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Your online marketing budget will make or break your campaign

  • TommyCarey Level X3
    • 11

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    Your online marketing budget will make or break your campaign

    When people think of striking it rich online, they never think about how much money and time they will have to invest into it in order to do so.  Working online is never an easy job, but you can do it as long as you budget correctly for every little thing there is.  When I started out I didn't want to know how much we were making, I just wanted to know if we were profitable and if all the bills were paid lol.  Even to this day if you were to ask me how much I make each year I wouldn't be able to tell you Your online marketing budget will make or break your campaign  I have an accountant who now tracks all of that so I don't have to, but in the beginning I had to do all that tedious work.

    An accountant can also help you with your marketing budget.  Obviously if the product or business isn't something the accountant is familiar with, they will have to stay out of it and just tell you a rough estimate on what you could spend that month or quarter. 

    In this discussion I'm going to go over why it's so important to focus on your online marketing budget. 


    The Good:

    Your Business Could Flourish
    When you can manage your online marketing budget well, you will notice that a lot more money is going to start coming in.  This is because you will know what has to be paid and when it has to go out.  You will then be able to evaluate how much money is left over that you can either pay yourself or push back into marketing your business through PPC campaigns on search engines or social media platforms Your online marketing budget will make or break your campaign

    You're Less Worried
    Worrying about money is something we all do no matter how much we're making.  If you're budgeting properly according to how much you're making vs. spending then you won't have as many worries since you know exactly what is going on with the funds.  I always had my partner worry about this because I didn't want to know, even though I could get a pretty good idea of how we were doing based on the amount of sales coming in lol.



    The Bad:

    You Could Become Unreliable
    If you have a bunch of banner ads out there and you for some reason can't pay for them when the subscription is due, you're going to be seen as unreliable because you didn't plan this payment ahead of time.  I'm usually pretty good at this because I'll have my subscriptions in my daily memos so I know how much I need in my PayPal account on a certain day.  Basically all I'll do is say "Ads = $XX today" and I'll know that's how much I'm spending and how much needs to stay in the account at all times until the day is over.  Defaulting on a payment could be a killing blow to an ad spot.  If you are working directly with the webmaster placing your link or banner, they could not want to work with you if your payments aren't coming in when they are suppose to.

    You Could Go Bankrupt
    I've seen this before, people spend money as soon as it comes in and then they don't have anything to fall back on in tough times.  When it comes to online marketing, there's no guarantee that you're going to make the same amount month after month.  You will likely see a wave of profits from month to month that go up and down, and this is normal. 

    Not budgeting correctly will put you at risk of going bankrupt.  If you spend too much one month and assume you're make a ton of money next month, but don't, now you're at risk of going under.  You need to spend within your means and that is tough for some people to do because they want to scale their business as fast as they can.



    In Conclusion:
    If you're not managing your budget for an online marketing campaign then you're just going to tank quicker than the titanic.  You need to watch what you're spending and weigh the good with the bad.  Watch what's performing well and kill what is not.  Listen to yourself and not what others are saying because your experience may be different than others and they don't know that.



    Remember to follow me Your online marketing budget will make or break your campaign
    https://www.seoclerks.com/user/Razzy


    Thanks!

    Razzy

    #Budgeting Marketing & Monetization
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    Tronia

    Tronia

    Yep, always do extensive research below investing any money into online marketing. You have to know exactly what you want, what you need and what the XY site or marketing can get you.

    We all make mistakes but when it comes to budget mistakes it can cost you your whole company. In general, marketing and advertising can be very money consuming if not done well. You might start with a lot of money and end up with none before you know it. You have to be careful where you distribute it.
    7 years ago

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    Corzhens

    Corzhens

    When it comes to the budget, I guess we have to make a concrete plan so that we wouldn’t overspend which is the usual problem in budgeting. But I still say that making a budget is not easy and my unsolicited advice is to allocate a budget that is double of the amount that you have estimated. That extra money will go a long way even if you hit snags along the way in your marketing activities.
    6 years ago

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    amitkokiladitya

    amitkokiladitya

    Planning every move is very important in every aspect. And when it is related to finances the things becomes more important.

    Proper budget planning with a careful assessment of income and expenditure is mandatory.
    7 years ago

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    jpyy

    jpyy

    Right, you don't want to throw massive funds at a project until you've done your homework. For instance, looking at AdWords, you could possibly mow thru 500 dollars - in less than a day in certain niches - without a sign-up. Note, one such expensive niche is web hosting. Therefore, we must always remember that brains are as important as capital.
    7 years ago

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    olalove

    olalove

    New entrepreneurs and home based business people, usually lack of financial resources to put into their online businesses in terms of online advertising and internet marketing promotional campaigns. Because of this, when starting you need to be aware of the advertising options and venues that are available so you can choose the right ones for your business projects. It's a fact that you need to improve your current promotional endeavors, and the surefire method of doing this is via online advertising. You will note that internet advertising is much more successful and efficient than classic advertising. You will find plenty benefits in online advertising. Due to the fact that the charges are undoubtedly what determine any investment proposal, this can be a great benefit. Advertising online is a more affordable approach unlike many conventional strategies.
    7 years ago

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    vinaya

    vinaya

    Some of the marketing platforms, facebook for instance, will allow you to start with a small budget, just for $1 a day. However, a marketing campaign started with a small budget may not give you the desired results. In order to get something from facebook campaign, you need to spend at least $30.
    Budget is the main factor behind the success of your marketing campaign. Low budget campaign is just a waste of money. I once created an advert with a budget of $11, I did not get nay leads.
    7 years ago

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    joegirl

    joegirl

    While this is true and relevant/applicable to some business, you can still start a business and spend nothing on marketing at first. You can start by making use of Facebook (2 Billion people). There are different kinds of ways to get business or traffic from Facebook without purchasing ads. Once you build up your business to a point where you can budget to spend on marketing, you would have had a preety good idea on what works and what doesn't work.
    7 years ago

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    Corzhens

    Corzhens

    I have a high school classmate who went into online business when drop shipping was not in fashion yet. She would buy her goods and stock it in their home. Her selling was thru social media since creating a website would entail expenses. And to reach more people, she allocated a budget for the marketing, that is online and offline. It was good at first until the cost was already eating her profits. That made her realize that marketing is costly if you don’t make a study of the how to.
    6 years ago

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