It can get tricky to determine how much of profit should allocate towards an internet marketing budget. At times, internet marketing prices get a bit overwhelming when looked at a glance, and so many small businesses get tempted to forgo this outlay with DIY online marketing. However, this strategy often ends up affecting sales and brand recognition negatively. The old mantra is true- you have to spend money to make money. The trick here is to figure out the most productive and smartest way to determine the amount.
So, What Is Internet Marketing And Why Is It Important For Your Business?
The term internet marketing can be vast. But in narrower perspective, it can be defined as a set of tools and techniques that deliver Search engine preferences, targeted messaging, promote a company within the relevant online communities and build online communities. It’s crucial for business, whether small or big; to invest in this particular tool as almost everyone has gone online. Various studies have proven that majority of customers do an online search for whatever products or service they need before purchasing it. An online survey conducted by ConStat revealed that close to 92% of people use Google, Yahoo, or Bing to look for a business, product or service information before making a purchase. And in fact, nearly 93% of them never go beyond page 1 of Search Results. Therefore, you should make all the efforts to optimize your site so that it appears on the first page of the search result when customers look for your keywords.
How Much Should One Allocate For Internet Marketing?
The factors that will determine your budget for online marketing are highly variable. It depends on your customers’ and industry behaviors. It depends on the competitiveness of your industry and whether you are a startup or an established business. It also depends on the existing internet marketing prices. The budget also depends on one's goals and obviously the revenue one is forecasting to get.
Tip: The minimum budget one should allocate for an ideal internet marketing strategy is 10% of your annual forecasted gross sales. However, the allocation can increase depending on the above factors.
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