14 components where Marketing Experts are allocating their budget & % breakdown
Knowing the market you are about to set foot in is mandatory for the right decision making.
1. Market Research & Competent Analysis
According to MIA research, an average of 5% of the marketing budget goes into market research.
2. Customer engagement
This caters to increasing the stickiness of your customers through different modes of engagement.
This segment bags 6% of the marketing budget.
3. Conversion rate optimisation (CRO)
The process of increasing the percentage of conversions from a website or mobile app.
An average of 8% of the marketing budget is invested in CRO.
Digital commerce features include, but are not limited to:
– Descriptions of products, photos, and other media
– Promotional campaigns, social media involvement, and marketing as a function
– Analytics
– User journey mapping
– Customer support
– Supply chain management and order fulfilment
4. Digital Commerce
It is all about knowing your customers. MIAresearch indicates that companies allocate an average of 6% of the budget for this segment.
5. Customer insights
6. Content creation
The beauty of content marketing lies in the fact that it costs about 62% less than traditional marketing but is three times more effective than it.
7. Content distribution
This caters to channels of distribution of the content to reach the masses via Owned media, Paid Media and Earned media
This caters to channels of distribution of the content to reach the masses via Owned media, Paid Media and Earned media