All small businesses need a good marketing plan to help it reach its targets and aspirations. With every marketing plan comes a marketing budget. You can say they go hand in hand. Creating the optimal marketing budget will ensure you spend the right amount of money in the right places to achieve your marketing goals. Creating a marketing budget used to involve a lot of trial and error which can lead to unnecessary expenses and ineffectiveness. But nowadays with everything becoming easier thanks to the amount of information available on the internet, so is creating the optimal marketing budget, everyone can do it.
Small business owners are finding new ways and techniques to plan out their strategies and design successful marketing budgets. It all comes down to how much are you willing to spend to acquire new customers and increase your brand awareness.
Before setting up any kind of budget it is important to ask yourself these questions:
· What goals do you want to achieve?
· Who is your target audience (your ideal customer profile)?
· How much are you willing to pay to achieve your goal (be it a new customer, new website visit or app download)?
Depending on your answers, you should get a clear picture of who you aim to approach, what is it you want to achieve and how much you are willing to pay per unit. You may not get the answers and results you want immediately, but thanks to continuous testing and optimisation, you will step by step get closer to achieving your overall goals.
It is important for small businesses to research and find out who are their potential customers and how to reach them. By knowing your targeted audiences age, income, demographic, geographical area and likes will help you figure out a plan to successfully guide them through your businesses sales funnel. Sales funnel data is another key tool to creating the right marketing budget because it lets you track results throughout your revenue cycle and gives you an inside view on potential customers.
All of this information will help you effectively build a marketing budget.
There are a lot of different opinions going around when it comes to how much money you should spend on marketing. But you should know that normally to make money you need to invest money. In this day and age, it is nearly impossible to run a business without marketing. The recommendation for small businesses is to allocate a percentage of their gross revenues to marketing, usually between 6-10%, splitting it then between different marketing platforms depending on your targeted audience and goals.
You can also test the waters and start off with a smaller budget and slowly build it up after you get the hang of it and find out what marketing ads and campaigns work best for your business. So, you don’t have to worry about losing money.
After setting up your budget and selecting your targeted audience it is time to choose the platforms you want to use during your campaign. This will help you divide your budget up into different portions and prioritize the best platforms for you and your business. By selecting the best platforms for your marketing campaign, you will be able to put your money in the right places. Create a list from most important to least important platforms. The options may include:
· Search engines optimization (Google, Bing, Yahoo)
· Social media (Facebook, Instagram, Twitter, LinkedIn, Snapchat, Pinterest)
· Content marketing (Blogs, Video content, Podcasts)
· Influencer marketing
· Email marketing (Newsletters)
In the end it is up to you to decide how much money will be spent on each online platform and you will always be in control of the amount of money going into your online marketing.
Before dividing your budget up into portions for each platform it is important to test the potential cost and return on investment for each one. Some platforms will cost more than others and will have a higher ROI. That doesn’t mean that less expensive ones will perform worse. Some will bring immediate results and others will over a longer period of time. It all depends on your marketing plan and what are your long and short term goals.
Here is how you calculate your ROI: [(return - investment) / investment] * 100, where return represents what you earned, investment what you invested in the campaign. To give an example, if you invested 10 USD to a campaign that brought you 100 USD, your ROI is 900 %.
Never be stagnant. After you have finished your marketing plan, set your marketing budget and your marketing campaign is up and running, keep looking for ways to learn and improve. There is never a 100% right or wrong way in building your budget. Follow past and future trends. Keep track of the results from different platforms. See what is working and what is not. What needs to be changed and even what maybe has to be removed completely. Constantly evolve with the times. Use techniques that are proven to work but also don’t be scared to try new ones.
A marketing plan and budget should consist of traditional approaches as well as new up and coming ones. With the world of marketing evolving every day it is important not to fall behind.
In conclusion your marketing budget doesn’t only mean how much money you can spend on marketing, but it also involves choosing where to spend your money and on what platforms. Make sure to do your research on where to put your money and who to target. Decide how much you are willing to pay to acquire new customers and grow your business. In the end always remember to make money you need to invest money.
