How much should you invest in Internet marketing... It would seem that this is a question clients struggle with. Historically, businesses appeared to manage this better than they do with their internet sites. Personally, I think this comes back to a few factors.
Firstly, you must understand that simply creating a website in itself will do little for promoting your business to new markets. Secondly, internet marketing is a discipline that needs to be adopted in order that it works for you. Finally any internet marketing you do should form part of an over-arching Marketing Plan for your business that brings together all marketing activities in a way that sees them working together in an integrated and coordinated manner.
Your Marketing Plan must include elements of both traditional and internet based initiatives and these must all underpin a set of clearly defined objectives and strategies.
So how much do you invest? This is the same business decision you should always have been making. Determine an overall marketing budget for your business. Benchmark data indicates 5% of turnover for small to medium business however this will vary depending on various factors. Start with this number though and see how it pans out.
You then develop your plan identifying the initiatives and expected or desired results and allocate a budget to each. Now if you spent $30,000 on a yellow pages ad last year that you dropped then it might be worth spending a good chunk of this on internet marketing. Do not fall into the trap of seeing this is a windfall saving.
Marketing is critical to all businesses. You should work from a budget and a plan. How you share that budget across different initiatives is up to you.
Lastly and most importantly, you must review the performance results of yrou marketing initiatives. The beauty with the internet is of course that you have so many tools to give you quantitative data with correlating the information from different sources you are able to get a reasonably clear picture of how your well marketing is doing and where you need to make changes. Remember, your marketing strategies are an ever evolving process.
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Written by: Greg Tomkins
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