Using your budget amount to your advantage

It’s an answer that can’t really be set in stone and one I can’t simply respond to; it all depends on the business and the amount you’re prepared to start with.

Some businesses out there will simply assign a certain amount of budget, spend it on Google Ads and Facebook, and expect a return, but there’s more to it than that. 

You need to start where you feel comfortable; know what you’re best at, and work from there. Have a budget that’s enough to analyse when you begin, so you can see exactly where the strengths are on certain platforms.

Recently we’ve been looking at TikTok, a social media platform that’s exploded in the last year in the 16-26 age range. Because of this, we’ve been looking at the type of ads that could be created to benefit many businesses out there. With CPC’s, CPM’s and other attributes having taken over ad spend rather than Facebook Advertising, it’s been crucial to see how much these are reflected on TikTok.

We’ve been testing the waters with some advertising lately and found the following:

• CPC (Cost-Per-Click) at around £0.04 – £0.08
• CPM (Cost-Per Mile) at around £0.60 – £1.00
• CTR (Click-Through Rate) between 1.5%-4%

Of course, these results could change in the coming months as other businesses and even users become privy to the potential of TikTok, but it shows just how a social media platform could help influence a budget when planning out a campaign.

Even if you’ve never dipped a toe into digital marketing, the best starting-point is to look at something like ‘Google Keyword Search’ and ‘Google Keyword Planner’. You can find out directly what’s happening in the market, and just play around with it, so you can see which keywords can relate to your business, while also seeing the ROI.

However, don’t be too fixated on a set budget; be fluid with it, especially in the early days. There’s no harm in seeing a low result; it’s part of the learning curve for any business. But once you start seeing a substantial return; increase it, and look to other relevant keywords that can help push the campaign further.

There’s no right or wrong answer, but you need to be where the consumer is looking. Platforms like Tiktok are areas that businesses will need to be in the coming years.