Optimise Your Marketing Budget
The following suggestions are just a few ways we can help you optimise your advertising campaign’s expenses. No technical blah, blah – we promise – just SMART marketing based advice.
1) To start, figure out what you are attempting to accomplish. Are you trying to get more clients, or are you in the process of developing an online presence for your brand? The former can only be measured against the amount of new clients created and the expenses that come with it. The latter revolves around adjusting people’s views and attitudes, which are more difficult to measure, but just as crucial.
2) If you’re attempting to sell a product or service, consider the message you’re trying to convey. Question what makes what you’re providing more superior than that of your competition’s. People need an incentive to select you over another business. Merely telling them to purchase something because they should won’t be effective.
3) Review your brand honestly. Is it powerful enough to purchase from its existing state; is what you’re offering on par with the demands and desires of the market you’re targeting? The more your brand is more coordinated with the needs of your clients, the simpler it will be to market. You might need to establish your budget before attempting to sell anything!
4) Numerous offers. Many businesses make the mistake of marketing all they can do into a single advertising platform, which is ineffective. Think carefully about the specific needs of the audience whom will see your advertisements in every given platform and concentrate on each of these when attempting to sell a service – don’t crowbar every single service you provide.
5) Who are you attempting to reach? Don’t forget that you can’t be everything to everyone at once. Choose a single proposition and ensure that it fits the intended target.
6) If your marketing involves getting more traffic, question how much you’re willing to spend to make this happen. For instance, you may only generate £500 per engagement. As such, spending above £150 for each new lead probably won’t produce a profit.
7) If you’re selling a service, consider how many leads you’ll require, and how many of them you expect to convert into paying customers. This, along with knowing what the costs are to market on multiple platforms (like advertising on TV, Out Of Home Advertising, in newspapers, with PPC campaigns, Investing in SEO, etc.), will aid you in identifying the volume necessary to make a campaign break even before becoming profitable.
8) What platforms can you access? Your audience determines these, followed by the reach (capacity to provide your service), volume needed, and budget. Is your budget realistic enough to provide against your goals? It takes time for advertising communication to achieve its full impact. A lot of businesses question why their phones don’t ring right after an ad gets released. Don’t spend so much that it puts your company in jeopardy; you must be ready to be in this for the long haul.
9) What appearance does success take? You would be surprised and the amount of businesses that don’t know what their advertising campaign is supposed to accomplish besides “more sales”. Exactly how much do you want to earn? With which products or services? What are their financial values? Will the total revenue produced surpass what is spent on the advertising campaign?
10) How will you measure success? It is essential to begin by having a system and method of measurement established. Business owners usually tell me that they’ve dabbled in advertising, but didn’t achieve any success with it. When I ask to see their figures, they don’t have any to show me. Can you correctly determine which leads originated from a specific campaign? How intricate is this tracking? This is vital since a campaign could be producing an abundance of inquiries, but if none of them lead to conversions, you’re in trouble. You need to figure out if your existing system can provide you this level of Marketing Intelligence (MI). If you can’t track each inquiry, can you properly measure the company before and after the campaign? This is no easy feat, obvious as it may be.
BE SMART; Specific, Measurable, Achievable, Realistic, Timely.