Where Should New Businesses Spend Their Marketing Budget In 2020

Estimated reading time: 3 mins

When you are trying to get a new business off the ground, it’s important that you invest in marketing. However, you only have a limited amount of startup money, so you need to spend it where it counts. A lot of new businesses run into trouble because they pour money into marketing strategies that are not effective, and they don’t see any return on their investment. So, where should new businesses be spending their marketing budget? 

SEO

SEO is one of the most important areas to consider when allocating your marketing budget. The majority of people will search for new businesses online and if you do not rank well on Google search listings, you are missing out on a lot of potential customers and traffic to your website will be very low. That’s why you should find an SEO consultant and invest a significant amount of your marketing budget so you can boost traffic to your site. As long as the website design is good and you have a healthy conversion rate, you should see a big increase in sales off the back of this investment. 

Influencer Fees 

Influencer marketing is incredibly effective because social media influencers have a lot of authority. Their followers trust their judgment and if they endorse a product, their fans are likely to buy it in big numbers. In some cases, influencers will give you an endorsement in exchange for a free product, but the most popular influencers will often charge you a fee. Some new businesses avoid dealing with these influencers because they don’t want to spend the money, but you will see a huge return on your investment, so make sure to set aside a portion of your marketing budget for influencer fees. 

Video Content 

Video content is the best way to up your social media marketing game. People respond well to visual content and your posts are far more likely to be shared if they include engaging videos. It’s a great way to showcase your product and demonstrate all of the great features, and people are less likely to skip over it. If you just post boring promotional posts all of the time, you will not make much of an impact. That’s why you should allocate some of your marketing budget to creating high quality, professional video content to use on your social media pages. 

Branding 

Branding is vital for any business because, without a strong brand, your business is forgettable. A consistent, professional brand lends a lot of legitimacy to your business and helps you compete with your larger rivals. It also helps you to connect with your audience in a way that resonates with them. It is a good idea to spend some money on a professional design company that can help you to find the right brand for your business and manage things like logo and web design.

Aside from a professional design company, you may also invest some money in promotional products to boost your branding efforts. These products are customized items your new business can use to introduce your brand to your existing and prospective customers. From apparel and office products to beauty and travel products, promotional items can help your target audience get familiar with your new business’s brand and offerings.  

Thankfully, many companies supply promotional products in Australia or wherever your business is located. If you want more information, you can browse the internet or ask for referrals from family, friends, or other business owners.  

High-Quality Blog Posts 

Another marketing area that new businesses should spend their marketing budget on is high-quality blog posts. Despite the advent of several marketing strategies today, engaging, written content still plays a crucial role in the success of new businesses’ marketing efforts.  

If you’re a new business owner, investing in these assets can help drive more traffic to your website by providing a strong online presence for your business. Also, writing and publishing quality blog posts can help position your site as an authoritative resource for specific business industries. It can support your marketing strategy by providing answers to your target audience’s questions.  

Hence, ensure to allocate a portion of your marketing budget to hiring professional content creators who can provide quality content for your marketing needs.  

Conclusion

As long as you invest money in these areas of marketing, you should see a big increase in sales and your new business will begin to grow.