Your Marketing Budget – Creating Exponential Potential
Several ways to get the most out of your marketing budget!
Whatever the business, marketing budgets are always a factor whether a large international conglomerate or a small local firm with more modest means.
There are several ways to create a campaign which will have maximum impact and reach with only a modest spend:
1. Recycle, recycle, recycle
Clever use of old marketing material from previous campaigns that performed well, can be an excellent cost saving. With a few tweaks and especially if your target market has changed, you can breathe new life into old advertising media, utilising previous work done and gaining an excellent return on investment.
2. Expand search possibilities
Digital media and online marketing are a must in this modern world but many companies miss out by solely focusing on large companies like Google and Facebook for paid marketing. Paid search advertising costs are high with these giants but there are many smaller companies which can be used to great effect, will charge much less and will generate uptake, traffic and conversions at a much lower cost.
3. Harvest, organise and compare
A truly successful campaign will rely heavily on accurate consumer information so it is essential to keep this material to hand and well organised. Spending habits, buying patterns, demographics and other information can be kept in a database. These can be used with metrics to both develop a marketing strategy and ensure it reaches its target audience for maximum impact.
4. Better branding
Innovation and creativity will stand your brand head and shoulders above the competition regardless of marketing budget. When competition gets tough, rather than looking to increase your budget, look at new ideas or clever marketing strategies which will catch the eye of consumers and differentiate you from the competition. A unique, memorable brand name or website can outperform any competitor.
5. Minimise hidden costs
It’s essential to take a good look at your marketing budget and scrutinise any areas where hidden costs can cause an unwelcome surprise at the end of your campaign. PPC costs or software subscriptions and other factors not immediately apparent must be taken into account in order to stay within your budget.
6. Cut unnecessary spending
It’s easy to overspend on software and other digital services but often it’s simple to streamline and make big savings. There are a multitude of good marketing companies providing free software and templates, so make the most of them and use your spend where it really counts.
7. Create infographics
If you need to reach a variety of markets with a single product but are unsure how to do this within one campaign, developing infographics is a great way to do this. They are quick and easy to produce and can address different markets in one step, with a single image.
8. Use available data
It’s essential to keep generating content to keep your audience involved and engaged. An excellent way of doing this is to use the information already available in the public domain and present it in a new way. This will keep your marketing fresh and interesting without placing too many demands on your finances.
9. Build in flexibility
Unexpected budget changes or cuts are always a possibility, even with careful planning and detailed forecasts. It makes good sense to retain some flexibility in the marketing budget and take advantage of available software to take regular progress snapshots. This will help you to minimise the impact of any bumps in the road and keep things on track.
10. Keep it measurable
Every marketing campaign needs to be able to show measurable results, sometimes at a moment’s notice, as justification for its spend. Good record keeping and data metrics will ensure that the success or failure of a campaign can be quantified and fed back where appropriate within the organisation. Lessons can also be learned about which aspects were more successful than others and carried forward to future initiatives.
11. Taking budget out of the equation
A fresh way of thinking can often be the most valuable tool in motivating and inspiring an innovative marketing campaign. Rather than setting a marketing budget from the off and working within those constraints, some companies work from the top down and decide what they want to achieve, how they want to achieve it and then work out budget accordingly. This can often result in a more cost effective advertising campaign than if the budget had been set first.
Following these tips will put any business on the right track to an effective and engaging advertising campaign. However, sometimes a business doesn’t have the time, internal resources or ability to create and implement a campaign themselves.
12. Choosing the right marketing partner…
Choosing a marketing supplier who fits your business and vision is absolutely vital and there are so many companies to choose from that it can be a difficult decision.
Choosing a big name or a firm in the capital won’t necessarily equate to success and sometimes only incur extra cost. For example, a company in London will have large overheads and this may have a knock on effect to the cost of their services. Often a smaller company can offer a more cost effective, personal service that is more tailored to your individual needs.
It can be surprising how outsourcing your marketing campaign may actually create cost savings; a clever company that is familiar with the available software, who uses innovative and creative thinking and who has their finger on the consumer pulse, may be just what your business needs in today’s fast moving and dynamic market.
Exploring new ideas may be the secret to your success!