Creating a Content Marketing Budget
Content is a critical part of your digital marketing strategy and you know you have to invest in it. Putting out high-quality content is a given, but how do you do that when you have limited resources? Creating a budget and getting organized is a first good step.
Here are some tips to help you create a content marketing budget:
Know Your Available Budget
It’s recommended that 25 – 30% of your marketing budget be designated to content marketing. Knowing how much money you have to spend will help you narrow down what activities it will be best spent on. Knowing your available budget as well as what’s working, not working, and which avenues of content marketing are paying off for your company. If a certain content marketing activity is obviously not paying off, you can make decisions about keeping it or not depending on your goals.
Know Your Goals
Before you begin working on a budget, you need to decide on goals. Your digital marketing strategy should be aligned with your goals. If you see something in your current strategy that doesn’t fit with your current goals, you have to make a decision whether to keep it or not. You may come to realize that another digital marketing channel is a better investment toward achieving your goals. If you remove a certain channel, you make room in your budget for different channels.
Create Your Strategy
A strategy is different than goals, but they are related. A strategy is your plan of action. Now that you know your goals and the digital marketing channels that you’re going to employ, you can create your strategy. When creating a content marketing strategy, you will want to know what you’re producing, why you’re producing it, and how much of an ROI you can expect.
Creating a detailed strategy will allow you to see if you’re in alignment with your goals and spending money on the right things. You might have a specific activity in mind, but if it doesn’t align with your goals, should you work it into your budget? Probably not. Your money can be better spent on activities that get you where you want to be.
Analyze Current Content Strategy
When it comes to content, you want to produce pieces that get you to your goals. Analyzing your content to see what does the best and is also in alignment with your goals can help you allot more of your budget to those types of content. Data is reliable and can help you determine what’s going to work in your new content marketing strategy that you can budget appropriately for. You may learn that your target audience prefers videos over the written word. They may spend a lot of time on social media, which will be something you want to consider when creating your content marketing budget.
Make the most of your content marketing budget by focusing on the goals you have for your company. You want to stay within your budget, but also make sure the activities are paying off in terms of revenue for your company by driving traffic to your website and generating revenue.
Categorized in: Content Marketing
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