Advertising: Budget Allocation

Advertising: Budget Allocation

With the digital world growing faster now than ever – especially in the year 2020 when everyone has shifted to online platforms. Could it be best for you to allocate a large sum of money into digital advertising? It becomes a dilemma for many advertisers due to the various platforms available – LinkedIn, Instagram, Facebook, TikTok, Google, and the list goes on!

Hang in there, take a breath! You do not need to spend a fortune on advertising and you should not! Some may even tell you that you should not spend on advertising before you have made a profit. This strategy will not benefit your company – you will not be able to make a profit if you do not have an audience!

For many new companies, you may be looking at using 12% – 15% of your gross income for advertising. It is important to note that advertising requires a lot of trying and learning from the errors made – from knowing where most of your audiences are and what they prefer to see or learn from you. Therefore, remember not to spend money that you cannot afford to lose.

Social media marketing is a low-cost method, compared to other marketing methods, if you do not hire an agency to help you. However, it may be a long road to pave through and a lot of issues for you to learn and tackle the problems yourself.

Look at your gross income and take 15% of that. Then explore your possible options to test out your advertising ideas. If you are selling a product targeting 22-34-year-old females, Instagram may be a good fit. You may also want to add Facebook to your list, according to the demographics of your audiences.

Try your best to allocate enough to hire a professional content marketing planner, to help you with the nuances and distribute the rest for analytic platforms that can help your growth.

Remember always to take baby steps to your growth!

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