Full Digital Marketing Plan and Budget Example

Blogs, emails, social media, ads, and websites add to digital marketing. There are more things in digital marketing as well but these are the basic ones. These things help marketers reach more people, share their brand message, and advertise products or services. But holes in your digital marketing plan can make things messy and businesses might not get as much back as they hoped. This blog will talk about digital marketing examples and things associated with it.

Check Digital Marketing 101: What is SEO, SEM, and SMM?

Digital Marketing Plans Depends on Company’s Unique Goals

A CMO survey showed that marketing spending will increase by 4.7% in 2024. Digital marketing spending is expected to grow by 8%. This means digital marketing is important and businesses utilize it in branding. But what you’re selling and who you’re selling to tells you about the activities you must do for good results.

Why Should Businesses Make a Digital Advertising Plan and Budget?

Recent stats showed that there are businesses who spend less money on advertising and marketing their services. This is not a healthy practice to follow. Since there is a lot of competition already out there in the market, you must set aside some budget and properly invest in digital marketing. This can be done through a proper marketing plan. And this blog will tell you what a digital marketing plan and budget looks like. We’ll also tell you how to create one.

Digital Marketing Plan Example

As we said earlier, advertising plans vary according to the campaign’s goal. Below, we present to you a basic look at how a digital marketing plan should be created. It’s a funnel campaign Ideas Plan table designed by Clickminded. You can create it in Microsoft Excel.

Funnel Campaign  Ideas

How to Create a Digital Marketing Plan?

There are a lot of tools out there in the market to create digital marketing plans. For instance, Alexa, SimilarWeb, and Ahrefs to learn about your site visitors, competitors, and SEO. For teamwork, Basecamp and Slack help with communication and organizing projects. For making charts and presentations, Lucidchart and Canva are great for designing eye-catching visuals. But long before you do that, you must understand the basics of a digital marketing plan and budget so that you can properly make plans and implement them.

Follow this step-by-step guide to understand how to create a digital marketing plan in 2024.

Read: 10 Actionable Digital Marketing Tips for Small Businesses in 2024

Understand Your Objectives and Goals

If your goal is to increase sales meetings, specify how many meetings you aim to achieve within a certain timeframe. Create key performance indicators (KPIs) that will help track progress towards these goals. They can include the number of new leads generated or the conversion rate from leads to sales.

Understand Your Target Audience

Research your target audience and create detailed buyer personas with the help of demographics, interests, pain points, and purchasing behaviors of your customers. Map out your customer journey to find touchpoints where they  interact with you, from purchase and beyond.

Conduct a Situation Analysis

Conduct SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to find your strengths, weaknesses, growth opportunities, and potential threats from competitors or market shifts. Perform competitive analysis to find your competitors’ strategies, market share, and USPs.

Allocate Budget and Resources

Budget planning helps you find out the budget required for each channel based on expected return on investment (ROI). Include the cost of technology investments, creative production costs, advertising spend, and personnel expenses. More on this later in the article.

Implement and Execute

Set a timeline and execute your plan within that timeframe by adhering to the industry standards and following best practices. Monitor real-time campaign performance by using analytics tools such as Google analytics and other ones.

Measure and Analyze Results

Measure the results on a daily basis and analyze your digital marketing efforts with respect to the  KPIs and objectives. Track website traffic, conversion rates, lead generation, and sales attribution to find out how effective your campaign is going.

Review and Optimize

Use feedback from sales teams, customer interactions, and market trends to do strategic adjustments and enhance your campaign. You must also conduct A/B testing and experimentation to further improve tactics to optimize your digital marketing plan.

Implementing Digital Marketing Plan

Digital marketing plan implementation needs 3 things. You must have the right tools and platforms where you execute the plan. The second thing is a skilled team because you have to do things like content creation, data analysis and much more. Although you can do it alone if you want, it would take more time and dividing the tasks in a team streamlines the entire process. Finally, you need enough investment because hiring individuals and getting different tasks done related to graphic designing, writing, PPC and more requires a good budget.

So far we have covered the digital marketing plan, its use and how to make it. Now let’s talk about the digital marketing budget and how to create it.

What is a Digital Marketing Budget and Why is it Important?

A digital marketing budget tells you the amount of money that would be spent in a digital marketing plan. It includes the detailed cost of content creation, paid advertising, social media management, email marketing, SEO, analytics, and various tools and software. When you have a clear financial plan, you can effectively measure ROI tracking.

Digital Marketing Budget Example

Here’s a preview of what a basic digital marketing budget looks like. Just like an advertising plan, you can create it in an Excel table as well. You can download this sheet from Ganttpro.

Checkout: 6 Direct Ways of How Digital Marketing Helps To Grow Your Business in 2024?

