How Much Should Wondering how much you should spend on your digital marketing budget? You’re not alone – it’s a common question for companies big and small.
Digital marketing is one of the most important investments you can make to grow your business. It provides numerous opportunities to reach your target audience at every budget point. And many different channels make up the digital marketing landscape – from social media posting to paid advertising.
So, how do you determine an effective digital marketing budget for 2023?
Why digital marketing is essential
First, let’s look at why digital marketing is middle east mobile number list crucial for all businesses. In 2020, the average time people spent consuming digital media in the U.S. was 470 minutes – seven hours and 40 minutes per day. In 2023, this number is expected to increase to over eight hours per day.
So, if you want to stay relevant, you must be willing to invest in digital advertising.
The average cost of digital marketing
It’s easier than you think to set a final digital marketing budget. And understanding average spending can help you decide if your budget is realistic.
Every business is different, and multiple factors come 9 email marketing tools to automate your strategy! into play – including business goals, industry, and target audience. According to the 2022 Gartner CMO Spend Survey, the average marketing budget has jumped from 6.4% to 9.5%.
Businesses under five years old typically spend 12-20% of their revenue on marketing. You can expect to spend up to 56% of your marketing budget on digital channels, and social media advertising makes up about 25% of most digital marketing budgets.
Remember, a small budget doesn’t mean small results. What matters most is how you allocate your digital marketing dollars.
Factors to keep in mind
Average costs are a great starting point when creating your digital b2c fax marketing budget. But you also need to consider several factors before setting up your budget: