In today’s world, marketing budgets are at an all-time high. Companies are pouring money into online marketing, social media, and influencer campaigns. However, all of this investment comes with a price. You may find that your marketing budget doesn’t seem to be scaling as quickly as you’d like it to. You may also wonder where all this money is going. Is this really the best use of company resources?
In most cases, the answer is no. However, there are ways to manage your marketing budget effectively so that you can optimize your results and get the most out of your financial investment.
Set A Budget And Stick To It
Before you begin any kind of marketing campaign, you should set a marketing budget. This is especially important if you want to run any kind of influencer campaign, because you’ll want to ensure that you have enough money to pay for the influencers’ services. If you don’t have enough money, you’ll have to find a way to raise the funds to pay for the campaign. Alternatively, you could opt for a cheaper option and cancel the campaign. This is what usually happens when influencers can’t pull it off.
Budgeting is also important when it comes to the digital side of marketing. If you have a limited amount of money to spend, you’ll need to decide on what platforms to focus your efforts. Usually, the cheaper the better in terms of digital marketing, because you’ll only need to focus on a few platforms to gain adequate results. AWeber is a free marketing tool that allows you to set up email marketing campaigns for free. You can place ads on social media platforms such as Facebook and Twitter, and drive traffic to your site.
Use Platforms That Are Efficient And Affordable
Depending on your budget, you’ll need to pick your platforms carefully. The cheaper the platform, the more limited its functionality. For example, if you have a limited budget, you might want to avoid platforms such as Bluehost and Shopify, which are expensive and have a lot of features. Instead, you could opt for platforms such as AWS, which are quite affordable and don’t have as many features.
However, if your budget is high, you can opt for more expensive platforms with premium features. For example, Shopify’s premium version allows you to create email marketing campaigns and handle all the shopping cart functionality. Another popular brand name in ecommerce that provides a lot of features is Bigcommerce.
Diversify Your Audience
If you’re looking to grow your audience, you’ve probably noticed that most blogging platforms, social media platforms, and email marketing platforms are very focused on entrepreneurs, bloggers, and digital marketers. If your business is more of the traditional kind, looking for customers in the general public, you may want to consider taking a more traditional marketing approach.
Traditional marketing methods focus on reaching as many people as possible. In most cases, this means spending relatively more money on larger adverts in prominent publications. However, with the right PR strategy, you can achieve the same results without the high ad costs by promoting your business in smaller publications that are more specialized in your industry. For example, if you’re a fashion brand, you may want to consider targeting content to consumers that are interested in fashion blogs. Another option is to form special interest groups on LinkedIn or create a group on Facebook for people with shared interests. You can then share useful articles and information within the group. Not only does this provide you with content to distribute, but it also provides the members with useful information.
Raise Awareness Of Your Brand
Depending on your budget, you may also want to consider creating a buzz around your brand. Buying ads in prominent publications is one way of doing this, but you can also opt for viral marketing, which is getting the word out there via social media platforms such as Facebook and Twitter. Create content that is valuable to your audience and engage with your followers to build credibility and trust. When people trust your brand, they’ll be more inclined to buy what you have to offer. If you want to see real results from your marketing efforts, consider investing in brand awareness. It may seem like an expensive option, but in many cases, it’s the single best thing you can do for your business.
Use Data To Guide Your Marketing
The amount of data that is available to us today makes it super easy to track the success of our various marketing efforts. Companies such as Google and Facebook are making all of this data available to us for free so that we can better understand the results of our campaigns.
You can take this data and use it to guide your marketing efforts. Depending on your goals, you may want to consider doing this via content or social media. For example, if you are looking to grow your email list, consider using email marketing to achieve this. Once you have a list of subscribers, you can continue to send them valuable information that will keep them engaged.
To grow your followers on social media, consider using platforms that provide in-house marketing analytics, such as Hootsuite and SocialBro.
Manage The Data Collected During The Campaign
The price of an effective marketing campaign is the collection of data. Once you run a campaign, you’ll likely have a whole host of information at your fingertips. This includes the number of leads, the amount of site traffic, and the demographics of your audience. Depending on your goals, you may want to consider how to best use this data. You can conduct A/B tests with different versions of content to see which version is most effective. You can use this information to improve your campaigns in the future.
Optimize the results of your various marketing efforts and get the most out of your limited marketing budget by following these tips. Set a budget and stick to it, diversify your audience, raise awareness of your brand, and use data to guide your marketing will all help to get you there sooner rather than later. Don’t forget to measure the results of your efforts and adjust your strategy accordingly.