How to Finance Your Digital Marketing Campaigns

Discovering that it takes money to finance your digital marketing campaigns? Well, here are tips to help you get the cash you need.

Photo by Austin Distel on Unsplash

It’s true: it is possible to run successful digital marketing campaigns without spending a penny. From savvy social media posts to innovative guerrilla marketing tactics, a company can promote its products and services on a minimal budget. 

However, for a business to get the most out of its marketing campaigns, they have to be willing to splash the cash. Search engine optimization, advertisements, and content marketing – these are not strategies that can be done cheaply. To maximize results, they require ample time and resources, and that’s only possible with the right funding. 

Yet it is not a case of throwing money about. It is imperative you distribute your finances correctly. Fail to do so, and you will only flush your cash away – all while not making the most of your marketing efforts. 

To ensure you make the right moves, the key steps to financing your digital marketing campaigns are below. 

Plan out your strategy 

How much money will you need for your marketing efforts? This can only be determined once you have a full understanding of your planned marketing strategy. Unless you know which tactics, resources, time frame, etc., you will use, you are simply guessing as to how much money will be required. 

Now make no mistake: it can be tricky to gain a truly accurate picture of how much funding you will need. Marketing strategies are prone to change over time, and everything from PPC ad cost to SEO resources can differ from one day to the next. Nevertheless, you are able to gain a fair idea about the necessary finances for a marketing strategy.

In that regard, there are a few aspects to ponder. How many in-house employees will work on the campaign? Will you be enlisting help from external providers? What marketing tools – if any – do you need to purchase? What ad groups, keywords, demographics, etc., are you planning to target? These types of questions require answering when planning out your digital marketing expenditure. 

Pick your funding source

Once you have a general idea of how much money you will require to get your marketing campaign off the ground, the next step is deciding how to fund it successfully. If you have the finances already sitting in the bank and are willing to spend it on your marketing venture, you can get started, but it is still worth reading about to ensure you are making the most of funding opportunities. 

Naturally, a business’s most traditional funding path is a loan through a bank or other lenders who offer competitive rates. However, you could end up spending more on interest than you’d like, and you must stick to agreed repayment terms. Fortunately, there are numerous other options to choose from for your business. That means if one door closes, there are still others you can walk through to ensure you realize your marketing campaign dreams. In addition, you may find that a combination of several methods works best. 

Some popular funding options include: 

• Business credit card: There are certain marketing campaigns that don’t require a significant sum of money. A business credit card might be a suitable funding solution in this situation. If you already have a credit card, there’s no need to apply for any financing. The result: you can use the money you need without any delay. The negative is that a credit card will typically come with higher interest rates, particularly if repayments are not made swiftly. 
• Crowdfunding: Although crowdfunding is perhaps more suitable for a business starting up, it is still viable to fund certain aspects of a company – and that includes marketing campaigns. Along with being able to raise the funds you seek for your promotional efforts, it also helps with generating interest in your business. 
• Money from sales: The safest funding solution is to simply spend the money you have obtained from sales. No interest is involved, and you don’t have to make any repayments. One of the main issues, however, is that you could wait ample time before generating enough revenue for your marketing campaign. Furthermore, the money could be better served elsewhere for your business. 

Don’t Forget About The Wider Picture: Keeping Your Company Afloat 

Spending all your time focused on financing your digital marketing campaigns can lead many to forget about the rest of the business. Fortunately, there are ways to ensure your business keeps financially afloat while you find funding for the campaign, and it comes in the form of invoice financing. 

If you have several outstanding invoices where your customers haven’t yet paid their bills, rather than let them burn a hole in your finances – and slow down your cash flow in the process, resulting in you needing to turn to interest-heavy loans – you can utilize invoice financing. This is an instant way to get money from invoices. You can get the most out of invoice financing with the support of the right specialist. 

That is where fundinvoice.co.uk enters the equation. With their assistance, you can find the best support for your invoice financing needs, as they provide you with a free quote service and help you seek out the best factoring company to help you. The result: you enjoy the best rates for your invoices, ensuring you maximize your funding amount – and that means your company keeps afloat or your money goes further for your marketing campaigns. Looking at areas, such as where you have money coming in, ensures you fully understand your current finances, and nothing will halt your campaign or bring your company to a close. 

Monitor your money 

You have the money secured for your planned marketing campaign. Yet that doesn’t mean you should start splashing the cash without any caution. It is imperative you monitor your expenditure and continually track the progress of your marketing strategy. 

If you fail to do this, it could lead to problems for your entire marketing plan. The one thing you want to avoid is spending all of your money before your campaign is complete. Do that, and your marketing efforts will falter and not achieve the heights you’re hoping to reach. 

This is where using specialist software to track expenditure is key. With the right software, it is possible to accurately monitor how much you have spent. For example, if too much money has been spent in a certain area, you can correct this, balance it out, and stretch your funding to go further. 

With the right plan, funding source, and expenditure strategy, there is a greater chance your marketing campaigns will be more successful.