With the 2017 budget deadlines already nearing, a columnist discusses the reasons small businesses should allocate budgets more in online marketing.
Will Scott, a small business owner, believes that developing a strategy for budgets is an effective means in keeping a business’ finances in the right path. He adds that a business should not stop their promotion tactics. When a budget is limited, he believes in making smart choices regarding priorities to establish the budget in online marketing specifically.
Competition in online marketing is growing
As more businesses invest on online marketing, as well as in television and radio, the competition is getting tough. A CMO Survey Report found out that online marketing spend is growing through time, while traditional advertising spend is decreasing.
A marketing trends survey conducted by Selligent and StrongView in 2015 showed that even though business leaders allocated more on their overall marketing budgets in 2016, the traditional channels performed poorly in comparison to online marketing platforms. Fewer than 14% planned to spend more on radio, television and print advertising. A majority of those surveyed planned to spend more in social media, email marketing, mobile marketing and online display advertising. Forty-two percent planned to spend more in SEO and PPC.
Plentiful benefits from online marketing
Online marketing has more advantages compared to traditional advertising. As an example, it offers a bigger ROI due to lower costs in channels like social media, and it also quickly adapts to a company’s strategy based from data acquired in Google and social media channels. Aside from this, specific metrics can be tracked which give valuable feedback for every individual campaign. Also, the viral nature of the web enables everything to be shared faster.
More small businesses desire to invest in online marketing
An LSA survey conducted to 300 SMBs showed that having a small budget is the restricting factor for them doing away with online marketing. According to the survey, if they had larger budgets, they wanted to do online marketing, with SEO and PPC at the top of their wishlists.
Ultimately, when SMBs find out that increasing their budgets on online marketing and asking professional help from online marketing firms far outweigh the short-term cost savings, it will benefit them more especially when they acquire more prospects and additional loyal customers, and achieve a better ROI.