How to Invest Your Digital Marketing Budget in 2023
We’re well and truly into 2023 now, and it’s past time that you got on top of your marketing strategy for the year. Whether you’re investing in outsourced digital marketing services or handling it all in-house, now’s the time to plan for a big year. Getting your digital marketing in order isn’t a small task, and there’s so much to do that it’s often hard to know where to spend your money. To help out, we’re going to go over the key areas you need to look at when investing your digital marketing budget in 2023, from Google Ads to SEO Brisbane services.
1. Dig Into the Marketing Data
Digital marketing is more data-driven than ever before. The tools built into Google Ads, Analytics, WordPress and social media can provide more data than you’ll ever be able to sift through. It’s easy to let the sheer volume of data put you off. But it’s important to get on top of your metrics if you want to know where to spend your digital marketing budget in 2023.
Planning your next marketing campaign needs to begin with a review of all the data you have. Website traffic, clicks, conversions, marketing spend and your total sales can paint a picture of what you’re doing right and what you can do to improve your marketing in 2023. Once you know where to start, you can allocate budget to renewing successful campaigns, planning your next move and cutting back on underperforming strategies.
2. Invest in Telling Your Business’ Story
The rise of social media and constant internet access has created an era where consumers want to connect with brands more than ever. In fact, about 64% of people want to feel connected with the businesses they’re buying from, and those relationships have real value for your brand. Strong relationships with customers deliver serious increases to brand loyalty, spending and trust, which can dramatically improve your bottom line.
So how do you connect with your customers? You need to invest in telling your business’ story. Your first port of call is to get on top of your social media profiles. Socials are the simplest place to connect with customers and tell real stories about the people in your business. Don’t be afraid to show behind the scenes footage and express your genuine personality online! Curating a social media presence that puts your brand’s culture on display is an effective way to build strong relationships and truly connect with your audience.
3. Spare a Thought for Your Existing Customers
When planning out your marketing activities it’s easy to get caught up on acquiring new business. And it’s true, you need a steady flow of new customers to help grow your brand. But that’s not the end of the story, and existing customers often have plenty of value to offer.
That means you need to dedicate part of your budget to retaining existing customers and encouraging them to continue buying from you. That could be as complex as developing a loyalty program, or it might be as simple as running an email campaign that rewards returning customers. Remember that it’s far more cost-effective to leverage your existing customer base rather than trying to acquire new clients all the time. Spending a small amount of your budget on retention can have a huge impact on your bottom line.
4. Update Your Market, Competitor and Keyword Research
It goes without saying that market, competitor and keyword research should be an ongoing process for every marketing team. Unfortunately, new research is one of the first things to fall by the wayside, especially when our marketing campaigns are delivering successful results.
But it’s important not to rely on your current strategy and to ensure you’re always working on the next thing. It doesn’t take much of your marketing budget to allocate time to research. All you need to do is review your current strengths and weaknesses and look for areas of improvement. Are your product offerings still relevant to your customers? Are your competitors pulling ahead in any areas? Do you have the data you need to power your next marketing campaign? Spend a few hours renewing your research, and make sure you allocate time throughout 2023 to periodically review and refresh your information.
5. Optimise Your Paid Ads Strategy
Running paid ads on search engines and social media is one of the best ways to make money in 2023. Not only are these ads priced reasonably, they provide a mountain of data that allows you to optimise each bit of your campaign. If you aren’t already investing in Google Ads then now’s the time to get started.
Google is constantly developing their Ads offering. It’s now smarter than ever, and that means it’s the perfect tool for connecting with your customers. But it’s important to keep an eye on your campaigns and make sure they’re delivering the returns you need. Be careful not to rely too much on Google’s automated campaigns. These can deliver great performance if you have lots of data, but you’re still the expert, and you can often get a better ROI by taking an active role in managing your Ads.
6. Invest in Your Long-Term SEO Strategies
If you haven’t gotten into Search Engine Optimisation (SEO) then now’s the time! SEO is all about making sure your business shows up highly when customers are searching on Google. The best part about occupying Google’s top spots is that you don’t have to pay for all the clicks and attention you receive! The organic traffic is free, and it’s the key to growing your business over the long term.
SEO can be a serious investment of your marketing budget, and it can take months before you start seeing serious results. But the wait is worth it in the long run. By investing in SEO you are future-proofing your business and developing a self-sustaining online presence. Once your SEO is performing, you’ll have all the traffic you need to increase sales, grow your business and achieve success!