Digital Marketing

7 Steps: Budgeting for digital marketing social media ROI campaigns

How to budget for ROI on Digital marketing and social media

How much to budget for digital marketing social media

This seems to be a growing concern for businesses?

Organization’s today have realized how important it is to have a digital marketing social media campaign for their organization and they have either hired a digital agency to design and deliver their social media campaigns or they have a wonderful team in-house to implement, monitor and measure their digital marketing campaigns by hiring the best digital marketing professionals in the country and or industry.

So, now what is the next step?

It is the question of having the right “BUDGET” for digital campaigns?

But how do you calculate?

Well, as a digital agency, we offer different tools, process and scientific techniques to help our clients plan their budgets for running a digital marketing social media campaign for their organization’s which are customized to suit their needs, but we thought of sharing a simpler calculation process that can be used by most of the organization’s with few tweaks and customization from their end to suit their budget and needs.

Here is a simple calculation method that has helped us over the years when we ourselves budget for digital campaigns and a process that we have shared with some of our Premium Client’s who have hired our professional digital agency marketing services over the years. 

Do note: These are general calculation tips shared below and for customized needs, please feel free to reach us – Digital agency Social media marketing services customization:Click here NOW

The 7 STEPS:

STEPS for deciding a Budget based on ACTUAL ROI from digital marketing:

STEP 1 – Calculate the Total visits to your website

STEP 2 – No of visits – No of visits to your Core Landing page or form page or Lead generation page (the CTA – Call to Action pages)

STEP 3 – From the number of visitors who come to your Landing page, what Percentage of them convert to Leads and or enquiries.

STEP 4 – From this Percentage of Leads and or enquiries how many of them actually get converted to being your customers.

STEP 5 – As a business, you would have an estimate or a know-how of how much is each customer worth (on an average) for your business i.e. the (CLV) Customer Lifetime Value  based on (CAC) Customer acquisition cost (Check out this book that deals with information about Customer lifetime value,customer acquisition cost on Social media ROI for brands).

STEP 6 – What is the total cost that your business has incurred to get this customer visit your website, enquire and then get converted to an actual customer by making purchases of your products and or services. For eg, spending on adwords, facebook ads, twitter, gamification etc

STEP 7 – Getting the above figures in the right order would give you the idea of an exact number about ‘how much does each customer‘s click cost you‘.

Pay attention, here, the core word that we are now discussing and focusing on is “customer“.

Using this number, you can figure out your –

TARGET or GOALS for actual SALES ROI, let’s say for this quarter and set your Campaign goal BUDGET accordingly.

It’s not rocket science, it’s just simple mathematics!

There are various metrics that you can track on your social networking sites, on your website, blog statistics etc.

In fact, there is so much data, that it is now clearly the age of INFORMATION OVERLOAD.

social media analytics digital marketing metrics

So focus on only those metrics which matter to your business and not even necessarily to your entire industry. Why so? Because, each business has a different priority, different need and goal and even these change from time to time.

So focus only on those metrics which are relevant to your current goals.

Google Analytics is a great tool to understand your website conversions and statistics.

Hope you found these 7 steps useful for budgeting for your social media digital marketing ROI focused campaigns?

Do you have any queries or feedback on this post? Are there any other quick ways in which you have budgeted for social media that has delivered the desired results for you? If yes, please do share your comments and views with us. We would love to hear it from you.

You can also download for FREE here, few ROI based case studies from our digital agency’s CEO who has been awarded the best Digital marketing social media professional in India – CEO Mr.Ananth V – Click here

In case you are interested to know more about HOW Digital Marketing can deliver actual ROI for your business, feel free to reach us here NOW

In case you are looking for your marketing team in-house to upgrade their digital skills with a customized Corporate Training on digital marketing and social media from our award winning CEO Mr.Ananth V www.ananthv.com, feel free to reach us here NOW

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