To profit in today’s very competitive marketplace you have to develop a dynamic, cohesive marketing strategy. Online marketing is used to introduce and promote your products or services to your potential clients. Without powerful marketing strategies your customers will have no way of learning about your brand, and the growth of your business will be severely impeded. It’s true that some business owners don’t feel the need to create a strong online presence, and indeed many are successful in maintaining, or even improving, their revenues without a dynamic marketing presence, but increasingly their customers will be turning to the internet when making their purchasing decisions.
In addition, with the ever-increasing use of mobile devices, lots more people are using their phones and tablets to assist with their online shopping.
To succeed in today’s competitive marketplace you must create and implement a powerful multi-device, cross-channel digital marketing strategy to reach your potential and existing consumers.
Marketing Budget: How Much Should You Allocate
In general, it’s thought that new businesses should invest a minimum of 10% gross annual income into their marketing strategy, and this should include online, print, and networking proposals. However, the magazine ‘Entrepreneur’ suggests that if you want to promote your objectives and sales, more money and time should go into your strategic marketing action plan – from between 20 and 30% of your projected annual gross income, especially if you’re introducing a new service or product.
Of course these are just suggested figures. The United States Small Business Association suggests that businesses with revenue of $5 million or under should be allocating 7 – 8% of revenue to marketing. This money should be spread to cover business promotion and brand development costs. It’s also suggested that a small business’s marketing budget should consider the industry involved, size of the business, and where it’s at in its growth. Equally important is how the budget is spent and the budget should clearly outline costings for marketing goals within a certain time-frame.
Remember That Your Competitors Are Increasing Their Marketing Budgets
In order to fuel business growth, and as the economy continues to recover and grow, many more marketers are advising that their marketing budgets will be increased. In the Marketing Budgets Report published by Econsultancy, at least 60% of marketing consumers who responded said they are planning to increase their total marketing budget for 2014: this is much higher than the 54% in 2013 (45% in 2012). 40% of marketing suppliers who responded said their clients will also be increasing their marketing budgets this year, and this is up from 39% in 2013 (30% in 2012).
With regards to budgets for digital marketing, the number of businesses increasing their marketing spending remains at 71%: this has been consistent since around 2009. More companies are focusing on driving business growth through digital channels, in addition to sales conversions and leads. In the meantime, a mere 20% of businesses are planning on increasing their offline (or traditional) marketing budgets next year, and 55% of businesses plan to retain the same budget.
Acquisition Marketing: That’s What Your Competitors Are Focusing On
The Marketing Budgets Report also pointed out that in 2014 more businesses will be focusing on marketing for new clients (known as acquisition marketing), rather than maintaining their existing ones. 34% of the respondents advised that they are focusing on acquisition marketing (31% in 2013) while maintaining existing contacts, including retention and engagement, are down to 18% this year (24% in 2013). This slight boost in acquisition marketing is attributed to both the increase in budgets for marketing and the improved economic climate.
2014 Marketing Spend: Social Media, Email Marketing, and Search (SEO and PPC) Are Leading the Way
A recent StrongView survey examined business leaders and their intended 2014 marketing budgets. The result was that 52% of respondents will be increasing their budget for email marketing, 46% will increase their social media budget, and 41% will increase SEO and PPC spending.
On the other hand, traditional advertising sources are noticing a very significant decrease in spending. The StrongView survey showed that 32% of businesses plan on decreasing their print advertising and 21% will be decreasing their direct mail spending.
The challenge this year for marketers is to access and leverage the huge amounts of generated data from the increasing number of marketing channels. 40% of survey respondents stated that accessing and leveraging their customer’s data was their biggest email marketing issue, with 32% of respondents saying that they’re finding it difficult to develop better engagement.
Professional Consultation Can Advance your Business Goals and Marketing Objectives
It’s certainly true that developing a powerful marketing strategy is vital for the success of a business seeking to promote growth, increase profits, and improve leads and sales conversions, but it can be a difficult process to budget for these objectives. All businesses, whether they’re small, medium, or large enterprises, experience this problem.
That’s why we’re here! We can assist business owners like you in identifying the perfect marketing budget for your specific business, helping you to promote your business goals and marketing objectives. For just a limited time we’re offering FREE PROFESSIONAL CONSULTATIONS WORTH OVER $1,000 to those business owners who are determined to develop optimal marketing budgets, and to guarantee that they become more competitive and therefore more profitable in this ever-increasing volatile marketplace.
This FREE consultation includes a complete and comprehensive research and analysis account with a comprehensive online marketing services plan, enabling you to have a better understanding of your current presence online. You’ll also get a clear picture of what your competitors are doing, and what actions must be taken to push your business and marketing goals.
Our normal charge for this consultation is $1,000, because of the extensive research and analysis required and undertaken by our highly qualified and experienced staff. Certainly you will not find such a comprehensive and thorough consultation anywhere else, and certainly not for FREE. If the online marketing world is where you’re competing, then you most-likely need the advice and experience of a knowledgeable and professional consultant.
We take extensive time to research and analyse your specific target markets and goals, including your brand, previous marketing strategies, your industry competitors, and the industry itself, in order to create a powerful online marketing strategy for your business. Then, with all this knowledge we will proceed to implement your new strategy, and each and every step and milestone will be in sync with your marketing goals.
The online marketing services plan we prepare will detail the services you’ll need to satisfy your marketing targets and business goals, together with a timetable and marketing budget.
This is your opportunity to enjoy a top-quality FREE consultation with a lot of valuable information from people who are experts in their field. We’re happy to meet with you, so call now, or send us a message, and we’ll schedule in your FREE consultation.