In this 10 part series, we are exploring simple steps you can take to get your digital house in order – before you start paying for advertising.
Last week in Step 7, we covered ‘Establishing your Baseline’.
Now lets move on to Step 8.
It is far better to do one medium well than 10 media poorly
– Bob Hoffman
How much should I spend on advertising?
Don’t spread yourself too thin, while there is an eagerness when starting out in digital advertising to try everything. It’s best to master 1 or 2 channels at a time, then take learnings from those and apply as you grow.
At the same time its difficult to spend too little on a channel as insufficient data means we cannot draw conclusions from our testing.
So we are after a sweet spot of enough spend to achieve conclusive testing results but not too much (at least in the beginning) as we don’t want to waste excessively while testing.
Up to $5k/month -> 1 Channel, bottom to middle of the Funnel
Up to $10k/month -> 1 Channel, Full Funnel
Up to $20k/month -> 2 Channels, Full Funnel
$20,000+ = Multiple Channels, Full Funnel
Now that you have considered your Advertising Budget, stay tuned next week for the next step in Before you pay for clicks: Part 9.