Forecasting the results of the marketing campaigns is a big part of a marketer’s job.
Ideally, a marketer needs to work backwards by selecting a set target and then working towards it.
These marketers often work in extremely strict budget constraints to produce the necessary results for their organizations.
A marketer needs to calculate an estimated amount that he/she will spend on the different marketing channels to produce the desired results.
The marketers that are ahead of the curve have already calculated the amount of money that they will spend on Google Ads in 2019. Here are a few tips on how they calculated the budget accurately.
Understand that the B2B and B2C Marketing Techniques are Completely Different
B2B marketing professionals spend their time in getting high-quality business leads. These leads are usually the decision-makers of the top businesses in the world.
Core Focus: The core focus of a B2B marketing campaign is to increase the focus on the quality of leads. B2B marketers do not need to reach out to a lot of people.
Instead, they need to reach out to a handful of people effectively. Therefore, they spend more amount of money in remarketing their products to the same people.
Budgeting: Market research consumes a huge amount of resources in the B2B marketing campaigns.
Getting the right and relevant contact details of the high-level prospects is extremely difficult and costly.
Therefore, these marketers spend a lot of money on purchasing the relevant tools that can give them the edge in market research.
Another big component of the budget includes the expenditure on trained salespeople.
The marketers and the salespeople need to work in sync to drive the conversions out of a marketing campaign.
Therefore, the marketers need to train and keep the salespeople educated about each campaign that they launch for the prospects.
B2C marketing professionals spend their time in getting more quantity of business leads. Depending on the price of the product, this ad may be targeted towards the middle, lower-middle, or the wealthy class.
Core Focus: The core focus on a B2C marketing campaign is to increase the reach of the product/service.
B2C marketers need to reach out to as many people as possible. They do not need to invest in remarketing their products as much as B2B marketers.
Therefore, these marketers often spend their money in coming up with novel ideas to attract the attention of their prospects.
Budgeting: Google AdWords is the best platform that an individual can use to get the best reach in the market.
This platform can help a marketer reach millions of individuals within a couple of minutes.
A Google AdWords expert knows how to leverage the filters to reach the right people for their products/services.
While budgeting for a B2C marketing campaign, a marketer needs to focus on generating a high quantity of leads.
Therefore, he/she needs to purchase the in-demand keywords from Google at a higher price tag.
Placing the Bids
Once you have a budget in mind, you are ready to place a bid and negotiate to get the best deal for your marketing campaigns.
If you do not know how to negotiate correctly, the bid can go in one of the following two directions.
If you overestimate the cost of the campaign, you might end up spending more than the necessary amount.
You will tend to spend thousands of dollars every time you are placing a big.
If you underestimate the price of the campaign and place a smaller bid, you might lose the campaign to the highest bidder.
One tip that can help you save money and ensure that you do not lose the bid is to start slow and then grow big.
Do not reveal your complete spending power on the first instance in the fear that you will eventually lose the bid.
Instead, gauge the potential of the market and the other bidders on the field to see how much they can spend.
Once you have a fair estimate of their spending power you can do one of the following things.
If you think that the other bidders are bidding an amount that is way out of your league, get out of the bid. Do not overspend just to show off.
If you think that the campaign deserves the set amount and that the other bidders do not have that kind of capital to win the bid, place the highest bid and win it.
By leveraging the right mindset during the bidding experience, you can win the potluck of an awesome campaign without spending a lot of money.
Step up your bidding game and learn all the negotiation tactics that you can to win the bid without spending a significant amount.
Get on-board today as we shall help you realise your goals with ‘paid search’ campaign. We walk the talk and deliver results always.
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