Stay Current with Your Digital Marketing Budget in 2019
As the new year enfolds (we can’t believe it’s almost March already!), so, too, do the new trends and marketing advances for 2019. Mountain Air Marketing is constantly making sure that we’re staying up to date on the latest data surrounded digital marketing, since recommended numbers for online marketing have dramatically shifted over the past few years and will continue to do so.
So today we wanted to touch base with small businesses about your digital marketing budgets and what you should be aware of moving forward when thinking through this area.
Digital Marketing Grows, Traditional Marketing Slows
Bottom line: It’s important to refine your online marketing budget to stay competitive with the current trends. Online marketing is flourishing, and bigger and bigger percentages of a company’s marketing budget are now going towards online marketing. Why is this? Because traditional marketing continues to decline, becoming less and less relevant as our world moves into more and more digital investment.
Consider this statistic, which is provided by Axios: Google and Facebook alone have more revenue than the entire global print and radio industry combined. In 2017, 80.8 billion was spent on Google, and 36.3 billion was spent on Facebook.
Or how about this? According to the Pew Research Center, print and newspaper advertising has dropped over 75% since 2000, with a continual decline in print subscriptions each year of about 10%.
Traditional media just isn’t reaching the number of consumers that the digital space is, and it’s not a trend that is slowing down–at least anytime soon.
The Amount You Should be Spending on Digital Marketing
The U.S. Small Business Administration suggests 7% to 8% of your gross revenue as a company should be spent on marketing. And while experts used to say about 30% was the allocation for digital marketing, as the importance of digital marketing grows, so does the percentage of what your business should be allocating for digital marketing.
According to a report by Forrester Research, in 2018 marketers spent 42% of their budget on digital marketing, and in 2020 it’s expected to rise to about 45%. So basically half of your marketing budget is now being allocated to digital marketing in most companies because of the effectiveness of engaging with audiences across a broad spectrum of online platforms.
The Return on Investment for Digital Marketing
Mountain Air Marketing knows that it can be confusing sometimes to navigate exactly what is a good ROI for digital marketing, especially if you do not personally have the expertise in this area. This is why true expertise can be extremely helpful and how digital marketing experts can give you a leg up against competition.
No matter what, a digital marketing company should be getting you true results by building your following online, helping you show up in search engines, and helping you make solid connections for sales and relationships with customers. A good online marketing team will be constantly evaluating where those clicks came from, which social media platforms are most effective for your company, and if they resulted in actual sales. Not every platform is created equal for every company, and different companies will find different strategies for success.
But investing in high quality SEO management and social media presence is a true need for your company in this day and age, and having a good digital marketing company to help you out is key if you feel overwhelmed by everything else going on in your world.
That’s why MAM is here to help you navigate true digital marketing ROI and how to get your business to the next level! Contact us today with any questions you may have.