Are you achieving the desired results in terms of traffic, leads, and conversions? If not, it’s crucial to incorporate a robust digital marketing plan into your budget. Fortunately, effective digital marketing campaigns can be executed without breaking the bank. To maximize the efficiency of your marketing expenditure, focus on campaigns with the potential for high returns.
Wondering how much you should allocate for your digital marketing budget? According to Entrepreneur:
- For new businesses (less than five years old), allocating 12 to 20 percent of gross revenue to marketing is recommended.
- Established companies (with market share and brand equity) can allocate six to 12 percent for marketing.
Moreover, for digital marketing services, most companies allocate approximately half of their total marketing budget.
Which Digital Marketing Strategies Are Most Effective on a Limited Budget?
Here are five online marketing tactics that offer cost-effective solutions:
- SEO-Optimized Content Writing
- Local Search Engine Optimization (SEO)
- Email Marketing
- Social Media Marketing
- Link Building
These strategies share a common characteristic—they can all kickstart as low-cost marketing approaches.
1. SEO-Optimized Content Writing
A highly recommended digital marketing technique is business blogging, which can significantly enhance your website’s visibility on search engines. Studies have shown that blogs lead to a significant increase in indexed pages and links, resulting in more site visitors.
For example, Ahrefs experienced a 1,136 percent increase in traffic over three years by consistently posting articles. Similarly, Sierra Group achieved remarkable results, including a 101.66 percent increase in visitors and a 630.27 percent surge in organic traffic.
2. Local SEO
Local SEO focuses on enhancing your visibility in a specific geographical area. This is crucial for businesses that primarily serve a local community. Optimizing your Google Business Profile is equally important to appear on Google Maps.
3. Email Marketing
Email marketing boasts one of the highest return on investments (ROI) among digital marketing services. The average ROI for email marketing is an astounding 38-to-1, resulting in a 3,800 percent return on investment.
Beyond its cost-effectiveness, email marketing enables you to communicate with existing and potential customers, build brand awareness, generate leads, and foster brand loyalty.
|Average Click Rate
|Media and Publishing
|Social Networks and Online Communities
|Photo and Video
|Home and Garden
Table: Top 10 Email Marketing Average Click Rate by Industry
4. Social Media Marketing
With users spending an average of two hours and 24 minutes per day on social media platforms, it’s a prime avenue for connecting with your audience. The return on investment for social media marketing can be substantial.
For example, Petersen Gaming gained over 290 thousand followers on Facebook within four months, with post engagements reaching 118 thousand. The cost per link click and video view were impressively low.
5. Link Building
Within a digital marketing strategy, link building involves acquiring backlinks from other websites. Its primary objective is to signal to Google that your pages hold value, warranting higher rankings due to inbound links.
However, link building can be a two-edged sword. If links originate from questionable sources, it could potentially have a negative impact. Yet, reputable agencies offering ethical (whitehat) link building services can yield tremendous benefits.
When executed effectively, link building can enhance:
- Credibility: When a reputable, authoritative site links to yours, it bolsters your credibility. Accumulating quality backlinks can elevate your overall authority.
- Traffic: Authoritative sites typically attract a substantial volume of visitors. Some of these visitors may click on links leading to your site.
- Leads and Sales: Site visitors represent potential customers. Converting these leads into revenue becomes a viable opportunity.
- Site and SEO Metrics: Ethical link building activities contribute to improving vital metrics such as:
- Domain Rating
- Domain Authority
- Page Rank
- Alexa Rank
Is There an Optimal Digital Marketing Budget Plan for You?
Regardless of your allocated digital marketing budget, there exist cost-effective strategies at your disposal. For instance, if your website is struggling to attract visitors, consider kickstarting your digital marketing efforts with either local SEO or content creation. Depending on your specific business, social media could also be a viable option. Investment in social media marketing far surpasses the returns.
In any case, these strategies have the potential to bolster your revenue. Leadshouse ensures tangible results by leveraging the expertise of our digital marketing specialists on your website. Additionally, our dedicated team conducts thorough research and metric analysis behind the scenes.
Are you eager to amplify your site’s traffic, leads, and sales? If so, complete this form to receive tailored expert advice on the most suitable approach for your needs.