Effectively allocating your marketing budget across channels
Making the correct marketing budget allocation across multiple channels can be overwhelming. Analyzing and understanding the entire customer journey for your business is both a complex and vital part of your marketing strategy. By having so many channels and types of customers, marketing attribution becomes more complex to fully understand.
Even though many companies obtain high-quality data during their marketing campaigns, they might not be fully aware of how to use to define a more profitable marketing budget allocation plan.
This is where data-driven marketing attribution can help.
How to start your marketing budget allocation process?
Considering that successful campaigns are usually led by data driven targets, it is crucial to plan strategic goals based on high-quality data analysis. Business goals should be defined based on historical data of conversion rates and projected traffic from marketing campaigns.
Assessing past campaigns becomes key in evaluating marketing strategies and future investments, while it can provide you with information such as:
- Touch-points that had the highest returns and where you need to invest more in the future.
- All channels where predefined goals were met.
- All areas where your strategy led to money waste without any positive impact on your business.
How to allocate your digital marketing budget?
Needless to say, this is no easy task. A client journey occurs across many different channels. There are multiple factors that affect channel resources distribution. The following points should be assessed in advance:
– Business priorities
Having a clear picture of the brand’s priorities is key to understanding what its main objectives are.
– Set goals
It is a key step in identifying where the investments shall be addressed. Setting goals will return an idea of what are the best channels for a company’s marketing strategy.
– Marketing channels and prior campaigns
Coming up with a complete list of all active marketing channels and review your prior marketing campaigns.
– Conducting research
Researching the digital marketing landscape where your competitors are currently running their campaigns. This can help better understand the target. The best practice is to conduct research about content creation costs, influencers, audience, keywords, to name a few.
– Determine your budget
This is unique to the business and it is determined by numerous factors (revenues, objectives…).
– Defining budget allocation
Take into consideration that your brand doesn’t need to be on every existing channel. In fact, it is more convenient to allocate your
budget to a handful of channels that make real sense to your business.
The success of your marketing campaign should not be estimated only at the end of the year. Companies need to be extremely flexible and aligned with their marketing results. A track on daily or even real-time basis is commonly the best practice to ensure a successful marketing strategy.
This can be achieved and made simple by converting complex data into crucial business insights. The best way to analyze your marketing performance is by holding regular complete insights. This action provides a detailed review of your investment across your multiple-channels.