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How to Calculate your digital marketing budget
The answer is not so simple. There are a lot of factors to consider, such as the size of your business, the scope of your desired reach, and how aggressive you want to grow online.
The unwritten rule for a new company is to take 12-20% of gross revenue and for an established company 6-12%. Digital marketing budgets commonly consume 30%-45% of the total marketing budget and are considerably higher in many cases.
Now it's time to devise a marketing strategy. Remember to include the cost of Inbound and Outbound Marketing.
It's very important to track your ROI (return on investments). Determine all the possible reasons why something is working and something else is not. Research your competitor's digital marketing strategies and incorporate the ideas you like.
Adjust your goals and the market, then determine your next year's marketing budget according to the analysis of your previous year's budget.
You can start with operating all by yourself and spending a tiny media budget on social media or we recommend hiring a marketing company (Hashtag Online) which includes an online marketing manager, a social media manager, a content writer and a graphic designer.