Marketing is an ever-changing field and the methods that work aren’t usually long term. Are you having a hard time navigating the latest trends and the most efficient ways to optimize your content? Don’t worry, because most people struggle with the exact same thing. Here are 10 up-to-date tips for online marketing.
It is well-known that visual content is the basis of success on social networks. It’s easier for users to consume pictures and videos, than text. It’s also more visible in a mess of other content. According to some studies, tweets with pictures receive up to 150% more retweets than plain text posts without pictures. So, it is clear that the importance of visual content is steadily increasing and you definitely shouldn't ignore it.
You don't have to worry, you don't need to hire expensive agencies right away. You don't even have to learn to work with complicated and expensive tools, like Photoshop. Fortunately, today there are plenty of free online and mobile apps available to create visual content in just a few clicks.
In this article we will introduce you to 40+ tools that are available on the internet for free. We use these tools on a daily basis, so we can highly recommend them.
By far the most famous online tool for creating all kinds of visuals, and not just for social media. Canva allows you to create literally everything you can think of — from nice Facebook covers to Instagram Stories to beautiful Infographics. You can choose from dozens of templates and it all works for web browsers or mobile apps.
Whether you need a simple pie chart or a complex business graphic, Vizzlo's portfolio offers you a broad range of different visualization choices. It works for browsers and it is easy to use. You can enter your data using the simple sidebar, and then choose to import spreadsheets from Excel or Google Sheets. Add the result to your slides and documents or directly share it on all your social media channels.
An endless collection of various templates, fonts, logos, flyers and much more. Graphicriver is where you can find ready-made graphic designs for almost any digital content. You don't need to hire an expensive agency and create all visuals and graphics from scratch. It is often enough to modify existing templates. This saves you not only a bunch of time, but also money, because the prices of the templates are very low.
Tip: If you are not familiar with editing graphics, try to outsource it via Fivver.
Size matters! At least when it comes to social media. Landscape has hundreds of recommended dimensions, sizes and ratios across different platforms and devices. It is easy to get lost in these constantly changing numbers. So try to use Landscape by Sprout, it helps you resize multiple images for your profiles automatically.
You can either follow a trend or go against it. The choice is yours. The truth is, nonetheless, that if you fall behind, your competitors may overcome you – steal your customers and offer a better service or product. Knowing that being a business owner is a tough job, technology is sometimes considered too hard to implement because it is costly to hire a strategic partner or IT support or time-consuming to learn new tactics yourself. These myths may not apply for your business – today's tools are made to be easy to implement and understood by non-technical individuals.
Technology influences every aspect of your business – IT, finances, logistics, sales, support or marketing. New approaches teach us constantly how to become more efficient at what we do. Saving money or time, increasing the scalability of our businesses or inventing new products and business models is backed by the evolution of technology. On the other hand, not everything that glitters is gold… We've written an article about the difference between trend and hype. Watch carefully what's going on in your industry and what your customers need or require (which is definitely the most important factor of all), but don't jump on every train that goes around. Not everyone will make it to the final station. There is a difference between what influences your business and what doesn't.
We will cover some trends for 2020 below, but before we jump into that, let's speak about the context. In 2018, 50% of the world's population was online. Today in 2019, it's more than 54%. Now, most people have jumped into the information age, where everything is moving at an unbelievable pace. Not only are things (goods and services) changing on a daily basis, but their costs are constantly decreasing. Imagine you bought a 3D printer 12 years ago. 40,000 USD is what you'd have paid. Today, the cheapest 3D printers cost around 100 USD. Yes, your math skills are up to par: 400x less.
Everything changes. We either accept it and do our best, or die.
The goal of this article is to encourage you to follow the trend and embrace the newest technology in 2020, not to speak about morbid scenarios.
