Whether you invest in SEO & Content, Paid Traffic or joint venture and affiliate promotions is driven primarily by the time frame within which you need to get results and your available budget.
The new financial year is almost upon us (well in Australia it is), so I thought this post about what digital marketing activities you should plan for and where to allocate your budget would be helpful for most businesses.
I also have something to say about what activities you should keep in-house or outsource to experts.
Where Can You Spend Your Digital Marketing Budget?
The graphic below allocates all of the possible ways you can spend your digital marketing budget into three primary buckets.
Earned, Owned & Paid media.
The distinction is pretty straight forward. Owned media is all of your website properties and social media channels. Paid media is all of the paid traffic strategies while Earned media is the exposure you get from social shares and mentions because of the quality of your content.
Source: Titan SEO
So Where Should I Spend my Digital Marketing Budget?
Ultimately all of these digital marketing media are traffic strategies.
For most businesses, the decision where to allocate their marketing budget should be driven by either how much time you have to invest in creating content or building an audience or how quickly you need the traffic or how much money you have to spend on paid media.
Let me explain.
You Have time but No Money for Paid Media
If you have no budget for paid digital media, then you cannot instantly generate traffic.
That means you need to invest time and effort in creating, publishing and sharing quality content as well as building a social media audience as your traffic strategy.
You Have Money for Paid Media and are Short on Time to Get Results
On the flipside, if you have the budget for paid media and are short on time to get results, then your choice is to use paid media strategies to generate traffic.
What if You Have Neither Time Nor Money
In the case where you are short on time and have no budget for media, your only option is to partner with someone who has an audience they can use to send you traffic.
The traditional form is a Joint Venture or an affiliate promotion, where payment is made based on any sales generated.
What Digital Marketing Should I Outsource or Keep In-House?
Long term I recommend that all businesses look at learning and bringing in-house as much digital marketing activity that they can.
Of course, how much you do in house is driven by the size and complexity of your business, and your team.
Based on my years of experience in the digital marketing space I recognise that there are always areas of each of the marketing disciplines that require an expert.
Work that requires strong technical excellence, or that can benefit from the practitioners experience from working on many campaigns should ultimately be outsourced on an as-needed or project basis to experts.
My recommendations as to what you should do in-house and outsource are below.
What do you think? Is there anything that you might change?