Are You Fully Optimizing Your Budget? Indicators you need to look out for.
Big or small, we all want budgets to be used the most cost effectively and get us the highest return on investment. When it comes to marketing and strategizing your campaigns, necessary budget adjustments might not be as simple as having a balanced budget sheet. Continuously monitoring your campaigns and looking for indicators can be the difference between saving and overspending. Keep reading for our highlighted signs that might mean your budget needs adjustments.
SEO vs SEM
Take a look at your budget allocation across these two tactics. The best way that SEO and SEM work is together, meaning they feed off each other and work together to help get you the best results possible within your budget. Avoid becoming lopsided by loading too much budget into one and leaving not enough for the other. Having a holistic strategy will get you the best results, all within budget.
When running Facebook or Instagram ads, taking a look at the frequency can be a great indicator for budget adjustments. Facebook defines frequency as the average number of times each person saw your ad. It’s important to note that this is an estimated metric, this means that it’s not always an exact number. If the frequency of your ads is too high, then you might need to expand your audience and if it’s too low then you might need to adjust your budget to reach your audience.
Keeping an eye on your daily spend is one of the best indicators of your budget health. If you are not meeting your daily spend levels day after day, then it might be time to adjust your targeting to expand your audience reach. If you are constantly hitting your daily spend quickly, then it might be time to add additional budget or narrow in on a more targeted audience to best utilize the budget you do have.
If you are working with a limited budget, you always want to get the most for your dollars. Consider focusing on a few tactics with bigger budgets instead of spreading your budget too thin across a wide array of tactics. This helps avoid spending your budget too quickly, allows you to reach your audience in a more targeted way, and lets the platform learn and optimize your campaigns more effectively.
Getting the best results within your unique budget just so happens to be our favorite thing to do. If you are interested in talking more with our experts about a customized digital marketing strategy, contact us today!