How to Budget for Digital Marketing in Singapore for 2019

budgeting for digital marketing in singapore

The most successful companies in Singapore know the importance of creating a budget for digital marketing in Singapore for 2019. The digital space will only get more competitive and you need to be prepared to pull more traffic to your site. It does not matter if you have a shoestring budget or a large marketing fund to tap into; you need to budget for your digital marketing campaigns in 2019.

The past few years has proven that changes in consumer behaviour and platform algorithms, can affect the results of your digital marketing campaigns. However, digital marketing is not a walk in the pack, and it takes more than daily posts on social media to boost your website’s traffic.

If you have not achieved your digital marketing goals of 2018, there are two things you might be doing wrong. One, you might have not allocated enough money for your digital marketing in Singapore, or two, you may be spending money on the wrong platforms and tools.

There are hundreds of digital marketing tools that promise to increase your online presence, but all it takes is to learn a few essential tools then you will be good to go. The data you collect from these tools will help you get more value for your money.

Where Do You Start

The only way you can be able to improve on your digital marketing in the past year is by analysing everything that you did. A site analysis and strategy evaluation against the achieved results will show you what you need to improve on, what to cut out, and what you need to add for success in 2019.

On the other hand, the worst thing is to think that your business is too small to start allocating money for digital marketing. The internet rewards those people who put in the work and quality effort into digital marketing. You will be able to attract huge traffic to your brand.

Before we cross over to 2019, be sure to test the effectiveness of your SEO/SEM and social media strategies. For example, SEO can be quite costly in that all the tools you have to pay for, the content marketing and so much more. After the evaluation, then you can know how much you will allocate each digital marketing campaign.

How Much to Money Put Aside for Digital Marketing in Singapore

On average, it is recommended that you should allocate as much as 8% of your annual revenue toward marketing. Half of the marketing fund should be allocated to digital marketing and the other portion for print and audio-visual marketing. A survey showed that most Singapore companies are using up less than 40% of their marketing fund on digital marketing and this it is one of the reasons why their digital marketing efforts are not bearing fruit.

With that said, the average company is stuck three years in the past when it comes to digital marketing in Singapore. 2019 will be all the more competitive and allocating the enough funds to this form of marketing will ensure that you rise above the competition. Some of the top and forward-thinking companies in Singapore are even spending more than 50% of their marketing fund on digital marketing.

What Should Your Spend Money On

For starters, there are hundreds of tools that can help streamline digital marketing in 2019. Most of them have free versions, which you can use to gauge whether they fit your business model or not. However, you will only get to leverage on the tools by going for the premium versions. These are some of the areas that you should focus your digital marketing spending.

YouTube Ads

In the last decade, YouTube has outgrown its intended use of being a video sharing site. According to Statista, there is an average of 400 hours of video content uploaded every minute on YouTube sine 2015. This makes it very competitive to get viewers for your video content and paid ads are the best way to drive traffic to your content.

 Start by identifying the channels that your Singaporean audience watches and then craft an ad to create a personalised user experience. You only have five seconds to grab the attention of your audience before they skip the ad. By incorporating useful information, professional design, and humour, you can easily gain the attention of your target audience.

The trick is to make it look like a video, not an ad. For SMEs, it makes sense to spend between S$3000 on YouTube ads then adjust the budget after the first quarter based on the results.

Yahoo and Bing

Google is the leading search engine in the world, with Yahoo and Bing coming in a close second and third respectively. Despite not being as popular as Google, they have users that could increase your SEM results. However, few advertisers have latched on to the power of these platforms to boost their marketing campaigns.

These search engines are less competitive, so your will get more visibility than using Google. The pricing options are generally the same as that of Google where PPC ads are charged at between $1 and $2.

Try Different Types of Content

When it comes to content marketing, text has played a significant role, but with the reduced attention span of internet users, it is not working as expected. You can go against the grain and break your content with static ads, animated ads such as gifs, and HTML5 as well as video ads.

However, you must be prepared to use a professional to make the videos to be compelling enough that your audience will share it on their social media pages. High-resolution pictures will also be useful to your digital marketing in Singapore. the price will vary between professionals but S$2000 will give you enough content for your digital marketing campaigns ion 2019.

With that said, heavy videos, images, and animated ads might slow down your websites, so ensure to use light but high-quality videos and images to maintain or even speed up your page loading speeds as well as attract the attention of your intended audience.

Social Media

Social media remains the ultimate marketing platform for digital marketing in Singapore, and you should invest in making your campaigns stand out. Before we go any further, it is worth noting that popular social media platforms such as Facebook have changed their algorithm to show posts from friends first and in so doing, they suppress marketing posts. Here are some of the social media platforms that are worth investing

Instagram

This is an influencer heavy platform and it is necessary that it be part of your digital marketing in Singapore for 2019. According to CMSWire, Instagram has over 25 million business profiles, more than 2 million advertisers and over 200 million users that visit a business profile daily. Several other studies suggest that the average e-commerce revenue from customers referred from Instagram is $65 compared to Facebook’s $55.

