Effectively Using Your SMB Search Marketing Budget
While SMB search marketing is considered as one of the most effective means of promoting a small business, it is also often thought of as being quite expensive. In reality, however, you can actually pull this off even on a tight budget. That is, of course, if you know how.
Knowing the figures
In his article, Myles Anderson points out that, in 2013, many small and medium businesses spend around 46 percent of their overall marketing budget to doing digital marketing. Of that, more than half (or around 26% of total budget) are used on paid searches. Putting this into perspective, a small business spends an average of $400 a month for digital marketing alone. This is quite large, considering the small budgets that many of these businesses have.
Of course, the reason why businesses spend this much on this specific marketing route is it works. Of the 12 most popular marketing methods, search marketing ranks second only to word-of-mouth as the most effective, with more than 19 percent saying that they are fully satisfied with the results. Thus, it is unsurprising 79 percent of the respondents of the survey said they are planning to increase their spending on internet marketing.
But are you doing it right?
Indeed, just having a larger smb search marketing budget is by itself not going to guarantee success. How you actually use it will still be the biggest determining factor. Here, Navneet Virk says that one of the biggest pitfalls is the excessive premium given to paid searches, the idea being that it is able to put your business into a more visible position without the need to do a lot of effort.
However, Virk counters this by pointing out that organic searches are more likely to provide results. He points out that since organic searches are user initiated, they are more likely to trust what they see there. This, in turn, raises the chances of conversion for businesses which are visible in organic searches. The recent move by Google to clean up its algorithms also helps in giving small and medium businesses a better chance in organic search marketing.
How to do it right
Kevin Lee has a simple reminder for those who are unsure of how to partition their budget and make the most out of search marketing
“Most marketers don’t have that flexibility. It does make sense for marketers to have the flexibility to reallocate budgets across media measured. After all, if you find search does better than direct mail, banner, or telemarketing campaigns, you’d want to shift money between channels. If a group of listings within search works better (higher return on investment, profit, or sales), a budget shift may be in order.”
Indeed, before you even decide on how to break down you digital marketing budget, take a look at what channels are available for you and which are best suited. However, don’t be static in your allotments. Keep in mind that search marketing patterns are continuously changing. Hence, you should be ready to shift your budget on demand to where it would be most effective.
Contact us today if you want to get more advice on creating and using your SMB search marketing budget effectively.