One of the first questions that come to mind when creating an advertising campaign is the advertising budget.
We know that the way to grow our business and be successful is through digital marketing.
So, what should we pay attention to when deciding on the budget of our ads?
Here is a list of the most frequently asked questions to a digital advertising specialist and the suggestions we have compiled for you.
STEP 1: Start with the smallest budget!
If you are advertising for the first time or if you do not feel knowledgeable enough, we recommend that you start with the smallest daily budgets your business can afford.
This method is the first step on the road to success. Start with whatever the lower limit is according to the advertising platform. Try it: Advertise on Instagram to gain followers or advertise on keywords to appear in Google searches. Starting with the smallest budget will not cost you anything, on the contrary, you will gain.
The secret of digital marketing is to experiment a lot and understand what is right and what is wrong.Which of your texts are more successful, which of your visuals attract attention, you need to experiment a lot to get answers to all kinds of questions. For this reason you should use your budget quite efficiently, the most efficient is to start with the least budget!
STEP 2: Increase as you get paid!
We finally figured out which ads were successful and how we should advertise. So it’s time to move on to the second step of the plan.
Now increase your budget! You saw that their sales started to increase at a similar rate, one more than two times. This shows that the increases are going in a positive direction and that we can increase the advertising budget in the same direction. You should increase your budget according to the numbers, but it is up to you whether you increase it from day to day or month to month. Set a timetable for yourself, act accordingly and be patient!
When your sales are not increasing at the rate of your budget increase, immediately return to the previous budget level. If your ad is underperforming than your previous experiment, look for reasons:
Your image or ad text may no longer attract customers’ attention, or you may have shown your ad to the same customer base multiple times. There may have been some attacks in the competition, ask questions and investigate the reasons. The most important rule of digital advertisements is to follow it day by day.
STEP 3. Invest in your brand!
Whether you’re doing e-commerce or advertising a service, invest in your brand if you want it to be a long-term business. Regardless of your advertising budget, allocate money to ads that will increase brand awareness to a certain extent. These ads will reach many more people and will make them more easily persuaded to sell when they see your products on any platform. Trust comes from awareness, never forget that.
You’ve made your first ads, you’ve earned a substantial income, now it’s time to invest in brand awareness. You can allocate 10% to 25% of your budget for your brand awareness campaign. Remember, a reliable brand will mean more profitable products, we recommend you to read our brand awareness article for more detailed information.
