Consider online marketing a top budgeting priority, SMB owner Will Scott counsels other SMB owners. The competition in online marketing is growing, so you can’t afford not to have a presence. Also, there are many benefits to online marketing. Even if cash is tight, remember: The benefits of increasing the marketing budget far outweigh short-term cost savings that come with reducing it.
Key Takeaways:
- As more businesses devote their hard-earned dollars to online marketing, television and radio, the competition online is getting fierce. A recent CMO Survey Report showed that digital marketing spend is increasing over time, while spend on traditional advertising is falling.
- Let’s also not underestimate the viral nature of the internet. In the traditional marketing world, for example, you have to wait around for your sales flyers to get passed around between your prospects and customers. With an avenue like social media, share buttons enable your entire message to be shared quickly.
- If your budget allows for only one or two things to focus on, remember that quality content — on your website, blog or social media channels — reigns supreme. I would love to hear your thoughts on impending 2017 budgets and how marketing will be impacted.
“When your marketing budget is small, you must make smart choices about your priorities to determine how much money you should devote not only to marketing in general, but specifically to the critical components of online marketing.”
