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Your Digital Marketing Budget for 2020

Have you thought about your digital marketing budget for 2020 yet?

That’s okay if you haven’t yet, but we strongly suggest putting together a plan and a budget for 2020. If you’re not quite sure what all can be included in digital marketing, here is a refresher according to Marketo:

At a high level, digital marketing refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile apps.

And if you aren’t using one of these channels in your business today, we’d be shocked.

Because most companies are using digital marketing to grow their business – whether they know it or not!

What are the digital marketing trends?

According to Hook Agency

“The digital/online part of marketing budgets is expected to be up from 42% in 2019 to around 45% on average by 2020.”

“Video marketing is growing the fastest. It’s anticipated to double from what it was in 2016 to 2021.”

Hook Agency also lays out the top three inbound marketing priorities for 2020:

  1. Growing SEO/organic presence (61%). Why is this important? Because it’s your free method of getting traffic to your website. If you can do well here, your business has a better chance of being found by your prospective customers searching online.
  2. Blog content creation (55%). The more consistent, quality content you put out — the more likely you are to build trust and authority in the eyes of your prospects.
  3. Marketing automation (50%). Using marketing automation means your marketing campaigns are more accurate and you can provide your sales teams more qualified leads, which is good news all around.

What does that mean for your marketing budget?

Of course, every company and industry are different. There are always several factors that determine budget amount. We suggest asking yourself a few questions:

  • Where are your ideal customers spending their time? The idea is to spend money where your prospective customers are hanging out. You don’t need to be everywhere or do everything.
  • What’s working the best right now in your business and how might you build on that momentum for exponential growth? It can be easier to boost what’s already working than to try and do a complete 180 when a particular marketing method is just not your thing. Bottom line: do what works.
  • What are your goals? This is probably the most important question.  Is it lead generation, or brand awareness? Do you want to grow your email list? Or is there something else? Just like you have to know where you’re going before you hop in the car, you need to know what you want to achieve before you can appropriately plan. Set your end goals for 2020 and work backwards to determine how you will get there and where your marketing budget will be best spent.
  • Where are you in your business life cycle? This can also play a role in budgeting. If you’re in the growth phase, it can be hard to spend a huge chunk on digital marketing.
  • What are you missing in your business that could make the biggest impact this year? Maybe you’ve considered building a mobile app — is this the year you try it? Where can you reach the most prospective clients – that’s where you want to focus.

 
More help setting your digital marketing budget

Depending on where you look online, you can be swayed to spend your money in a variety of areas. One article may say Facebook advertising; another might encourage video creation or prompt a new website. Other articles live and die by content marketing and imply that you should as well. This all can be overwhelming and difficult to know what the right mix is for your business.

A good starting point is looking at others in the industry. What’s working, what’s not? Surveys from reputable sites are a great source of information to help inform your decisions. If you can’t find much information on your specific industry, you could look at general trends based on your business type.

Altitude Marketing makes the prediction that digital marketing will get trimmed down to the essentials that really matter. Here was their lineup of the biggest 2020 B2B marketing trends:

  1. Consolidating excessively large MarTech stacks
  2. Fewer cheap, theme-based websites
  3. Focus on meaningful data, not vanity metrics
  4. Less marketing for the sake of “good marketing”
  5. Smarter, more targeted PPC advertising
  6. Blurred lines between marketing and sales
  7. Less use of traditional B2C tools
  8. More quality content being produced

The main point to remember with all of this information is your business is going to do the best, or get the most ROI, from the digital marketing you’re actually going to stick with. If you think you “should” do something, but don’t do it well — it’ll likely be a waste of time.

Final Thoughts…

It should go without mentioning that we are living in a time where the consumer rules. A seamless customer experience is paramount to a business’s success. With digital marketing, wherever you decide to spend money — it should make your prospects’ and clients’ lives better.

Hopefully this information will help you decide which direction you’d like your marketing to go next year and how that will impact your digital marketing budget.

If you’d be interested in working with us here at AKC to help identify relevant marketing goals for your business in 2020 and execute on those, reach out to the professionals at AKC Marketing.

 

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At AKC Marketing we honestly assess the perception of your company. We push to market you above your competition. We do this by igniting your inner brand - focusing on what your true value to the marketplace is. To make it impossible to be ignored in your industry.
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