Marketing can be a blessing in disguise, or it can create a deep hole in your business’s cash reserve. Sometimes the line differentiating the two can often be a thin one. A basic assumption is that marketing is an investment that can generate higher revenues and other business benefits. Depending on the goals, marketing can help create more conversions, bring higher viewership and traffic, or help in generating more brand awareness. Marketing budgets may drastically vary depending on the size and cash balance of a business. However, it is a bit more complicated than simply dumping money into all available marketing opportunities. A little innovative work can sometimes lead to better results by keeping costs low. The idea is to derive the maximum value out of each dollar spent on marketing efforts. Below are seven ways to use your marketing budget more smartly for better ROI.
- Employ strategies that complement one another
A company that invests in the marketing of jam is bound to increase higher demand for sliced bread. The reason being, both products complement each other. Therefore, an increase in demand for jam due to marketing will ultimately increase demand for sliced bread. This simple example can help better understand the idea of employing complementing strategies. Instead of spending money on two entirely different techniques, it would be more cost-effective and efficient to spend on plans that complement one another.
An example of such an approach is content marketing backed by SEO. While one directly involves upselling and increasing the reach of content, the other magnifies the impact on SERPs. If you want to learn more about innovative ways to spend your marketing budget, consider enrolling in an online MBA no GMAT AACSB degree. This low entry barrier program is apt for entrepreneurs and professionals who want to use their time and online resources to hone their marketing skills.
- Smartly recycle your content
You may not realize this, but sometimes it is more efficient to repurpose old content instead of creating new content from scratch every single time. It can sometimes save hours of work and grind. Clever work leads to better ROI simply because it cuts down on the demanding cycle of content creation. Having creative material available at hand can save time and allow marketers to recycle it in future strategies.
Besides, repurposing content also enables you to tap into a broader audience with improved information. For instance, not everyone loves to read endless walls of text in blog posts in articles. This renders your content useless for a specific portion of your target audience. On the contrary, converting the same pieces of text into exciting videos will increase their reach and ensure more people engage with your content.
- Research to save yourself some extra cash
If you are paying for a product or service, it is best to know that you’re getting your money’s worth. This also translates to marketing. Knowing where to spend your marketing budget and the possible alternatives you can explore with the same money can sometimes help save a few extra bucks. You can then reinvest the money you save on other business activities.
Even if the objective is not to save cash, it is better to know that you’re not unnecessarily overspending. At the end of the day, the goal is to improve the returns on investment. Therefore, researching before spending money on any marketing technique can go a long way in maintaining profitability.
- Step out of the comfort zone
Complacency is a common issue when marketers find strategies that are consistently generating results. Amid successful campaigns and positive ROIs, marketers often overlook other alternative approaches that might lead to more productive results. Nevertheless, there is always a risk of failure or losses when trying out new methods. But it is vital to continue experimenting with more contemporary tactics, different content, different target audiences, or simply stepping out of the comfort zone.
Greatness comes when individuals are willing to take higher risks without the fear of losing. The same principle applies to marketing. The founder of EIG, Hari Ravichandran had to spend $8K in ads before he got his first client. Without experimenting, a marketer may never reach her/his true potential. Stagnation often becomes the cause of downfall. For a marketer or a business/company, this can also mean losing out on a competitive edge.
- KYA – Know Your Audience
Billboards might be a great way to reach maximum exposure. But what good is that exposure if it simply fails to generate results for the business? There is no replacement to knowing and effectively targeting your audience. As marketing content and communication become more optimized for the correct audience, marketers also need to ensure that their content reaches their desired audiences. Otherwise, the best marketing message can also become redundant if exposed to an irrelevant audience that does not resonate with it. Therefore, as crucial as designing the perfect marketing communication is, it is equally necessary to convey it to the right audience via the proper channel.
- Learn from the professionals
Learning along the way can be an excellent method to improving your marketing skills while simultaneously achieving the desired marketing results. But it can also be a long and tedious process with several roadblocks and obstacles. Hiring an expert and paying them for their skills might seem like a costly approach in the beginning. But building a professional relationship with the right expert can sometimes save the business several potential costs.
Experts by their very nature are individuals with a robust set of skills, knowledge, resources, and experience. Paying an expert for their time and expertise can help the business achieve its marketing objectives quicker and more cost-efficiently.
It is better to spend more smartly instead of simply spending more. Optimizations are key. The end goal is to achieve better returns, increase exposure, drive higher traffic, and increase productivity while ensuring a cost-efficient approach. If followed consistently, the above strategies might help ensure that marketing budgets create healthy returns instead of leaving a big dent in the business’s cash flow.