Making the correct marketing budget allocation across multiple channels can be overwhelming. Analyzing and understanding the entire customer journey for your business is both a complex and vital part of your marketing strategy. The more channels and types of customers the harder marketing attribution becomes to interpret.
Even though many companies obtain high-quality data during their marketing campaigns, many aren't fully aware of how to use it to define a more profitable marketing budget allocation plan. This is where data-driven marketing attribution can help.
How to start your marketing budget allocation process?
Considering that successful campaigns are usually led by data-driven targets, it is crucial to plan strategic goals based on high-quality data analysis. Business goals should be defined based on historical data of conversion rates and projected traffic from marketing campaigns.
Assessing past campaigns becomes key in evaluating marketing strategies and future investments. It can provide you with information such as:
- Touch-points that had the highest returns and where you need to invest more in the future
- All channels where predefined goals were met
- All areas where your strategy led to money waste without any positive impact on your business
How to allocate your digital marketing budget?
Needless to say, this is no easy task. A typical client journey travels across many different channels. There are multiple factors that affect channel resource distribution. The following points should be assessed in advance:
Having a clear picture of what's important is key to understanding what main objectives should be set.
Setting goals will return an idea of what are the best channels for a company’s marketing strategy.
Marketing channels and prior campaigns
Come up with a complete list of all active marketing channels and review your prior marketing campaigns to identify current focuses and what worked in the past compared to what didn't.
Research the digital marketing landscape where your competitors are currently running their campaigns. This can help better understand how to reach your targets. The best practice is to conduct research about content creation costs, audience and keywords.
Determine your budget
This is unique to the business and it is determined by numerous factors such as your revenue, and your objectives.
Defining budget allocation
Take into consideration that your brand doesn’t need to be on every existing channel. In fact, it is more convenient to allocate your budget to a handful of channels that make real sense to your business.
The success of your marketing campaign should not be estimated only at the end of the year. Campaigns need to be extremely flexible and aligned with their marketing results. A track on a daily, or even, a real-time basis is the best practice in many situations to ensure a successful marketing strategy.
This can be achieved and made simple by converting complex data into crucial business insights. The best way to analyze your marketing performance is by holding regular complete analyses. This action provides a detailed review of your investment across your multiple-channels.
Don't Go It Alone
Having the right tool makes all the difference. ROIVENUE is a marketing attribution suite with a diverse offering that can slide right into any marketing stack, with a pricing plan appropriate for a company or e-shop of any size.
Need an analytics or attribution consultation? Schedule a live one-on-one demo with one of our product experts!