Spending Your $5,000 Marketing Budget

Spending Your $5,000 Marketing Budget

According to Netcraft’s Web Server Survey from January 2018, there are 1.8 billion websites online. Your business’s website is just one of these billions of sites. Because of this fact, it is very important that you take steps to boost your website’s online presence. This will not only increase your traffic but also help you to generate more sales leads. Your online success will depend largely on the quality of your digital marketing efforts. What can you do with a $5,000 monthly marketing budget to meet such goals? Here are a few ideas.

Search Engine Optimization
Most businesses need to rank highly with Google, as this is the search engine most consumers use when they start any online activity. With approximately 5.6 billion searches completed on-site each day and 63,000 completed per second, Google is a powerhouse when it comes to individuals looking for answers and information online. In fact, search marketing and SEO is so important in today’s market that you should almost definitely consider focusing solely on optimizing your content for Google if you cannot afford the time or money it takes to focus on any other marketing aspect.

Online Traffic Boosters
Did you know that there are some steps you can take that will allow you to boost your business’s online visibility?

Here are a few to consider:

  • Fixing each broken link on your website by running a special script
  • Adding structure content, also known as schema, to your website to allow your information to be pulled into Google search results
  • Using a free Google Maps listing to add your business’s address and basic information to Google’s online directory

Much like with social media, many of these tasks are free of charge. They will take careful effort, however, so make sure that either you or your team is up to the challenge.

Social Media Marketing
Social media is highly valuable to your business – not only because it has shaped modern culture, but also because it has numerous capabilities that can boost your business without harming your marketing budget. Which sites should you consider?

Here are some social networks you can try out:

  • Pinterest, which has over 250 million registered users and is great for those in a visuals-focused industry
  • Twitter, which boasts more than 260 million registrants
  • Facebook, one of the most well-known sites which has more than two billion users
  • Instagram, which has more than one billion users and is popular among members of younger generations
  • LinkedIn, which may require your business to complete some registration steps to create an account

Before signing up for any social media site, ensure that you or your team will be able to take the time needed to post relevant content to your profile once per week or more. You will also want to make sure that the site is appropriate for your business, its content and its target audience. Depending on your budget and needs, paid social advertising may be something you want to invest in, which will take both time and money out of your business. Keep in mind that quantity is rarely more valuable than quality, and being on numerous sites may not be what your business needs to grow.

Customer Relationship Management
CRM allows you to stay up-to-date with your customers and their experiences with your services or products. Even the simplest of CRM software can send your customers automatic updates, such as emails for product reviews or questions about their experiences. Most importantly, a good CRM program allows you to gain a better understanding of who your customers are and what products they have purchased, saving you and your customers a great deal of time and frustration in the long run. Typically sold on a cost-per-use basis, most CRM software programs are available between $30 and $300 monthly for each user, though some companies charge annual license fees instead.

Free Research
If you are looking to start some basic market research within your industry, utilizing Google Alerts and Google Trends is a great start. These tools allow you to see what is going on in your market and what your audience is talking about, allowing you to keep abreast of this ever-changing world. Google Alerts even allows you to add your own company to your notifications so you can get ahead of any news about your business.

Customer surveys are another vital part of any solid marketing strategy. These helpful tools allow you to understand a number of different variables that can then serve to help you understand your business’s marketing needs, including your competition, what pricing strategy is appropriate for your business, how your customers need to be talked to and who your customers are, to name just a few examples. If you want to savie your marketing budget from surveys, consider utilizing Survey Monkey, especially if you are looking to avoid hiring an outside research firm. Survey Monkey allows users to run and create unlimited surveys for the low monthly cost of $24.

Sample Budget
Now that you know what marketing elements are most valuable for your business, how can you figure out how to fit them all into your $5,000 monthly marketing budget?

Here is one general example of what an average company would spend on each of these tools and strategies monthly:

 $400 each month on Customer Resource Management software

  • $1,000 per month to outsource social media content creation
  • $2,000 for Google AdWords research
  • $50 discounts or similar incentives each time customers are asked to take surveys
  • $1,500 each month for paid social media advertisements

Keep in mind that these costs will vary based on your skill level, your team’s size and your business’s unique goals and needs. If you aren’t capable of completing advanced marketing work by yourself, don’t have a team that is capable of doing so or don’t want to spend that much time focusing on your business’s marketing, you will want to hire an outside marketing firm to help you set up SEO plans, manage social media, enhance your website and complete other important online advertising tasks. The right company will be made up of highly trained experts who understand your business’s individual needs and are able to use the right marketing tools to help your business thrive online.

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