2023
When you clearly define your goals, it’s easy to assess your marketing progress, as well as the effectiveness of each channel in achieving those goals. Setting goals will also bring you closer to estimating the budget you will need to achieve them.
Marketing budget – target-group-and-market-coverage
Before you start displaying ads, research the potential of your target audience. This sounds a bit enigmatic, but it’s just a matter of understanding how broad the audience base you want to target is. This is key information that will allow you to determine how many potential customers there are in the market. A useful tool at this stage is Google Ads keyword planner
It is used to find keywords and phrases that can be used in an ad campaign. This tool allows you to check the popularity of specific keywords and see what phrases are most searched by users. The Google Ads keyword planner also allows you to see what the average cost-per-click (CPC) is for individual keywords, allowing you to better plan your advertising budget.
We can therefore easily check how much interest there is in phrases that are important to us. This will allow us to estimate how wide our target audience is and how many customers are interested in the products or services we offer. This will give us information on which we can base our estimation. Let’s assume that the CPC of our word is PLN 2, and the monthly frequency of its search is 10,000. In such a situation, to cover the entire market, we would need an advertising budget of about PLN 20,000.
If you have already run or are running advertising campaigns in Google Ads, whatever the advertising budget is, you may see an auction analysis in your account. You can check its presence in the “Overview” tab. You can check the auction analysis for a selected campaign, but also for the entire account. The information there will help you estimate what advertising budgets your competitors have and how much your ads currently cover the market. There are several statistics to choose from in the table against which you can analyze the market: display share, share of auctions won, overlapping auctions, top-of-page display ratio and higher position ratio. Taking these data under the magnifying glass, you can easily assess the current saturation of the market by your activities. So if your marketing goal is to cover some portion of the market in search results, this is where you can easily check how successful you are in achieving this goal.
Advertising budget – channels to reach users
Today’s marketing means (especially the online ones) allow you to precisely reach your target groups through the channels in which these groups spend their virtual time. Therefore, it makes no sense to use all the channels hoping that just there our desired audiences will come across our message.
Selecting the right channels for online promotion is one of the elements of a marketing strategy. It will help you reach the right audience and achieve your business goals. The room for maneuver here is really wide: affiliation, apps, blogs, websites, newsletters, social media, TV ads, video, Google Ads, Facebook Ads, press coverage, QR codes, chatbots, webinars, print ads, radio ads, catalogs, flyers, brochures, SMS, PR events, SEO. From so many possibilities your head can spin. How to choose which ones will be most effective?
We should base our choice of channels on the goal we have set for ourselves. It’s a bit like driving a nail. The goal in itself is not difficult, but in order to accomplish such a task, we need to choose the right tool. And while a screwdriver is indispensable for driving screws, it won’t prove very useful when we want to drive our nail. The situation is similar with online media. With our goals clearly defined, we will be able to choose the right channels that will bring us closer to achieving them.
To build brand awareness, we can use, for example, Google Display Ads, Google Discovery, Facebook Reach&Frequency or LinkedIn Ads outreach campaigns. Search campaigns in Google Ads or Facebook Carousel / Link Ads will be tools to gain valuable traffic. Lead and sales goals will be achieved using branded and generic campaigns in Google Search Ads, remarketing, Google Performance Max, LinkedIn Ads (Lead Form), Facebook Lead Ads or mailings. The most popular channels are naturally those at the end of the sales funnel and are designed to increase sales. However, keep in mind that to put together a soccer team that wins the Champions League, world-class strikers alone are not enough – the same is true for media activities. To generate sales, we should approach promotion comprehensively, trying to reach users at all stages of contact with the product – from image and outreach campaigns to remarketing.
How to plan a marketing budget based on turnover
This is a simple method that will work for companies that do not have a marketing and analytical background. We can set a budget based on our company’s financial performance. However, we need to keep in mind that when using certain media channels, it is a good idea to have a minimum budget that will allow us to optimize ads effectively. If your company is at an early stage of development and does not generate a lot of revenue, it may turn out that by carving out a marketing budget, the resulting amounts will not enable effective actions – for example, because the Google Ads algorithm will focus on acquiring very cheap clicks to get a certain number of them in a given budget, which will translate into the quality of traffic hitting the site. It may then turn out that users visiting the site will rarely make a purchase, and the conversion rate will be unsatisfactory.
Advertising budget estimates
It is a good idea to determine the budget of an advertising campaign based on the activities undertaken previously and the results they have achieved. The easiest way to plan the budget for our campaign is to use Google’s search engine, because there we have information about the display of ads, advertising costs, daily budget, traffic growth or advertising budget for selected keywords. With access to such information, we can easily assess the effectiveness of the campaign and advertising activities. Therefore, if you don’t know where to start media planning, it will be good to do it right from the search network. The set-up costs are small, you can spend funds in a controlled manner and attract new audiences across the country.
If you want to professionally explore your brand’s budget possibilities and choose the right promotion channels, you can use the services Digital Agency The agency is primarily engaged in the planning and execution of online marketing activities, which may consist of brand building, search engine advertising, public relations, creating marketing communications, optimizing online campaigns or data analytics. The agency’s marketing department will assess budget allocation, recommend solutions in ppc advertising and make any changes to the website.
Adequate budget is fundamental in the process of customer acquisition. Sufficiently large expenditures on advertising in the various media will allow your company to achieve a sufficiently high click-through rate in campaigns.
Adequate budget is the basis for the acquisition of customers.
You can consult the budget of the campaign with the specialists of the agency.
We will help you choose the right promotion channels and suggest what portion of the budget to allocate for marketing activities.
