How to Create a Marketing Budget for Your Ecommerce Business

Planning an eCommerce business is great. It demands a lot of effort and thought-out strategies. Like brick and mortar stores, eCommerce business as well demands some investment. One of the most important channels to make your investment in marketing. You will hardly meet a successful business that will deny the importance of it. If you manage to find a trustworthy eCommerce digital agency you will surely accomplish your business goals, increase sales, and avoid some common mistakes. Digital marketing has different channels to invest in. Each of the channels promises new traffic, new sales, new conversions, and high ranking. With the growing marketplace, new strategies and tactics come out. So, before making your decision you need to make parallels between your budgets, goals, revenue and the channels that best match your business goals. Then after it, you can make your decision for creating a marketing budget for your business.

Before creating your own budget, you need to be aware of some common marketing expenses, which are critically important to succeeding. They include:

1. Website

Depending on your needs and your business type, the price of building a website can vary. The minimum budget you need is for the domain name and web hosting. Then after it, you can start thinking about other expenses. If you do not want to pay a lot of money for building a website, don’t worry! The Internet allows you to build a website on any budget based on a number of available tools. The website allows to be accessible for any time people want to get information about your product or services, so remember this when building every detail of your website.

2. Branding

Successful branding is a very powerful strategy a company can have. Through it, you can build an emotional connection between your customers and your brand. Every single challenge is important to overcome for building a successful brand. So, you need to create professional marketing materials, in order to leave a long-lasting impression on your customers.

3. SEO and PPC

If you start a new business you will spend more on SEO and PPC, than the companies that have already built some reputation over time. However, this is an investment that you need to do in every stage of your business success in order not to stay out of the competitive marketplace. So, when creating a budget you will need to find out the position of your website in comparison to your competitors and how fast you want to see your progress.

4. Social Media Marketing

This is a marketing channel that enables you to engage your audience directly and increase brand awareness. Regardless of the amount you need to spend, it is important to spend “well”. What does it mean?

It means that you first need to understand:

• Your sales funnel;
• Business Goals;
• Current and coming trends.

5. Content Marketing, Blogging and Email Marketing

These are inseparable parts of building an eCommerce business. Your budget may depend on:

• Content Marketing: Type of the content; business size, marketing overall budget, resources.
• Blogging: A domain name, hosting, email services, web services.
• Email Marketing: Complexity of email design, frequency, platforms.

6. Advertising

You need to put a balance when creating a budget for advertising. Spending too much money will be risky, too little will not bring recognition between customers. So, you need to create a plan, taking into consideration your risks, budget, and revenue. Using a fixed budget will be another good solution in this case.

Each of the eCommerce marketing services has its expense depending on the agency you choose. However, it is important to remember that each of these tactics builds your business and wise investment can bring you sales and increase your brand awareness. Before deciding which eCommerce marketing agency to choose, you can follow some important tips.