Speaker 1: To get sales, you need to promote your store, but what exactly should you spend your money on? In this video, I will teach you how to make a marketing budget plan in six simple steps. Hi there, my name is Alessia and you are watching Allie Dropship channel. Allie Dropship is a plugin that turns WordPress websites into dropshipping stores. If you haven't heard of it, watch this video. Now, let's get to the point. How to plan your marketing budget? What is a marketing budget? A marketing budget is how much money you expect to spend on advertising within a specific time frame. As for digital marketing, we usually include these. Content marketing, promotion in social media, email marketing, branding, search engine optimization, and affiliate marketing. Even if your budget is limited, I suggest that you try different channels before choosing the best ones. Set your marketing goals. You can't know what roads to take if you don't know where you're going, so setting a goal is very important. But there are good goals and bad ones. For example, I want to make my e-commerce store more popular. That is a poor one because it's too vague. You can't measure the results. Another example, I want to attract 500 unique visitors each month. That's a good one. It has clear numbers I can measure, it's time-bound, and it's specific. It's a common practice to set not one, but two or three goals to spread your marketing budget between them. Once you have a clear objective, you can predict what promotional channels will bring the best results. For example, if I dropship drone parts, I prefer focusing on search engine optimization. So if someone is looking for a drone part in my region, they will see my website first. And that will be my marketing goal. If I dropship enamel pins, SEO isn't the best channel. It's the kind of product people are more likely to buy impulsively. Enamel pins are bright and pretty, and their photos will do great on Facebook or Instagram. So I will create social media pages and try to attract a certain number of followers. That's my objective. With some followers, my page will look real and trustworthy. I will start promoting my store with Instagram ads and shoutouts. Determine the overall marketing budget. Now that you have a clear goal, it's time to set your total marketing budget. Marketers recommend spending 5% of your total revenue on maintaining the current position and 12% if you want your business to grow. But if you work in a highly competitive niche, you might have to spend up to 20% on advertising. If it's your first campaign, I recommend taking $100 to test different channels. If you want to learn more about how much money you should spend, check out my previous video. By the way, it's time to choose promotional channels. So whatever budget you set, each of them may require a different sum of money. Choosing marketing channels. Actually, nobody can say what marketing tools will work for you. It depends both on your preferences and talents. But if you're a beginner, choosing Instagram, Facebook, and Google Shopping is a good plan. Niche is important too. For example, enable pins have great potential for promotion via visual channels. So I would choose Instagram, Facebook, and Pinterest. Here I'll have to spend money on advertising and ad design. By the way, if you're having a hard time deciding what to do for social media promotion, you can ask our team for help. They will make banners for you and provide tips on what to write in advertising text. Just follow the links in the description. Back to promotion channels. If my niche is drone parts, I would want to use search engine optimization. Google AdWords and Facebook advertising will help too. Therefore, I'll spend money on articles, optimization, and ads. Dividing your marketing budget. Now you have a goal and budget and you know what channels to use. So it's time to decide how to share the money between these channels. To do that, you can set a daily budget for each of them. If you're a newcomer, use Facebook and Instagram ads in the beginning. Since these networks now belong to the same company, you can advertise on both. These are what I'll use for my enamel pins, but I have to decide how to split my budget. I'd say I'd spend $40 on Facebook and $60 on Instagram. That should work. For my drone parts, I'll split my marketing budget between Google AdWords and Facebook. $30 here and $70 there. Testing your campaign. There is no guarantee that advertising will work perfectly from the start, so you have to monitor and analyze your progress. It's a good idea to check such websites as Reddit. It can show you what people are talking about right now or what memes are going viral. Use these ideas in your campaign. Analyze results and make changes. When the campaign is over, it's time to analyze the results. To do that, you can do the following. Use UTM codes to track where your traffic is coming from. Use email marketing software to measure open rate, click rate, and the number of unsubscribers. And use built-in analytics to measure likes, shares, and comments on your social media posts and ads. These data will show you whether you have achieved your goal. If not, the campaign definitely needs some changes. For example, if Facebook doesn't bring solid results after my drone campaign, I can try creating expert content and then send it via email to those who showed interest. After that, I can offer them my products. You can learn how to collect emails from potential customers by watching this video. Another example. For my in-email pins, I can redefine my target audience. I will exclude those who liked my post on Facebook but didn't convert and focus on those who did to create a lookalike audience and target it. If it's successful, I can also decide if I'm ready to spend more money or not yet. I hope this instruction will help you plan your marketing budget. You can learn even more tips on business promotion from our website. Just follow the links in the description. Or watch this video to learn how much money you need to spend to get your first advertising results. Thanks for watching. Like this video, subscribe, and visit our site to learn more about dropshipping. See you next time. Bye.