Going back to where we began: YOU CAN EMBRACE TECHNOLOGY IN 2020, because it is meant to be available for you. When running a local business, you focus on what's really important, right? You don't want to spend time doing things that don't positively affect your bottom line. Being an entrepreneur, there are two key factors to go after:
To achieve one or the other, you might try tactics you haven't tried yet. To understand them, let's dive into a few trends to follow in 2020:
We are bringing you our marketing knowledge, not necessarily the overall business strategy. You know your business best, but we know what saves you time and generates more money when it comes to marketing. Automating routine tasks and delegating the costly work, that you or your agency needs to do, to tools like groost. allows you to manage your online campaign effectively and for a fraction of the price. If you rely on your sales team, CRM systems like Hubspot or Pipedrive strive to help you automate follow up emails or customer retention activities. There is a plethora of tools to use, which we have covered in this article.
"For more than 30% of small businesses is marketing the number one challenge” by Mailchimp
We keep repeating this, I know. But it simply is the Holy Grail – always put the customer in the center of your (not only marketing) activities. I can assure you this won't be relevant only in 2020, but will last for decades. The times in which Henry Ford kept saying “You can have any color as long as it's black” is over. In today's era, your customers' desires and preferences are what should keep you awake at night.
Does this apply to marketing only? Not at all. Imagine you market your product so that hundreds of people are waiting in line to buy from you. Once they approach the cashier they turn back and never come again – unwillingness to serve your customers nicely by one of your employees can be very costly. To give another example, say you run an ecommerce project. Everything from marketing to IT works great, until your logistics crash and the customer does not get what she ordered. Is this something that can badly harm your business? Absolutely! Customers have many touch points when dealing with your business – make sure every one of them is as customer-friendly as possible.
Let's stay in the marketing field for now. You probably run your profile on social media. Having 1,000 page likes brings you nothing if you only reach 20% of them. The organic reach is – and will be – decreasing constantly which we covered in our latest article. You will have no other choice, but to create truly engaging content that resonates with your audience and to invest in paid advertising. What you need to focus on is:
According to the Deloitte Small business technology trends, 80% of small businesses aren't taking full advantage of digital tools. Be the 20% of them.
There are two main communication strategies: inbound & outbound. Inbound makes the potential customer discover you by the content that you create – be it articles on your website, videos on your Youtube channel or podcasts on Spotify. Outbound is focused on push or disruptive strategies – you reach your potential customers while they scroll on their social media feeds, watch videos on Youtube or read articles. Working on your content brings you long-term results. Educating your audience, providing valuable content (and boosting your inbound marketing) is something you should be focused on throughout not only 2020, but every upcoming year.
We've come across a few basic tips to leverage technology in 2020. As stated, even small businesses can – and should embrace the latest technology (not only in 2020, but beyond).
Facebook gathers more than 2,4 billion monthly active users. That being said, it is obvious that the possibility to reach your potential customers is high. On the other hand, getting to know the platform takes time or costs tons of money (for agency fees). For small business owners who decide to leverage this platform, time and money are the core assets.
So how can you get the most out of the biggest social network? First of all, know the basics. Facebook (and any other advertising platform) can be overwhelming, which makes it easy to get lost. Don’t try to understand everything. Choose to learn what matters to your business the most!
We have prepared content that will help you get to know the very basic idea behind advertising on Facebook. We call it the Beginner’s Guide to Facebook Advertising and within it we cover the following topics:
Dig into the Facebook advertising by downloading the e-book below and let us know how it helped you boost your business!
Facebook is the biggest social media platform in the world with over 2.4 billion monthly active users and still increasing every year. As more and more people and companies adopt online advertising it is easy to see why social media has become a key tool to help different businesses grow and reach new potential clients. It is impossible for up and coming businesses to ignore the importance of Facebook in this day and age. With a variety of different types of ads at your disposal from pictures to videos and many more which will help you reach new people and increase your online presence. The fact is being on Facebook can make your life much easier when it comes to online advertising. You just need to setup the right marketing plan and with the help of Facebook start growing your business.
So, if you are interested in advertising your business online. Follow these 3 steps to start advertising on Facebook.
One of the main problems of real estate agents, is getting listings. To make it work, you shouldn’t just focus on your website. Social media and the online world, overall, could be a marvelous extension of the brand you present yourself as offline. If you take advantage of its options, you’ll reach more people, build trust and most importantly - sell.
Here are a few things you should know about social media marketing for real estate.