How to Establish an Inbound Marketing Budget for Your Business

October 24, 2017 / in inbound marketing / by Bill Stern

Inbound marketing has become a crucial aspect of business. Due to the high rates of internet use and web browsing, many businesses are starting to integrate online strategies to turn website visitors into customers. Inbound marketing uses Search Engine Optimizing strategies to increase your website’s traffic and keep potential customers engaged in your business. Just as a responsible company would ahead to trends and utilize inbound marketing, it should also do so in a way that is manageable for its business. Budgeting is always crucial to maintaining a sound business, and should never be over looked. Check out how to intergrade inbound marketing into your company’s strategy as investment that works for you.

Understand Your Sales Funnel

A sales funnel is an inverted pyramid representing your company’s sales processing, and depicting the successful sales at the tip of the pyramid. You’ll be able to track your results by using marketing automation software to extract data. This data will include the number of visits your website receives, how many leads you get and the number of leads that generate sales, as well as the typical revenue from a deal. Having this information will allow you to make goals fit for your company.

Budget Based on Business Goals

Once you have a business goal set, you’ll need to work backwards from the revenue required to meet that goal. You’ll need to understand the cost in time and labor of your employees, as well as the cost of potentially hiring an agency of record. Have a clear outline of goals for the quarter, year, and even three years ahead of time. Rather than basing your budget off of percentages, base it off of what is truly needed after covering all other expenses.

Understand Current Trends

A solid understanding of both marketing and consumer trends can act as a helpful guide for your budget. Understanding what people are looking for when they turn to the internet is a critical aspect of inbound marketing. Content marketing is on the rise, making your company’s need for an effective inbound marketing plan more crucial than ever. It is important to keep up with technological trends that help get sales, such as software that offer contact insights, tracking, and scheduling through email. Content creation through blogs or ebooks also creates opportunities to showcase your services.

Having a clear understanding of your business goals, sales funnel, and current trend will allow you to create an inbound marketing budget unique for your company. Don’t view this budget as a cost, rather see it as an investment. Technology will only grow in popularity, and having web content of high quality will increase your sites traffic and lead to more frequent and successful sales. You will be able to optimize search efficacy and reach an audience your company can truly be of service to. If you want to ensure your inbound marketing is executed to the highest standards, consider working with a marketing strategist.

If you'd like to learn more about Inbound Marketing and how it can help your business download our 'Complete Inbound Marketing Kit'. Click on the picture below

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