Is budgeting a perennial dilemma for your brand? This article aims to help you out by pointing out some of the easiest and most common mistakes and why you should avoid them.
Don’t get too distracted in getting the most original and creative content
Sometimes, a new type of channel, content, or fad comes around and everyone wants to ride the wave because it’s new. But does it really help your brand in the end. There are also many instances when a creative marketing team invests time and effort in some very flashy or new idea just because it’s so attractive and it gets a lot of attention. But in the end, if it does not really help your main marketing goals for your product, it might just be a waste of time. Do not let these creative juices get the better of you. Art has it’s place, always think about how your campaign, big idea, strategy will actually help to your main goals.
Don’t forget to invest in content distribution and channels
One of the main detriments of allocating too much budget on creatives is that sometimes, you may forget to allocate on the actual distribution of that content. What use is your brilliant content if you don’t have the means to show it to people? Make sure that you have a distribution plan that will cover your bases.
Invest in what works
Having benchmarks is the bread and butter of any solid marketing decision. If you are, for example, using email marketing to great results, don’t be too hasty in moving to something newer and cooler, just because others are doing it.
Invest in new things
That is not to say that you shouldn’t try new things. There is probably a good reason why a new marketing channel becomes popular. Without trying out new channels, you might get left behind and eventually never be able to catch up. Invest in ten to twenty percent of your budget in new things, ideas, channels, strategies whenever you can so that you can always challenge your baseline. If things don’t work, at least you know not to invest too much on those things.
In general, it is recommended that your marketing campaign allocate from around 10 to 50 percent of it's budget for digital marketing.