The explore tab on Instagram will revolutionise how customers find and interact with your brand. The tab shows the popular posts that Instagram algorithm selects and hashtags are a major factor in attracting post and ad views. They also have a new collection’s unit which allows brands to showcase more than one item on a single post.

Look for and negotiate the terms of payment with Singapore influencers. The bottom line is that they need to have over 10,000 followers with at least 5,000 in post views, and likes. On average, influencers like to use show their followers using a free sample, but some will also ask for payment.

LinkedIn

This is the professional’s social media, and digital marketing takes on a whole new meaning. It is quite useful for B2B content marketing given that it reaches over 590 million unique users per month. You can promote your brand with sponsored content to drive qualified leads to your website. You will need to create a profile, build a network and this is where sponsored content comes into play. However, be sure to be proactive in the groups where your target audience frequents.

Facebook and Twitter Ads

Facebook and Twitter are the two largest social media platforms that see millions of users log in every day. You can promote your business by sponsoring your content and the use of ads to gain more recognition. For Facebook and Twitter ads, be ready to set aside at least S$7000 for your annual ads, and you will be sure to record more traffic.

A/B Split Testing

Your website remains the gateway to your customers. You need to test different versions of the site to see which ONE performs better. A/B split testing enables you to make the most out of your existing traffic, but be prepared to incur the cost of acquiring paid traffic. However, the costs associated with increasing conversions is minimal.

You can carry out the A/B split testing on every aspect where users interact with your website. This include headlines, CTAs, paragraph context, customer testimonials, media mentions, images, videos, and so much more. It will cost you at least $49 which is the cost of 10 Google Adwords clicks.

Search Engine Optimisation

Do not make the mistake of showing one version of their site to the users and another to the Googlebot. This is what is known as cloaking.  Invest in a proper SEO campaign that encompasses content creation, use of keywords, content format, and so much more.

Content creation will require that you set a bigger budget and create a content publishing schedule that will keep your traffic interested in your site. While you might not have the time to craft the content there are millions of freelancers that can create content that converts.

The goal of your SEO is to help you rank higher on search engine results pages when done right. You will also need to invest in link building and tools to check for broken and bad backlinks. For this, you need to subscribe to the premium tools such as SEMrush, Serpstat, and Open Site Explorer, to name a few.

Be ready to spend anywhere between S$5000 and S$20000 annually on SEO. Over time, you can grow your knowledge on SEO, and you can lower the costs significantly.

CRM

A customer relations management system provides a central location where you can store all your customer and prospect information. It will help you to track customer interactions with your brand, and enable you to share the information with your colleagues.  It will also help you in managing customer relations and help scale your business.

With that said, there are several tools you can use such as Hubspot CRM, Zoho CRM, NetSuite CRM, Microsoft Dynamics CRM, Oracle CRM, and more. They each have their different pricing options, but of most importance is to see how compatible they are to your business model before subscribing. The average cost for using a reputable CRM system is between S$5o and S$100 per month.

Google Ads

Google has two types of ad campaigns that you can launch; the search and display network. These come heavily recommended by some of the leading companies with digital marketing campaigns that convert. They include:

Pay-Per-Click

These are campaigns that you launch on the search network where you pay for every time a user clicks on your ad and ends up on the respective landing page. PPC ads are generated in line with the user’s query, and this helps drive more traffic to your site and they appear above the results. The average price for PPC ads is between $1 and $2 for every click.

If you choose to go for display network ads, your ads will appear on sites across the internet as banners. They are recommended if you want to advertise on a site that has traffic you are interested in for your brand. There are three main pricing options for display network ads

CPM Pricing

This is the best option for creating brand awareness and campaigns. Generally, you pay for the ad for every thousand views.

CPC Pricing

This ad option requires that you pay for when a user clicks on your ad. It is the ideal pricing option for ad campaigns whose main goal is to drive traffic to your website.

CPA Pricing

You are required to pay for the ad only when it leads to a conversion. It is the preferred option if your goal is to increase sales on your traffic.

Conclusion

Setting the budget for digital marketing in Singapore for 2019 will not be easy. With the results you get from your digital marketing analysis in 2017 and 2018, you will be able to know the source of your traffic and the SEO tactics to encourage lead conversion.

With that said, it is recommended that you get a digital marketing agency that has experience working in the Singapore digital space, a good portfolio, and one that has won awards for providing stellar digital marketing services in Singapore. Contact us, MediaOne, today and let us help you with your digital marketing campaigns for 2019.

November 21, 2018

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