From the course: Digital Marketing Foundations
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How to budget for paid marketing
From the course: Digital Marketing Foundations
How to budget for paid marketing
- Budgeting for paid marketing is always a significant challenge with any new marketing initiative. We tend to want to make long-term plans and forecasts but often have very limited information to do so. And the reality is long-term plans are rarely accurate. Instead, I encourage you to be comfortable taking an adaptable approach. You'll develop a forecast, and then as you collect data, you'll continue to revise your model until it's more and more accurate. Now to be honest, there's hundreds of methodologies for budgeting your paid marketing spend. So I'm just going to give you a starting place when working within a cost-per-click model, and then you can build from here. So let's say we run a hotel, and we're willing to pay up to $100 to get someone to book a stay. This is our target cost per acquisition. So we can't set our maximum cost per click to $100, because then we would pay up to $100 for every click, and we…
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