How Much To Spend On Digital Marketing
This is a discussion that came up in a business meeting I attended today. The question was how much should I spend on digital marketing? And the question answered simply is 10% of your overall turnover for the year, or your anticipated turnover for the year. So if you anticipate that your business is going to do £100,000, either because that's your goal or that's because what's forecasted, then you need to be spending about £10,000 pounds on your digital marketing.
Now, how that's broken down is based on what drives the most results for you. So for B2B businesses, I always recommend LinkedIn Lead Generation. It generates the most leads by far from what I've seen from digital marketing and offline marketing for the businesses that I work with, the high quality, high ticket item leads that most people are looking for. And also, having a really clear and succinct social media strategy of how they're going to continue to generate leads from social media. They're the two that generally tend to stick out if you're looking for cold, hard leads specifically rather than just awareness or visibility on the front end.
That's what I recommend spending on your digital marketing moving forwards. Everyone's got different ideas. Everyone's got different opinions on what they recommend spending. That's just the one that I personally recommend, and the one that most people I speak to in my industry also recommend.
Hope that's useful.