It’s no secret that digital marketing is essential to the success of any modern business. By the end of 2023, it’s expected that about 66.8% of all ad spend will be on digital platforms, with the majority spent on search and display advertising.
But for businesses that want to earn new customers online at a reasonable cost-per-acquisition, it can be difficult to determine how to allocate a digital marketing budget wisely. Between pay-per-click ads, SEO, native advertising, content marketing, and social media, there are so many options for brands to reach their target audience.
Unfortunately, many of these digital channels are getting more expensive. So how can your business determine where to best invest your digital marketing spend?
Being a good budgeter comes down to choosing the digital channels that bring qualified website traffic and drive the highest return-on-ad-spend. Here are some tips for how to discover what those channels are and how to reach your target audience online at a price point that works for your business.
How to allocate your digital marketing budget
1. Prioritize channels with stronger conversion rates
The digital channels your business relies on will depend on a lot of things. Your industry, target audience, brand awareness, existing lead base, and more will limit the choices your business has for profitable digital marketing.
Still, it’s beneficial to know which channels tend toward stronger conversion rates when budgeting. The channels with the...
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