The 2023 economy is unsteady, and technology is shifting marketing strategies faster than ever. Determine how much you should spend on marketing and where your money will be most effective this year using this handy guide.
Before you learn how to calculate marketing budget priority breakdowns, you need to project your total spending. Knowing exactly how much to spend on your digital marketing strategy to maximize results without overspending or underspending can be tricky.
Historically, businesses of all sizes have spent between 3% to 12% of their annual revenue on marketing strategies. But in 2023, you’ll likely need to increase your spending to compete in a tighter market.
According to Deloitte’s Annual CMO Survey, the average marketing budget in 2023 is 13.6%, up almost 4% over 2021 and 2022.
The average marketing budget by industry can vary, especially during a recession. So while some businesses decrease their budgets in a slower economy, it’s the perfect time to break through and grab more market share while the “industry noise” is quiet.
The first thing many potential customers see is your website. A good experience can set them on the right path down your funnel; a bad one can scare them away forever.
In 2023, a business without a website is a waving red flag. With every solopreneur and microbusiness building them, you need a professional website that shows users your business is credible.
You can’t take a “set it and forget it” approach to web design. Your website should be redesigned every three years to meet changing design standards, technological advances, and SEO best practices. Google is constantly improving and updating its algorithm, so a site that ranked well a few years ago may no longer make the top 3 (or even the first results page) today.
Here are some things to keep in mind to guide your content marketing budget in 2023:
TikTok did the impossible in 2021 when it knocked Google off the top spot as the most visited domain in the world.
The growth of video marketing is undeniable, so make efforts to include it in your 2023 marketing plan and social media marketing strategy. Fortunately, video strategies come in all lengths and formats, from YouTube marketing to social marketing and live shopping videos, so you can easily include them in even the tiniest marketing budgets.
Here are a few video considerations to help you decide what to spend marketing budget on in 2023:
PPC has always been a top performer in traditional marketing, but 2023 will be the year of a significant upgrade. Automation and machine learning is improving and, in some cases, surpassing manual bidding strategies.
With better technology, marketers can enjoy faster ad management, pattern detection, and helpful suggestions to improve performance. Algorithms can adjust strategies in real time as it analyzes ad performance. PPC professionals can harness automation to help take your results to the next level!
Here are a few things to keep in mind to guide your PPC and search engine marketing budget in 2023:
Our team of web design and marketing experts in Hamilton, Ontario, can help you maximize your marketing budget ROI. Contact us to learn more and get a free cost estimate.