How-to Create a Budget for a Marketing Campaign
Launching a successful marketing campaign requires more than simply understanding your audience and delivering high-quality products or services. Knowing how to properly create and manage a budget for your marketing campaign is essential to prevent overspending or wasting money on ineffective strategies. With proper preparation and an understanding of all of the marketing tools and resources available, ensure your company’s next campaign is as successful and affordable as possible.
Define Your Goals
Before launching your next marketing campaign without direction, create a set of clearly defined goals. Defining your goals for each individual campaign you intend to share online is essential. Once you define the goals for your campaign, set a small budget and hone in on a highly targeted audience for the best results possible. Some of the questions to ask yourself before moving forward with a large marketing campaign include:
- How much is my marketing budget for one advertisement?
- What is my marketing budget for this quarter/this year?
- What is the optimal cost for me to obtain a new paying customer or client?
- How many ads do I intend to run at once?
- What are the demographics of the users I want to reach?
- What does my audience need from my business and how do I present that I am a solid provider?
Collect and Analyze Data From Past Marketing Campaigns You Have Launched
If you have data and analytics from past campaigns you have launched for your business, collect and analyze the information before launching a new marketing strategy. Analyzing past ad campaigns can provide valuable insight into the type of message, media, and links appeal most to your target audience. Use past analytic reports to learn more about previous mistakes and to implement the most effective methods of reaching your intended consumers or visitors with your new campaigns.
Consider the amount of money you have spent on each individual ad campaign in the past compared to their effectiveness. Search for ads that required less capital but provided more results in terms of lead and revenue generation. Use your most successful past ad campaigns to build on with future advertisements using your current budget.
Consider the Type of Campaigns You Intend to Launch
Consider the type of marketing campaigns you plan to launch for your business and brand. Not all campaigns are created equal and many cost more than others. Some of the most popular forms of online marketing include:
- Sponsored Posts: Sponsored posts on social media can result in plenty of revenue generation when done properly. Set your own budget and track the results of individual ads you launch in real-time. Use Facebook Ads for accurate results when launching sponsored post campaigns.
- PPC: PPC, or Pay-Per-Click ad campaigns are available on Google AdWords and with the use of third-party serving solutions. PPC ads allow you to set a price you are willing to pay for each click you receive to your website.
- Guest Blogging: Becoming a guest blogger on a relevant and popular website that is similar to your brand is a way to appeal to an already-established audience. Paying for guest blog spots varies depending on the size of the blog and the niche you are targeting.
Implement A/B Testing Techniques
Utilize A/B testing techniques to hone in on the budget you have available for your marketing campaigns. A/B testing provides you with an opportunity to launch multiple ads simultaneously using different headers, lead-ins, and CTAs (calls-to-action). Test different ad formats using a limited budget to see which campaigns render the best results for your investment.
When you prepare ahead of time for upcoming marketing campaigns, maintain complete control of how your budget is divvied up and put to use. Knowing how to properly gauge, track, and interpret the results of each individual marketing campaign allows you the ability to master the art of marketing when working towards developing new and improved strategies for your business and brand. Taking the time to work through a proper budget for your next marketing campaign is a way to feel comfortable and confident in your decision when moving forward.