Over the last ten years or so, digital marketing has taken the world by storm. Studies show that retailers spent an estimated $15 billion on digital marketing in 2016 alone, a $2 billion increase from 2015. And, based on recent statistics, the trend will only continue into the future.
What Is Digital Marketing?
Digital marketing refers to the “promotion of products or brands via one or more forms of electronic media” (Business Dictionary). It encompasses all forms of marketing and advertising on mobile devices, apps, websites, and other online media.
A standard digital marketing campaign can set you back anywhere between $76-200 per hour of active advertising plus an additional $250-500 per month for a retainer. All in all, this comes down to about $2,500-5,000 per month for a full package (Kreative Web Works).
While the amount is certainly a lot less than what you would spend for traditional forms of marketing and advertising (e.g. print ads, billboards, and TV commercials), it isn’t chump change.
In other words, a campaign that doesn’t meet your objectives or result in positive ROI–no matter how cheap–can hurt your business in the long run.
Looking for ways to get the most out of your advertising dollars? Here are some cool ways to save money on your digital marketing.
- Check Yourself
Before you even think of throwing hard-earned money at advertisers, perform an inventory of your content. Ask yourself the following: Are your advertising materials understandable? Is your call-to-action (CTA) statement clear? Do you have any idle assets or underperforming campaigns? Are you getting enough customer feedback?
Not sure where to start?
Companies like Sherwood Integrated Solutions can help you identify key areas where you can improve, specifically how you can utilize/tweak things that aren’t working. Once you are able to do this, you can better focus on what works and eliminate what doesn’t.
- Leverage Your Assets
Imagine being able to swap your idle assets (read: liabilities) for something valuable, say, advertising and marketing credits? That’s like getting a free lunch! (We’re looking at you Milton Friedman).
Seek out experts that engage in asset liquidation and see what people are willing to pay for your unused inventory or under performing assets. You’ll be surprised at how much you can get out of them.
- Go Mobile
We are living in an era of smartphones and mobile Internet. This year, the number of total smartphone users grew to a staggering 2.4 billion with no signs of slowing down. Experts forecast that the number will reach 6.1 billion by the year 2020.
For advertisers this represents a wealth of opportunity. Unlike TV commercials or billboards, mobile ads can reach users anytime, anywhere, and through multiple channels. How powerful is that?
Optimize your content for mobile and invest in responsive web design. Not only is this a much cheaper way of advertising, it’s also extremely effective.
Treat your digital marketing like you would an investment–it should create value and lead to higher income. Remember: the best campaigns save you money, not drain your pocket.