With digital marketing budgets set to increase in 2015, let’s take a look at how you can adapt your strategies to get the most bang for your buck.
Having more cash at your disposal is invariably a good thing. That said, you need to be sure that the money in your pocket is working hard for you.
A survey by the IT research company Gartner forecasts an average increase in digital marketing budgets of 17% in 2015. More than half of the 315 major companies represented in Gartner’s Digital Marketing Spending report, as reported by The Drum, revealed plans to increase their budgets by a similar amount.
Bigger budgets substantiate the notion that digital advertising has come into its own. Once considered a niche subdomain, digital platforms now assume a more prominent role in most major industries’ marketing campaigns, providing customers with a more independent buying experience while boosting companies’ ROI.
As Gartner Research President Laura McLellan put it, at this point, “it’s less about digital marketing than marketing in a digital world.”
According to Yvonne Genovese, Managing Vice President at Gartner, upwards of 60% of companies that justified an addition to the marketing budget “obtained incremental funding from elsewhere in the organisation.” Certain other areas of businesses are now being deemed less important than digital when it comes to allocating cash.
Even so, a greater allowance shouldn’t be interpreted as carte blanche to blindly throw more money at PPC. As in most situations, spending more money doesn’t always guarantee a better result.
However, gaining access to additional funding does present you with more options. Now is the time to think strategy: how can you use your extra resources to gain an edge over your competitors?
Steps Toward Efficient Spending – What’s Holding You Back?
When it comes to digital marketing, optimising your account is an indispensable part of ensuring that you allocate funding efficiently. In general, increased spending is associated with more conversions and vice versa. Even so, to maximise ROI you need to cut spending in areas where you don’t see results, as PPC Hero emphasizes.
Evaluate your ad rotation to make sure it’s best set up to encourage consumer action. Check the “Ad Delivery” setting; if you have the budget to upgrade to “Accelerated Delivery,” go for it. If not, selecting “Standard” will still keep your ads running evenly throughout the day.
Using the extra funding to increase daily budgets could be an excellent move, provided that every single ad, keyword, and pound is providing a return.
From there, create a placement report to exclude any sites that are consuming significant resources without converting. You might also consider the true value of placements that have converted, but at a prohibitively high CPA.
Next, consider pausing display keywords that are spending without generating conversions. Then put the money you save on underperforming keywords towards others that are already working wonders for your competitors.
Adthena’s competitive intelligence tools provides valuable information on these competitors that will help you keep pace and even dominate paid search.
Whatever the context, the most important part of forming a strategy is ensuring that you have as much information as possible before reorienting your campaign.
Invest in the Right Tools
Once you’ve worked out where to trim the PPC fat, you’re all set to move forward and conquer your market. Competitive Intelligence for Search tools like Adthena allow you to monitor and provide analysis on entire markets, helping you decide where to spend your budget in the most efficient ways possible.
Whatever the size of your funding, strategy is everything. If the coming year happens to bring a bonus in the budget, make sure you are well equipped to spend it wisely.
(Main image credit: 401(K) 2012/flickr)