We’ve discussed the steps you can take to set yourself up for success with a limited budget, but what does this look like in practice? Here are some examples of what you could do if you only have $1,000 in monthly budget for digital advertising. There are many viable strategies for maximizing a small budget, and these strategies can change over time, but here are a few to get your creative thoughts started.
The Minimalist: Spend everything on search
A solid search campaign is arguably one of the most important aspects of a successful digital advertising strategy. Driving high-intent consumers to your website by targeting important search queries can make a significant impact on a business.
During the first month, monitor your average impression share (the number of times your ad shows in your target market for targeted keywords). If you are exceeding your impression share goal (Netsertive recommends 60-70% as an ideal), you can expand your geographic reach or allocate budget to another channel. If you are missing your goal, consider tightening your geography over the next month.
The Innovator: Experiment with a small search budget and another, exploratory, channel
First, invest in a solid, but sparse, search campaign that targets essential pieces like your company name and “near me” searches in your immediate geography. With the remainder of your budget, experiment with another channel like YouTube, Facebook, or Amazon to see what it can do for your business.
If you aren’t seeing a solid return from the second channel after a month, make some campaign changes or try something else until you find a mix that works.
The Promoter: Plan a small promotional campaign.
Give it all you’ve got for a short amount of time to push a special sale or event. Reach customers with a full-funnel approach and messaging around a limited time offer that will create a sense of urgency. Running a campaign for a shorter amount of time allows you to make a strong impact with a limited budget.
If this strategy works for you, plan out a calendar of specials and events that you can invest in monthly. These short sprints will drive traffic to your website and, hopefully, customers to your stores during your most important times of the year.