During a time of financial and geopolitical uncertainty, catalytic leaders must put together a marketing budget to support revenue growth based on the business strategy. According to Gartner, marketing budgets as a percentage of company revenue have increased from 6.4% to 9.5% in 2022.
Digital marketing is a cost-effective and efficient way to grow your business, and in this blog we’ll go over how to invest in digital marketing to get the most out of your marketing budget. Your digital marketing investment, when used strategically, can provide numerous opportunities to maximize your revenue growth, including:
- Reaching new customers
- Increasing conversions
This recent New York Times article suggested 15 ways to optimize your B2B online presence. To help you identify how to invest in digital marketing strategically (and based on our experience in creating demand generation) we’ve identified the top 4 digital marketing investments that should be on your to-do list!
1. Business Strategy
Develop an effective business strategy to solve a specific business problem. By taking into account various aspects of your business, such as your business model, customer needs, and market trends, you can create a strategy that will deliver results.
With a clear roadmap in place, you can focus your resources on the areas of greatest potential and keep track of progress towards your desired growth. Investing in a business strategy is key to increasing profits and getting the most out of your digital marketing.
2. Marketing Strategy
Documenting a your strategy to align with your business strategy is very useful because this creates transparency, accountability, and consistency across the organization.
The right marketing strategy will focus on:
- Demand generation
- Driving traffic
- Increasing lead to client conversion
- Customer retention
A marketing strategy identifies the digital marketing channels which offer the most potential and provide the highest ROI for your business. The marketing strategy should also include tactics for engaging with customers and measuring progress.
With a comprehensive strategy in place, you can be sure that your digital marketing investment is working hard to support your goals and maximize revenue growth!
3. Strategic Marketing Audit
Is your business over 2 years old? It might be time to audit your online presence.
This audit will tell you how well your current strategy is performing and help you identify areas of improvement. With this data you can move forward and make informed strategic decisions.
Pace Creative is an experienced agency for digital marketing audit services and we can speak to their benefits!
4. Strategic Marketing Plan
Change your approach from quick wins to a long-term perspective and become a catalytic leader.
Putting together a two-year plan is very useful because it allows the executive team to stay accountable and on track with bringing value to their business. That’s how you can play bigger!
