If budgeting is hard,
Marketing budget is harder and
The Online marketing budget is the hardest of all.
No worries my dear friend. Let me simplify it for you by providing answers to the following questions.
1. What is online marketing budget?
2. Is it vital to allocate for online marketing?
3. Will Online marketing work in Developing Countries?
4. Does online marketing exist in Underdeveloped countries?
5. Does email marketing reap me benefits?
6. Are you in need of inspiration?
I can hear you, saying, enough of questions now it’s time to respond. Here you go.
Q1: What Is Online Marketing Budget?
The process of expressing quantified resource requirements (amount of capital, amount of material, the number of people) with time-phased goals and milestones to market products or services using digital channels to reach customers.
In short, the process of allocating, capital and resources, to reach customers through digital platform within a time frame.
Q2: Is it vital to allocate for online marketing?
Yes, critical. Let me substantiate my answer.
- Over 3 billion people – 43% of world’s population are using the internet - ITU
- Smartphone is the favorite device to access web - Wearesocial
- 72% of Millennial research and shop their options online before going to a store or the mall - Forbes.
- Digital Marketers get better cost-per-lead (CPL) when compared to other marketers – Hubspot
Q3: Will Online marketing work in Developing Countries?
It reaches to masses, I swear. I was taken aback to know the top 8 countries leading the way in online education, courtesy of ICEF Monitor. I’m sure you will be too.
Added blow, 4 places were bagged by developing countries like India, China, Malaysia and South Africa. If online education is possible, think about the infinite online marketing strategies you can apply to magnetize your audience. Check out the news that’s breaking.
Q4: Do online marketing exist in Underdeveloped countries?
10 Kinds of business that can bring you millions in Nigeria, are you in need of the answer, take a deep breath, E-commerce bags the #1 spot according to Naij.com.
Yandi, online shopping platform which came alive this black Friday, 2016 represents the phrase You & I (Y-AND-I), with the payoff line, ‘connecting U and me to everything.’ Young entrepreneurs teamed up and have made a daring move in Nigerian E-commerce space.
Online marketing exists and on the rise irrespective of the boundaries.
Q5. Does email marketing reap me benefits?
Let me throw some stats on Email marketing – our age old online marketing technique.
Q6: Are you in need of inspiration?
Let me inspire you with not one but two stories.
Major players:
KFC, Fast Food Restaurant Company:
To add Bliss to the Christmas time, KFC has posted on their official Facebook page as, “This year, we are thankful for our fans. What are you most thankful for this year? Let us know in the comments.” Also, 3 lucky persons can walk away with gift vouchers. Here is the strategy, to increase the chance of winning we have to like and share their page with #KFCwishes. Foresee the likes, shares, and comments that flood into. Not to forget their lip smacking Red Hot Chicken and cheese tarts to spice up the festive treats. Oh yes!
Small-time Players:
Dhuni Clothing:
Dhuni, a Chennai based online clothing store for new-age women. They operate through Facebook, and all shipments are made from India. Dhuni adopted a unique strategy called “100sareedays”, in which, Aishvarya Raghav, Founder, and Designer, Dhuni clothing, drapes 100 sarees for 100 days. This is fashioned a lot of interest, result, high fan base, and amplified sales.
Conclusion
Half the world’s population will be online in 2018, and by the end of that year, 3.82 billion people or 51.1% of the population will be using the internet. This influx is due in large part to the availability of lower-cost mobile phones and broadband connections in emerging markets, like India and Indonesia.
-eMarketer, A Market Research Firm.
So what’s holding you behind from digital marketing? Plan your budget wisely and conquer the hearts, my dear friend. Best wishes.