We’ve finally reached the end of the financial year, the new marketing budgets for the next year have been approved and are ready to be allocated. So, what are the department budget allocations in this financial year compared to last year? Has your company made some drastic changes in terms of budget allocation or company direction, and how does this compare to other companies?
According to a report from Econsultancy and Responsys, which looked into planned marketing spend in 800 companies, marketing budgets will increase by 23% for the 2013/2014 financial year.
The report details how Australian marketers intend to focus on digital marketing. Over 70% of companies are planning to increase this budget allocation by an average of 28%. The majority of which, will be spent on Search Engine Optimisation with companies increasing their SEO budgets by 65%. Other areas said to increase include, Paid Search with a 56% increase, Email Marketing, increasing 65% and Lead Generation increasing 58%.
Mobile Marketing is also another major focal point for the new financial year with planned budget increases in Mobile Apps (47%), Mobile Search Marketing (39%) and Mobile Advertising (34%).
• Implemenet a strong focus on mobile: With over 40% of people accessing the internet on mobiles, it’s never been more important to adapt to this trend and make your website content mobile-friendly.
• Longer, richer content: Longer articles tend to result in higher rankings, more inbound links and more website traffic.
Digital Marketing budgets. Where to focus:
• Understand your audience: know who and where to target before spending your marketing dollars.
• Invest in technology: Using the right software for your campaigns will drive ROI and free up time to focus on strategy.
• Strengthen relationships: Consider the value of your returning customers and invest in building these relationships. Acquiring new customers is worthless unless your regularly engage with them.
• Get the right person for the right job: Successful campaigns require savvy staff. Find skilled digital professionals to increase your sales.
Being smarter with social media:
We believe the next financial year will be the year that businesses become confident and skillful enough at social media integration to pick the sites that make the most sense for their business and targeting their specific consumer market.
• Streamlined Communication: Businesses will focus a lot more on consistency and support, as well as targeting specific groups within their target market.
• Improved Collaboration: Better communication internally.
• Organisational Expansion: Easier access to information and important projects, which is a key elements contributing to the growth and development of the business.
If you would like to increase investment in SEO and online marketing Out Of Bounds can help. Call or email us today to find out what we can offer.