If you are planning your 2020 budget for marketing, you must understand the market trends and what other people are opting for. It will set a guideline for you, a sort of blueprint that will enable you to set your goals and spend money accordingly. Also, you should look to see where will be the highest R.O.And where it is trending in the past few years.
As per the U.S. Small Business Administration, organizations should be spending about 7 to 8 percent of their gross revenue on marketing.
The marketing budget’s online/digital part is expected to rise from 42 percent (2019) and reach up to 45 percent by the year 2020.
Video marketing has become the most rapid marketing category. It is expected to grow from where it was in 2016. In 2020, video marketing is going to be one of the most reliable and favored methods. At the same time, social media ads such as e-commerce facebook ads will grow less rapidly as compared to video marketing.
Prioritizing Digital Marketing In 2020
Before you create your digital marketing budget this year, you should analyze your business’s performance for the last years, especially for the year 2019. Consider the marketing techniques that worked best for you in the past couple of years. It is better to compare them with the current market trends. Bear in mind that your ultimate goal is to generate more leads. So you are going to do what works best for your business.
Here is what you can do to clear the clutter:
Start by creating a list of top ten avenues that generated a good number of leads in the past few years.
Evaluate all your current customers and see what attracted them to your business.
Gather up to two to three influence points/sources. Start concentrating all of your effort around them and support them in every way.
See What Your Competitors Are Doing And Why?
If you are focusing on certain methods and some other people in your industry are not adopting them for their businesses, it is better to take a little while and understand why those methods are not on their lists. Of course, there might be some reasons for them to avoid these practices and if you do not know the reasons yet, start digging!
Moreover, just because some people are adopting some practices, it does not mean that they are doing wonders for them.
So you see, you have to look at both sides of the picture. And you can only do so if you research it yourself. Once you are clear about both positives and negatives of everything, you will be able to make a well-informed decision at the right time at within your budget.
What Digital Marketing Activities You Must Spend On In 2020?
With a lot of modern trends and marketing practices, it might be hard for most of you people to choose which marketing activities are worth spending on in 2020. Well, as we explained above, if you do proper research and analysis of the market and your competitors’ choices, their performances, etc., you will be able to understand what works best for what. And once you know it, it will not be that hard for you to make a list of marketing activities for your business.
Start by creating a brand video that explains the general public and your clients about you.
Bear in mind that when you have a story to tell, you automatically attract attention. People like to know about the background and details. So you give them that. It is just like you are bridging a communication gap between you and your potential customers.
- Ensure the video displays your customers very important.
- Never compromise on the part where you are focusing on your customers and their needs.
- It is better to create two versions: a one minute version and a three-minute version.
Upload that on your website and in places where you usually get more leads. Do not leave out your social media pages and accounts where you have good engagement with the public. Simply to say, do not lose a chance to connect with your audience.
You can spend some dollars and post your video on Facebook, Youtube, LinkedIn, etc.
Secondly, make sure you have a solid content marketing strategy planned for your business for 2020.
Content marketing videos are going to help you a lot in terms of entertaining and educating your customers. Try to gain more than 1000 views per video. Now you might think of Youtube, but you are leaving out another useful option: LinkedIn. What most people do not know is that LinkedIn is an amazing platform for digital marketing as it a community of people from all over the world, working in various industries. But it is wise to make use of all platforms. Have a close look at what platform is giving you the best results, once you know, prioritize posting your content there more frequently.
You can create a team and assign them to come up with video ideas that can entertain and educate your customers.
Thirdly, do not think that a single video can give you the desired results. Think sensibly and professionally. People will not just dive right into it. You have to make it a practice. Every business out there has long term goals, and in order to achieve these goals, it is a must for them to make certain things regular practices so that they become consistent. It not only helps you to attract new audiences but also to maintain your brand identity.
Every video you post is like you are taking one step ahead. You just have to come up with catchy titles, use subtitles, attractive graphics, etc.
Also, you can turn your videos into podcasts, blogs, small videos for your socials, etc. That is why, when making a video, it is a must for you to think of covering all the aspects. Try to add all of these things to your video and you will end up making a comprehensive piece of content for your digital marketing.