3 tips for increasing your marketing investment

3 tips for increasing your marketing investment

 

When you’re handling a marketing budget, it can be difficult knowing how to spread it between the many channels now at your disposal.

Do you invest more heavily in social media and less in email marketing? How much should be set aside for video? And are growing technologies such as augmented reality worth the early investment?

Over the past few years, digital marketing has gone mainstream. Rather than being an add-on to traditional marketing channels, it has become such an integral part of marketing strategy that including the term ‘digital’ almost seems unnecessary.

Even so, it’s interesting to see where businesses are investing in digital specifically. A recent survey, conducted by ratings and review firm Clutch, explored the digital marketing channels that businesses are investing in for 2017.

Optimism driving increased investment

According to the results of Clutch’s 2017 Small Business Digital Marketing Survey, there is a general sense of optimism overall.

Of the 350 small business owners and managers surveyed, more than half (59%) expect to see their revenues grow in the coming year. This expectation of future revenue is also bumping up their advertising and marketing spend, with 49% planning to invest more in these areas in 2017.

This suggests that attitudes are shifting, when you factor in the modest digital marketing investment witnessed in 2016; 68% of respondents reported spending less than $100,000 last year, while 41% spent less than $10,000.

Paid social is a key focus

Of all the digital marketing options available, it’s paid social media where small businesses are most eager to invest. More than half (58%) of respondents said they would be increasing their investment in this channel in the year ahead.

This was closely followed by their company website, which 56% of business owners planned to plough more of their budgets into. More than a third also planned to up their investment in email marketing (39%) and SEO (35%).

Local SEO strategies

The experts highlighted SEO strategies that prioritise local search as being a key trend to keep their eye on this year. Have you completed your ‘My Business‘ profile for Google? That’s a great starting point to giving your brand increased prominence for search queries around your premises. Want to go further? Google loves reviews, and businesses that engage with their reviewers even more! If your brand relies heavily on local search, there are more loads of ways to improve the relevance of your SEO activity.

Future technologies

Interactive technology such as virtual and augmented reality isn’t exactly the future – it’s already being adopted by companies the world over – but it is still a relative newbie in marketing terms, and can be costly for small businesses. However, a surprisingly high number of respondents (17%) will be investing in VR and AR this year – with an emphasis on low-cost entry video options such as Instagram Stories.

Invest in Expertise

While over 90% of respondents employ in-house digital marketing staff, 80% also work with one or more digital marketing agencies.

For help with your digital marketing campaigns, get in touch with us at Fireworx to see how we can make your investment work harder.

2018-08-13T10:53:02+00:00