The easiest way to sink a company is to spend all your cash on stuff that doesn’t make you any return, you might as well burn it. You’ll end up with empty pockets, struggling to pay the bills, and you’ll have to shut the business down. So many people end up doing that because they hear the phrase digital marketing and just start throwing money at it. It’s true that digital marketing is important and if you get it right, it can improve your sales, but that doesn’t mean you should just spend your whole budget on it and expect to be a successful company a few months down the line. If you actually want to improve your digital marketing and stay afloat at the same time, you need to think about how much you can afford to spend on it. Here are a couple of questions to ask yourself before you blow all of your cash on digital marketing.
What Do You Need?
So many people go online and read a couple of articles about digital marketing and decide that they need to improve their SEO and link building so they go out and spend a load of money on it. The thing is, their SEO might have been fine, in which case, that’s all wasted money that could have been spent on updating a tired website or getting somebody to write great content. Before you start getting your wallet out, you need to look at the reasons why your digital marketing isn’t working properly and find out where that money actually needs to be spent, otherwise, you’re just wasting it. Looking at the analytics on your website is one of the easiest ways to do it because it’ll tell you stuff like how many people are visiting the site, whether they’re coming from certain links or through your social media profiles etc. It’ll also tell you if people are actually staying on the website or if they’re taking one look at the homepage and saying no thanks.
What Can You Afford?
So, you’ve read some articles online and they say you should be spending 10 percent of your entire budget on digital marketing so that’s what you’re going to do. The thing is, you might not be able to afford that and just because you’ve read it online, it doesn’t mean that it’s the best thing for you to do. Don’t just blindly follow advice that doesn’t necessarily apply to your company, stop and take a minute to think about it. Look at what you’re bringing in and what your expenses are if there’s a surplus left over then you can think about increasing the amount you spend on digital marketing.
Have You Waited Long Enough?
You’d be forgiven for thinking that digital marketing is some kind of magical key that unlocks huge profits in an instant, but that’s not it. It takes time for you to see a return on your digital marketing spending but so many people get impatient and start pumping more money into it because they think it’s not working when the reality is that they’ve just not waited long enough to see any effects.
You’re not going to get anywhere by blindly throwing money at digital marketing, stop and think about it first.