If you are an online entrepreneur, you know that business doesn’t always come cheap. That’s why it’s important to have a digital marketing budget that will help you drive traffic to your website and generate more sales in the process. How much are you willing to spend each year? What should you spend it on? These are a few questions that most online entrepreneurs ask all the time. With that said, let’s take a look at what your digital marketing budget should consist of and how much you should pay?
1. Website hosting and domain
Most online entrepreneurs will need a website host and a domain. It will depend on the kind of business they want to run. If they are planning on running an eCommerce store, they can look at various platforms like Shopify or Woocommerce. As for regular hosting, they can rely on website hosts like Bluehost, Hostgator, or GoDaddy (and others). As for the price tag, the pricing is different depending on the provider. If your budget is on the low end, you can go for the basic hosting package. The prices will vary depending on the provider.
2. Social Media Ads
In the age of social media, traditional ads have become less useful. In its place are ad platforms that are run by Facebook, Twitter, and Linkedin among others. The only difference is that social media ads can be run for a small amount of money and a certain period of time depending on the budget. You can run one Facebook ad for $5 a day for one week and the ad spend will run at about $35 per week. If you are starting out small on a shoestring budget, you can just run one ad to test out the message and sell what you are offering. Remember, the more money you spend on a single ad or an ad set, the better the chance it will perform.
3. Google Ads
The most visited search engine on the Internet is Google. Every time you search for something, you are always bound to see an ad based on a certain keyword you searched for. This is where Google Adwords comes into play. You find a keyword that will best fit your brand and you put together a quick ad. The amount of money you spend will depend on the keyword and the cost per click that goes along with it. The more competitive the keyword, the likelihood that the CPC will be higher.
4. Email Marketing Software
Digital marketing will also include emailing your list on a regular basis. That means finding a reliable email marketing software that will best fit you. If you are starting out with little to nothing, Mailchimp will be a good place to start. It’s free when your list has less than 2000 subscribers. But once you go over that, you’ll pay at least $10 a month. Some other email software services to consider are Constant Contact, AWeber, ConvertKit, and others. Aside from the cost, take a look at which features will appeal to you the most. Be sure to take a look at the reviews so you have an understanding of how well it can function.
5. Miscellaneous Expenses
Of course, it’s always a good idea to set aside money in your budget for miscellaneous expenses. You might come across something that might be useful for your business. It can be an add-on for your website (i.e.–Wordpress plugin) or a bit of money that you can use to test out a new ad platform (i.e.–YouTube ads). You never know what will pop up when you are doing digital marketing for your business. It might even work in your favor if and when you do it right.
Digital marketing Budget
Having a digital marketing budget for the entire year will put you ahead of the curve over your competitors. It’s better to be prepared for what to spend it on than just throwing money around blindly. You can stick to your budget and find the best that you can afford to start. Once you make more money for your business, only then you can make adjustments accordingly. It can be more ad spend or even something else that will be beneficial for your business.