What Should Your Marketing Budget be in 2020?

We have seen a dramatic shift in marketing strategy occur over the past few years. Digital marketing has grown significantly. Largely to the increased returns provided by the burgeoning online customer market.

With projection indicating further growth within the competitive online space. Awareness has become a coveted commodity. In an age notorious for individuals with ever-decreasing attention spans being recognized is becoming more and more difficult.

Marketing in 2020

Many have turned towards innovations within the digital marketing space to capture the elusive attention they desire. Local SEO represents the attempt to capitalize on the potential.

Search engine optimization is no longer an interesting attempt but a tried and true method with exceptionally high conversion rates. Offering immense return on investment, a boon to top tier Local SEO companies. 

With many companies increasing their capital investment in such marketing, the question emerges how much should we spend on our marketing budget in 2020?

Marketing In 2020

Marketing budgets are different for various industries. Universally 8% of your gross revenue is the agreed-upon recommendation as far as a percentage. However, dependent on your current marketing company you may see significant fluctuation and discrepancy regarding their recommendation.

Many companies are pointing toward the competitive online market as a reason to raise that percentage. Establishing an online presence is of the utmost importance and requires a substantial investment. Others argue that the efficiency at which top tier digital marketing companies are able to operate offsets the needs for additional funding.

However, utilizing the proper digital marketing company is a factor they all agree upon. Protect your investment and identify productive partners.

The Importance of Digital Marketing

Digital marketing is crucial to the proper implementation of marketing and capturing the optimal return on your marketing budget. The modern customer interacts at least fifteen times a day with online platforms.

Social media acts as a constant tether bringing customers back to their devices. Encouraging engagement with other websites.

Google accounts for the vast majority of the search engine userbase drawing multiple visitations. The potential is astronomical. Our society continues to emphasize the use of smart devices. Providing engagement not restricted by location or current activity. 

We believe 55% of that marketing should be spent on digital marketing. On average most companies spend 35%. A weak sum when compared to the growth potential that digital marketing offers. Those companies are living in the past, do not repeat their mistakes.

Return on Investment

Make your money work for you. Money is precious. Every cent should be spent to advance and grow. This is why return on investment is so very important and an excellent way to evaluate marketing effectiveness. There should be a tangible result. The impact should appear in increased traffic and a higher conversion rate. Which is why we emphasize digital marketing as worthy of a greater investment.

The primary focus is making that investment work for you. Maximize the return by investing in effective and impactful marketing

Thanks for reading

Share via social media

Comments are closed.

You may also like