Whether it’s big or small, a marketing budget is always top of mind. Aside from getting super creative, your ambitions can only go so far as you can stretch your funds, making it important to keep a close eye on what you’re spending on and whether it’s paying off.
A lot of marketing teams loop their email marketing budget with their entire marketing budget. While it makes sense to do, sometimes it also means that the specifics of what’s going to be needed to run successful email campaigns don’t always get the focus that they require. In this article, we’ll go over a checklist of things to consider as you plan out your email marketing budget, plus how the right software can help you stretch each dollar.
Email Marketing Factors That Affect Your Budget
When it comes to your email marketing budget, there’s more to think about than just how many emails you intend to send out every week. To figure out what great email marketing is really going to cost you, go over each of the essential items in the budget checklist below and make sure they’re accounted for in your planning.
✔ Your Contact List
Just because you shouldn’t be paying for email addresses doesn’t mean that a high-quality contact list is free. Your email marketing budget needs to touch on the lead generation tactics you’ll need to pursue to grow a robust list of engaged subscribers, including things like the creation of unique campaigns and landing pages. The higher the quality of your contact list, the better the performance of your email marketing strategy. Spend the money it takes to get there, and you’ll earn a lot back in return.
✔ The Design of Your Emails
Did you skimp on spending when it came to the design of your emails? And if so, does it show? Email design matters, and therefore it’s always a good idea to invest in the look of your emails, as well as to revisit your template and format regularly to see if it needs any tweaks. Fortunately, while it is certainly worth budgeting for improved email design, it doesn’t have to cost a ton. There are lots of affordable template options out there, including plenty that look like you spent more than you really did.
✔ Analytics and Reporting
Putting your data to use is an integral part of effective email marketing. Everything from the open rates of your emails to where your recipients are in the buyer’s journey needs to be carefully monitored, tracked, and analyzed. This allows you to determine if your emails are successful and to capitalize on what’s working and lose what’s not. As such, your email marketing budget must account for data use, including storage and email analytics.
✔ Your Email Marketing Service Provider
When you’re setting your budget for email marketing, it doesn’t hurt to do a bit of research to ensure that you’re using the best email provider for your needs (and getting the best price for it). While switching over to a new email service provider can be a bit of a pain, it’s worth it if it’s going to cut your spending in this area and leave you with more money left over for other endeavors. Just be sure that any email service provider you choose to work with offers the right services at the right price for your business’s needs.
Simplify Your Budget With Software
The checklist above covers the four big essentials you need to keep in mind when coming up with your email marketing budget, but you can’t forget about all of the little things too. There are tons of moving pieces when it comes to sending out your emails and getting positive results in return. What software like Benchmark Email does is cover many of those little things for you on the back-end, giving you a nice package that covers a lot of ground.
The benefits of email software that can directly impact your budget vary, but they include:
- Maintaining GDPR compliance
- Pre-built templates for modifying email design
- Intuitive interfaces that are easy to use and cut back on training time
- List segmentation for increased personalization
- Seamless creation of drip campaigns
- Automatic data tracking after pressing send
If you have the right software in place, you’ll free up both money and time to focus on other things. And since budgeting is all about finding efficiencies, it makes sense to invest in one tool that can take you far.
Are you thinking long and hard about what you need for emails when setting up your marketing budget? y paying attention to the factors above, you’ll be able to accommodate your digital marketing needs better and ensure you get better results.
Are you ready for a smarter way to engage with your customers?
Benchmark helps you do email marketing the practical way. Create an ongoing relationship with your subscribers that leads to increased sales and happier customers.