With 2019 around the corner, digital marketers should be planning new budgets. Hopefully you saw revenue growth in 2018 and want to keep the momentum going upward.
When thinking about your strategy, it could be a good idea to research new platforms for social media planning, emails, and even CRMs. Each year these companies come out with new features and update their services. It may be a good idea during your “down time” to test out platforms and see if any would a beneficial addition to your business or agency in 2019.
Small businesses should plan to spend 3% of total revenue on digital marketing. If you are following the SBA’s suggestion of 7%-8% total marketing spend, that’s almost half of your budget. Digital marketing is important, expensive, and worth every penny.
Traditional marketing is dying as it becomes difficult to target key audience groups, concretely measure ROI, and connect with people quickly. Isn’t that why we have the internet anyway? To connect with people globally at a push of a button.
Creating An Actionable Business Plan
Before you think about your marketing budget, it’s best to plan business goals for the year and an achievable actions to make them work!
SMART goal setting can help:
Following this structure when thinking about long term or even short term project goal can help you and your team stay focused.
Beth Comstock formed CMO at GE, shared her 70-20-10 rule at the Inbound HubSpot annual marketing conference.
70% of time spent on “Now”
20% of time on “Next”
10% of time spent on “New”
70% of your budget should be going to what you already know works well for your business. Search, email and automation, content, and paid media are typically the big ones. Once you have the these covered – 20% should be focused on the new products or services you want to offer, new people you want to target, and expanding technologies. The final 10% should go the outer limits – testing out something new that you’ve been eyeing that can really push your business to the next level.
Money Makers in 2019:
YouTube Ads and Micro-Influencers are two areas you should focus on in 2019. If you’re not already.
If you haven’t tapped into YouTube for yourself or offering it as a service with your B2B agency. You are missing out on a lot of money. YouTube is the second most visited website in the world. Youtube generate 6% of Google’s ad sales revenue and YouTube just announced they will begin showing 2 ad rolls per break instead of just one. This is done in order to be more like traditional television and produce more money through advertisements. Creative and engaging video ads will perform bets on the platform since sometimes the option is given to skip an ad after 5 or 10 seconds. If an ad is captivating enough viewers will keep watching.
The Magic of Micro-Influencers
Don’t have $480,000 in your marketing budget to pay Khloe Kardashian to advertise your toothbrush? Paying for micro influencers on Instagram may be a better use of your hard earned dollar. Micro-influencers have 30k – 100k followers and typically have higher engagement rates than the superstar Instagram user with 1M + followers. Micro influencers tend to be more trustworthy to their followers. Investing in a few micro-
Where are your marketing dollars going in 2019? If you need assistance with social media, SEO, or Google Ads – we would love to help!