Digital Marketers, Just How Much Funding is Right for Your Next Campaign?

Originating as a WhatsApp group of digital marketing experts and enthusiasts, the Digital Marketing Meetup (DMM Nigeria), seeks to foster professional relationships between members, whilst educating one another on the latest trends, best practices and opportunities within our industry.

One of the most recurring questions posed in this highly resourceful group is the issue of budget allocation to campaigns. So, it is not uncommon to see questions like; ‘‘What budget could run social media ads for a laundry firm’’ or ‘’what’s the likely amount one will spend to install a million apps’’?

While some of these marketers have clearly defined goals and understand the preliminary set up to running successful campaigns, others simply do not. Like any seasoned digital marketer would agree, budget planning without establishing a clear goal or objective for your campaign is like putting the cart before the horse.

So how do you set clear objectives for your campaigns?

The SMART and SOSTAC models are popularly referenced models in marketing which have been tested over the years and proven to be highly effective in assisting digital marketers achieve their objectives.

Rated one of the three most popular marketing models, the SOSTAC model tackles six key elements of marketing by posing simple questions that cascade into an easy starting point. Situation analysis, asks what the current state of the business is. Objectives, helps list an overview of goals for the business. Strategy helps provide a “big picture” plan to achieve the goals. Tactics breaks down the “big picture” strategy into smaller details. Action helps assign responsibility, budgeting and deadlines for certain tasks. Control offers an easy way to track the progress of the plan.

The SMART goals – Specific, Measurable, Actionable, Realistic and Time bound guide provide the framework that determines the success of any campaign or otherwise. This marketing tool when properly utilized, captures specifically the deliverables, timelines and of course, the resources, under which budgeting comes in, needed to launch a campaign that resonates with your target audience.

Whatever marketing model any digital marketer choose to deploy, a thorough understanding of campaign objectives eliminates uncertainty associated with budget planning and lay the foundation for successful marketing campaigns.