DMI Lists Eight Steps to Plan Digital Marketing Budget
A clear digital marketing budget ensures efficient resource allocation, maximizing ROI while avoiding overspending. It helps businesses strategically invest in high-performing channels, adapting to market trends and audience behavior.
Digital Marketing Institute has published an article featuring eight steps to plan your digital marketing budget.
The DMI team says, “Let’s look at eight key steps that will help you develop a robust and realistic marketing budget.
1) Evaluate past performance
The best way to understand how to use your budget is to evaluate past performance. This includes looking at channels, attribution (how marketing tactics contributed to sales, conversions, or other goals), paid media, and marketing campaigns.
This requires you to review key efficiency metrics that tell you which investments are driving sustainable growth in the long and short term.
Here’s a detailed table from Emily Kramer that looks at the key efficiency metrics such as lifetime value (LTV) and customer acquisition cost (CAC) and how to calculate them.”
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