Marketing is changing at a fast rate due to the economic changes surrounding consumerism. Consumers are more expensive to acquire than they were even one decade ago. This is due to a variety of factors, including rising costs, a looming recession, and other socioeconomic factors. This requires businesses to use their marketing budgets strategically. The strategic use of marketing funds begins with a solid budget. Below, you will find how to build an SMS marketing budget to ensure your return on investment.
How to Build an SMS Marketing Budget
SMS marketing campaigns are highly popular and effective. More than 70% of consumers have signed up to receive text messages from businesses in the last year. This demonstrates the clear opportunities offered through SMS marketing campaigns. Setting a clear budget is critical when launching an SMS marketing campaign. This ensures you stay on track and meet your SMS goals. Consider the following steps when setting up your SMS marketing budget.
Set Your Goals:
Before you get started, it is important to define and set your marketing goals. Each business is uniquely different, so it’s important to understand exactly what you are getting into. Common goals include growing your customer base, increasing brand awareness, increasing sales, and boosting engagement. In fact, an SMS marketing campaign can help you achieve each of these. To help narrow your goal-setting, consider the next three to six months when brainstorming. This allows you to easily curate a plan that ensures all of your goals are accomplished.
Determine Your Audience:
Identifying your audience is a critical step in any marketing campaign. This is especially true when it comes to an SMS campaign, as you are directly communicating with current or potential customers. Identify the key factors about your intended audience, including who they are and what they want. This often includes their age, socioeconomic status, and geographic location. Use this information to tailor your SMS marketing campaign, as it can ensure each marketing dollar is spent as effectively as possible.
Consider Your Platform:
Choosing an effective automated texting software is an important step in the SMS campaign budget process. One of the most effective SMS software programs is Trumpia. The team includes industry professionals with a proven track record of success. They can ensure your SMS campaign is effective, as it should provide you with a major return on investment. They have several plans to meet your unique goals and budgetary needs. Consider their SMS marketing pricing plans to find the right fit for your business.
Finalize Your Budget:
Finalizing your budget can ensure that you stay on track. After setting your goals, identifying your target audience, and choosing your automated texting software platform, it’s time to lock down the details of your marketing plan. The budget should coincide with each of your marketing goals. This is helpful, as you can easily knock down your goals either on or under budget. Consider including a cushion in your budget to account for any overages. A good rule of thumb is to account for a cushion of roughly 20%.
Trumpia SMS Marketing
SMS marketing campaigns are popular as they are highly effective. Research has shown that SMS open rates are as high as 98%, which is astronomical as compared to email open rates. Because of the proven success of SMS marketing campaigns, many companies opt to include SMS in their marketing campaigns. They offer several benefits, including instant delivery, high conversion and clickthrough rates, in addition to fast and easy implementation. SMS campaigns are also cost-effective, making them great for your business’s bottom line. Contact the team at Trumpia today for more information and get started on your campaign today!
