If you spend money on social media advertising, what percent and what sites do you advertise on? How successful is your advertising so far?
Marketing budget? In two decades of web work, I haven't spent a dollar on advertising. I've dipped into Craig's list a time or two but mostly word of mouth keeps me too busy to advertise.
I allocate about 40% of the budget on media buys on social. The benefit to me for utilizing social to target users is that if someone ends up sharing/liking or commenting a post on Facebook --that action ends up becoming part of the search results for anyone on FB (if their profile is public). In the long run, being able to use Facebook (specifically) as an additional search engine helps me and elongates the content that is both available on my website and the ads we create.
Even though our content is specific to US audiences, I still open the targeting to global (when appropriate) because of the above search elasticity.
Now my 40% is not like 40% of a big business budget, but that combined with our public relations efforts does drive a lot of successful results.
For my food business, I have found Facebook ads to be much more effective than anything else. I spend most of my budget there. I also use Amazon Sponsored Products, which convert really well on Amazon.
We own a brick-and-mortar store, an in-home party system, and a couple of online stores. For all three combined, about 40% is on social media marketing. Traditional offline marketing, like a billboard is more expensive and takes up the biggest chunk, but it does well for us.
Because of the brick-and-mortar, Google Adwords does the best. FB ads do ok, and are very sensitive to the product or event being advertised. Keep in mind that FB has some very strict policies on "adult products" so that even lubricants have to be marketed on the medical value and not for adult fun.
Hope this helps!
We spend too much on Marketing, I work full time, and my husband manages the labor of our company so neither of us have time to market our website. We spend about 25% of our total revenue on marketing. New business we are starting so the expected percentage should be 10%. To maintain marketing, the cost would be 5%.
Any idea how we can lower the percentage to 10%? Or is that number too much to hope for?
In our company, we spent 60% on social media marketing.The other 40% investment is soft news marketing and Baidu advertising.So far,they work well.
The 10% figure will be difficult to hit. How are you measuring your marketing effectiveness? That will be one of the keys in managing your marketing dollars. For example, you run a marketing campaign and the response is you get new customers but they only buy one or two low profit items. A second campaign is run in a different demographic and you get fewer customers, but they buy more. The second campaign costs more to run. Now you have a benchmark for the value of your advertising efforts. Which campaign was more valuable? Even if you spent more on the campaign, but the result was better, more valuable customers the net result is less out of your marketing budget. This is the type of evaluation you'll need rather than just saying "10% of my budget".
Recently, I have also been looking at the benefits for some automation in marketing. While it does take some planning and setup, the value of saving time through simply sending sales acknowledgments, follow-up coupons, and just simple informational via autoresponders is substantial. Because it is MARKETING, the campaigns have to be monitored for those transactions requiring the personal touch. However, monitoring is much different that directly responding to each transaction individually. This approach takes a bit of commitment and patience so don't expect immediate marketing bliss. In this perspective, one of my measures is "how long would it take for someone (me) to do these things and how much would I have to pay".
Hope this helps,