Where do you plan to invest your marketing dollars in 2019 and beyond? If you don't already have your marketing budget in place, then your risk of being outperformed by competitors is high.
Maybe you're trying to get your ducks in a row but just aren't sure where to allocate your marketing dollars. If that's the case, then you'll find the following guide helpful.
Analyze the Moves of Your Competitors
Sometimes, it's easier to see what you should do as a marketer by looking at what others in your field are doing. If you keep your ears to the ground, you can easily stay ahead of the curve.
From what we're seeing (according to Forrester Research and eMarketer), 42 percent of firms are planning to increase their marketing budget for online marketing. This is expected to increase by another 3 percent by next year. We also find that search will take a large slice of online spend.
Let's take a closer look at how marketing budgets will likely be allocated.
What Are the Top 3 Marketing Strategies You Should Invest In?
One of the best ways to predict the future is to look at current trends, especially those that yield a positive ROI. Let's have a look at what the data shows.
1. Email Marketing (18 percent)
One survey shows that email marketing yields the highest return for brands. Nearly 60 percent of marketers say email is their largest source of ROI. So it's understandable it was anticipated that brands would invest a whopping $350 million in email in 2019.
2. Social Media (17 percent)
Next in line is social media marketing. With marketing technologies and martech stack, marketers are quickly adopting social media marketing into their digital strategies.
With 63 percent of consumers expecting companies to offer customer service via social media channels, it's critical to have a system in place that'll make marketing and customer relationship management a breeze.
3. Search Engine Optimization (14 percent)
SEO continues to be a big deal in marketing and for good reason; it yields long-term results. A social media post disappears into the feed within hours, and emails can disappear just as quickly. However, when you have a high position in the search engines, you'll always be accessible to those searching for your content.
The only thing that comes close is paid search, particularly social ads (4th on the list). However, content marketing (5th on the list) and SEO will always reign supreme when it comes to long-term benefits.
So as you're putting together your marketing finances for the year, keep this in mind. Your best bet is to look at your current strategies and determine what's working and what isn't.
Chances are, you're already using several items on this list. If they're not giving you the results you desire, then consider revamping your strategies vs. throwing them out.
Build a Future-Proof Strategy (within Your Marketing Budget)
As you begin planning your marketing budget, it's vital to look at your current financial state.
What's your revenue, and what's the ROI of your strategies?
More importantly, which platforms does your audience use the most?
All of this will help you to determine the tactics in which to invest and how much to allow for each one.
If you're interested in investing in martech to improve your strategies, then consider one that'll clean your data. All of your marketing campaigns rely on the data you collect. The cleaner (more accurate) your data, the easier it is to create high-converting segmented campaigns.
Learn more here about building a strategy using B2B marketing data and technology.