Importance of managing digital marketing expenses in today’s age
With more than 80 % of the world using smart phones, marketing leaders are boosting budgets to define markets and attract, acquire and retain customers. But with great power, comes great responsibility. Increased funding puts enormous pressure on marketers to deliver along with bringing new opportunities.
If you don’t think managing digital marketing expenses is the need of the hour, read on. According to a survey, companies tend to spend 10.4% of their annual revenue on marketing activities including salaries, and both traditional and digital marketing costs, in addition to a capital budget used to acquire marketing software licenses and the infrastructure (servers and storage) to run it on.
When customers shift to a digital market for every need, spending has to shift to cater to digital marketing. Digital marketing operating budgets personnel costs, contract labor, software as a service and external marketing services such as agency creative services, search, website design, content creation and management, social and mobile marketing. So many avenues make it hard to count and allocate digital marketing spending as digital and traditional marketing techniques are merging and even harder to keep track of the spending.
The tremendous pressure to create, manage and distribute content for multiple marketing activities through the right channels is ever raising as customers use more digital channels for collaboration, researching and acquisition of products and services.
Digital Marketers are also increasingly investing in technology to channelize the customer experience across social, mobile, commerce and website channels; integrate and analyze data from an increasing number of sources to get a better understanding of customers (Eg. Netflix analytics); enhanced marketing campaigns and programs, such as a mobile app, paid search marketing and social marketing. (Eg. Boosting a post through a Facebook page)
Having established that an increasing amount of spending is being dedicated to digital marketing every day, it becomes extremely important to keep a track of this spending. As yourself three simple questions:
· Am I spending on the right strategy? If a large portion of your budget is dedicated to an outdated strategy, you need to put a stop on it right away.
· Is the spending enough? Keep a track of the amount spent versus returns gained (in terms of number of customers on boarded vs cost of acquisition per customer).
· Which budget should I increase? Analogous to reducing expenses in an outdated, it is important to readjust the budget of a successful strategy to keep reaping benefits from it.
So how do you keep track of all these expenses? Happay has the answer and a solution to all your (digital marketing) problems.
We at Happay, have designed a payment mechanism which keeps your digital campaigns up and running without disruptions and generates spend reports without time consuming and error-prone spreadsheet work.
Happay’s new Digital Marketing Card is a single corporate card for all digital spends which provides centralized visibility into all spends via Happay’s web dashboard. All you have to do is load the sum allocated for digital marketing on Happay Cards, links the cards to PPC ad networks and online tools you already use and then sit back and run your campaigns without interruptions. You can then monitor all your expenses online using our digital dashboard. So what are you waiting for? Register online now and you can have your card delivered in 24 hours. Run your next campaign the smart way!