I shared this engagement with digital marketing as It was my challenge to start up the business in new location, more than one questions need answers, how to start, which channel I have to choose, how much should I spend and from where I should start.
Very important step whatever approach you take, build a business plan that includes investment in marketing.
Marketing depends on the company’s unique circumstances, like product, services, target market, location and whether you’ve secured funding. That said, there are a few universal considerations that can guide your marketing costs no matter your industry.
How much should I spend for marketing?
There is no a clear-cut answer as to how much a business should spend on the marketing cost. However, as a general estimate it is recommended that new companies spend around 20-25% of total revenue on marketing costs, while this figure is in the range of 10-15% for more established companies.
How to start my marketing?
You have to choose the marketing channels that should fit with your business objectives. You have a fair number of choices in today’s digital world when it comes to picking a marketing channel to reach your target customers. There are no marketing channels are come out with the same results and, as such, the channels that you choose should be primarily influenced by your business objectives. For this reason, you should first determine what exactly your business objectives.
When determining your business objectives, it’s important to categorize them into short-, medium- and long-term objectives. As a startup, this will inevitably revolve around your financial situation and how much investment you have secured. For instance, if you need to reach a certain customer or user benchmark before qualifying for your next round of funding, then that should be your short-to-medium-term objective. While using more channels means higher marketing costs, it also means faster and more consistent results. As such, your marketing budget – and channels – should be directly fit to the amount of funding you have secured and can afford to allocate.
It’s also important to assess your company’s internal skills and capabilities so that you have a reasonable understanding of what should be outsourced and what can be done in-house.
Here are some things you should consider for each of the major channels
Branding is the process of creating a strong, positive perception of a company, its products or services in the customer’s mind by combining elements as logo, design, mission statement, and a consistent theme throughout all marketing communications. Effective branding helps companies differentiate themselves from their competitors and build a loyal customer base.
These days there’s no excuse for any company not to have a great website. It serves as a foundation for your digital presence and complements all other digital marketing strategies. Great website design it’s worth it.
QR Codes serve as a viable technology to power your proximity marketing workflows Use it as a virtual business card to share contact information, advertising to engage shoppers with short video content and many more marketing ideas.
SEO ( Search Engine Optimization )the process of taking steps to help a website or piece of content rank higher on search engines like google, bing, yahoo, search.. To make it a bit simpler, search engine optimization means taking a piece of online content and optimizing it so search engines like Google show it towards the top of the page when someone searches for something.
Pay Per Click advertising, like Google AdWords and targeted ads on Facebook, is a digital marketing staple. It’s a great way for young startups to see traffic and conversions when their site has limited domain authority and SEO rankings – both of which take time to develop organically. As such, PPC is suited for startups with investors that need to see results quickly.
Social media marketing is the use of social media platforms to connect with your audience to build your brand, increase sales, and drive website traffic. This involves publishing great content on your social media profiles, listening to and engaging your followers, analyzing your results, and running social media advertisements.
The major social media platforms (at the moment) are Facebook, Instagram, Twitter, LinkedIn, Pinterest, YouTube, and Snapchat.
everyday new channels will be there and we have to toss across the channels and choose the effective one and I recommend to try every channel for 3 times and look into response before the second round.
creating budget and conversion models
For creating budget and conversion models we can use as this research on campaign response rates PCT. from Nellymoser.
- Display ads: 0.05 to 0.1% CTR (Banner ad clickthrough averages)
- Facebook or LinkedIn ads: 0.01 to 0.05%.
- Paid search: 0.5% to 2% (highly dependent on targeting and bidding across campaign and proportion of brand/non-brand search phrases) (Average Google clickthrough rates by sector).
- Email (ad in E-news): 0.1 to 1%
- Email (House list): 1 to 10% (Email campaign response compilation).
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