06 Dec What Your Digital Marketing Budget Should Look Like CONTINUED
Today we’re going rogue with some Rogue Wave coffee from Canada while I continue my discussion from yesterday about crafting your marketing budget.
We’ll start by addressing the two ways that you can pay for your ads.
- CPM (cost per mille): This better translates to “cost per thousand” and means that you will be billed per every 1,000 impressions your ad receives.
- CPC (cost per click): Also known as “pay per click,” as it sounds, this means that you will be billed for every click on your ad.
Next, let’s talk about the objective. What is your campaign objective? It’s important to have a game plan for your campaign and answer questions like how long will your campaign run for? How many retargeting audiences will you have?
These questions are vital because it will determine the frequency that your advertisement will need to run. So, for example, if your campaign is only lasting for two weeks, you’ll want your ad displayed as much as people so that people will notice it and have a sense of urgency to buy into whatever you’re marketing. If your campaign is lasting for a few months, on the other hand, you won’t want to overwhelm your audience with the same ad over and over and over again until they eventually block the annoying ad. We need to be respectful towards our audience.
You also need to take into account the size of your audience to get a better idea of what your ad spending should be.
You can configure a lot of this traffic information by running your analytics programs and industry standards. This will give you an idea of how much money will be needed for your campaign to be effective. Many people who neglect this step end up failing at their campaign because they misjudge their budgets. Don’t be that person, budget based on the information being provided to you!