Building a business is fun, buying new tools is exhilarating and expensive but carving out a marketing budget to scale your business is where you stop and put on your thinking hat, how smart of you eh!
When determining your marketing budget, there are several factors to consider. Marketing encompasses everything from web and apps development, digital campaign strategy and management, social media, branding, sales and PR.
When it comes to which channels businesses should invest their marketing budgets on, research showed that marketers put more of their money into several digital channels which ranked at 72.2% of their total spend, among these channels, owned digital was the top dog, followed by paid digital and earned digital. This means that your competitors are putting most of their money into things like their website, digital ads, and SEO strategy, and guess what? You should too.
The major reason we built Digital Evolution is to take of the hassle of allocating a massive budget in hiring a full marketing team, if you’re not a VC funded startup, if you do not have friends and family funding your business before you start making returns, if you didn’t take a huge loan from the bank to invest in your business, you have no business hiring a full marketing team to scale your company, OUTSOURCE IT!.
So how much of your overall business budget should you Invest in Marketing? 30% this can be more depending on how aggressive you plan on marketing your products. Outsourcing your marketing also means you might spend less than 30% of your overall business budget, why you might ask? An agency already has the manpower, tools and data to forecast results and will charge you less than hiring a full marketing team.