How to Create a Digital Marketing Budget

By following the steps below, you can create a practical digital marketing budget to maximize your marketing ROI.

Understand Current Marketing Spend Trends

In Spring 2024, companies spent 10.2% of their total budgets on marketing. It made up 10.1% of their overall revenue. SMBs with fewer than 50 employees spent a higher percentage of their budget on marketing (16.9%) compared to larger companies with over 10,000 employees (9.6%). Following these instances, digital marketing spending is expected to grow by 8% over the next year.

Set Strategic and Channel Direction

Under your target audience, market position, and your competitors. Study thoroughly the strategy they align in their strategy, such as social media, email marketing, SEO, and paid advertising. It will give you a good idea of how things work. Then you can allocate resources to each channel based on their importance and ROI. As a result, you make sure your budget supports your digital marketing plan.

Account for Seasonality

Allocate higher budgets to peak seasons or months. For example, if you are an e-commerce store, invest a higher percentage of your budget into December to capitalize on holiday shopping. When you look for such opportunities and plan your budget accordingly, you maximize your revenue when there are high-demand periods.

Track ROI Per Channel

Separately monitor the ROI for each channel in your marketing campaign. This will help you analyze data so that you can understand what elements of your digital marketing plan deliver the best outcomes. Then allocate and tweak the budget accordingly. As a result, you optimize your budget for marketing

Plan for Reporting and Forecasting

Do regular reporting and forecasting of your marketing spend using  visual tools and spreadsheets. To track your budget with detailed reports, you can download and customize templates or use several software solutions related to digital marketing budget. Templates provide a logical breakdown of your marketing budget, making it easier to manage and track.

Manage Creative and Content Marketing Budgets

Track spending on creative assets and content marketing initiatives. Having a diverse range of creative designs and formats allows you to share a variety of content on social media and other digital channels. Repurpose content where possible to save costs. Keep track of creative spending by monitoring freelance work, tools needed, printing costs, and licenses. Look for bulk deals or special incentives to help manage your creative budget efficiently.

Consider Larger Content Implementations

Budget for additional content needs such as image licenses, translators, copywriters, and video creation. Content marketing is more than writing blog posts; it includes larger implementations that can be costly but necessary for a comprehensive strategy. Plan for these expenses to ensure that your content marketing efforts are well-supported and can effectively reach your target audience.

Include PR and Event Costs

Allocate funds for PR activities and event participation. Track costs associated with agency management, product launch PR, and submitting your company for awards. While gaining free PR is ideal, it is often necessary to invest in professional services to ensure your brand gets the visibility it needs. A well-planned PR and event budget can enhance your brand’s presence and reputation.

Monitor Marketing Tools and Software Licenses

Keep track of all marketing tools and their costs. Ensure there is no overlap in tool functionality to avoid unnecessary spending. Marketing technology allows you to track visitors, increase leads, improve conversion rates, personalize content, and manage subscribers. Having a budget spreadsheet to see the share percentage for each channel helps you understand which tools are getting the most focus and adjust your budget accordingly.

Invest in Staff Training and Support

Allocate budget for staff training and development. Track how much is being used for staff training versus recruitment. Compare the cost-effectiveness of training existing staff to hiring new employees. Investing in current team members can be more beneficial for staff development and retention. Ensure that your budget supports continuous learning and development opportunities for your marketing team.

Consider Other Operational Costs

Track additional costs such as staff travel, event travel, bonuses, and staff entertainment. These costs are essential for maintaining a positive working environment and supporting your marketing team. Additionally, consider budgeting for website-related costs like server/hosting, domain management, and integrations. These operational expenses are crucial for running an effective marketing department and ensuring your digital presence is robust and reliable.

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Final Thoughts

By now you know how to make a digital marketing plan and budget. We have discussed examples of digital marketing strategy and got to know that digital marketing is set to grow in 2024 by 4.7% and its  spending by 8%. Success in digital marketing comes from the right customers and engaging them effectively.

Many well-known companies still spend a lot on marketing to keep growing. Salesforce, a top CRM platform, spends 46% of its revenue on sales and marketing and grows its revenue by 25% each year. Tableau, a fast-growing business analytics company, spent 51% of its revenue on marketing in 2018, and its revenue grew from $412.6 million in 2014 to $1.16 billion in 2018.

Google’s parent company, Alphabet, spent 8.9% of its revenue on marketing in 2021, which was $22.91 billion, up from $17.94 billion the year before. Microsoft spent $22 billion on sales and marketing in 2022, which is more than the 16% of its revenue spent in 2018. Mindbody, a wellness platform, spent 39% of its revenue on marketing, resulting in a 31% growth rate, with revenue reaching $228.9 million in 2018. If you want to create a digital marketing plan for you that aligns with your goals and budget, contact First Growth Agency.