calculating a paid media budget

How Often Should You Evaluate Your Paid Media Budget?

November 8, 2023

You must create a comprehensive budget as you cultivate your paid media strategy for OTT, ConnectedTV, social media, and other channels. Whether your wellness brand is just taking off or your business is well-established within the industry, you want to put your campaign’s objectives at the forefront. What do you want to achieve with each paid media initiative? Once you’ve landed on an answer, look at the funding you’ll need to make your campaign successful!     

Performing a budget analysis is a critical component in keeping your paid media strategy on track. The health and wellness arena is competitive, so you want to ensure every dollar goes toward making your ads as effective as possible! Standing out from your competitors starts with a solid paid digital marketing plan to reach your target audience with impactful paid media ads. 

If you’re wondering, “How often should you evaluate your paid media budget?” We’ve got the answers for you! Working with wellness brands, we understand the importance of taking your paid media campaigns to new heights. Now, set aside some time for your paid media budget planning, and let’s get into it! 

calculating a paid media budget

When To Do a Budget Analysis for Your Paid Media Strategy 

As you guide consumers through the marketing cycle of your campaigns, allocating funds to your paid media strategy starts with a budget analysis. Each wellness brand will have different needs regarding how often they must review their budget. The frequency of your ad campaigns, seasonal trends, budget size, and overall business goals will factor into your decision-making. Understanding these elements will help determine what paid media strategy works best for your business!   

So, how often should you evaluate your paid media budget? Let’s take a closer look and find out! 

Before You Launch Your Campaign 

The ideal time to review your budget is before launching a new campaign. Review previous campaigns to better estimate various costs and use them to help calculate the budget for your new paid media plan. When analyzing past campaigns, look at conversion rates, clicks, and impressions to better understand what resonated well with your target audience. Next, ensure you set specific goals to measure the campaign’s effectiveness. Look at how you can improve ROI and ensure your budget includes the necessary means to reach these objectives. 

During the Campaign  

If you notice things aren’t going according to plan during the campaign, it’s okay to go back and revisit your budget! Reevaluate your paid media strategy to make sure it aligns with your campaign goals. You can look at what’s working and what isn’t and make changes as needed. This allows you to adjust where your funding goes and how you want to spend it moving forward.   

When the Campaign is Over 

The end of your campaign is another pivotal moment to review the budget—you can now consider end results. Did you put more money into one part of the campaign that didn’t need it versus one that could have used more funds? You can get a more accurate picture of what didn’t perform as well as anticipated and adjust future paid media plans to improve ROI. 

Once a Month or Quarterly  

Doing a temperature check with a monthly or quarterly budget analysis is always a good idea. Is there anything that requires immediate attention? Are you too far off from your predictions? Deciding to perform this review depends on your campaign goals and budget allocation. If you like to keep close tabs on where the money is going, you can opt for monthly—otherwise, quarterly is fine! This allows you to monitor the health of your paid media strategy in real-time.   

At the End of the Year 

Conducting a budget analysis of your paid media campaigns at the end of the year is an excellent way to see how they performed overall (especially in comparison to those of competitors). Identify which campaigns were the most successful and those that could have done better. Are there any new industry trends that you need to take into consideration for future campaigns? Take all of the data and use it to lay out your paid digital marketing plan budget for the following year. This will help you better allocate funds and improve your strategy for future campaigns!   

Consistency is Key with Paid Media 

So, how often should you evaluate your paid media budget? We’ve learned that it depends on various factors within your business; however, there are pivotal points during a campaign that are ideal—before, during, and after your campaign, as well as monthly or quarterly. You can choose which timeframes work for your brand and budget. 

You might find that you can look at your budget less often, but ensure you stay consistent with your strategy! Monitoring the data regularly and reviewing your paid media strategy is advantageous because it allows you to make sure you’re using your ad dollars appropriately.  

Within the wellness space, implementing a paid media strategy starts with setting goals and allocating funds from your budget. This is where you’ll decide how much of the budget will go to each campaign. Look at data points like conversion rates and the number of clicks and impressions needed to reach your campaign goals. Conducting a budget analysis helps you stay on track and in line with your objectives. If you aren’t getting the desired results, you’re effectively throwing money away—and that’s never easy to see! 

If you’re a wellness brand ready to take your business to the next level, it’s time to launch your paid media strategy! Planning your budget can be challenging, but we’re here to help. At Cultivating Media, we can perform a thorough budget analysis for your campaign and manage everything relating to paid media. Learn more about our services and how we can help your wellness brand through digital media buying!

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