This is a great question and one we hear all the time. Unfortunately, on its own, it is the wrong question.
To truly answer the question you also need to understand some other critical factors so that you can make an informed decision. Because how much to invest really needs to be considered as a part of understanding your business case.
For example, what is the extent of your online opportunity – how big is the active online audience for your products and services and which of them offer the greatest growth potential.
How is this audience searching and where do you need to invest so that they will find you. What are the assets you need to create, the tools you need to deploy and the time it will take to achieve this?
Now you are getting closer to deciding how much to invest.
But don’t do that until you have calculated the return you can expect to enjoy – how many more leads and sales can you expect from this investment. Don’t shortcut this process because sometimes the returns are not strong enough and you are better off using your hard-earned dollars someplace else.
Clearly understanding your business case is a science. It takes time, and a little money too, but saves a lot of heartache and ensures that you invest wisely.
So, before you decide how much to invest in digital marketing, we suggest that you invest some of your budget to clearly define your business case. It is the right place to start and will likely be the best investment that you make from your sales or marketing budget.
At Growth Partners we understand that growth starts with clarity and, over a number of years, we have developed a proprietary system that allows you to clearly understand the extent of your online opportunity, where to invest, how much to invest, and the projected return on that investment.
If you are looking to invest into digital marketing, contact us to a free consultation.