How to Lower Your marketing Cost
Or – A better way to look at that is:
How to Earn More With Your Marketing Dollars
It might sound counter intuitive at first, however often companies are spending too little which wastes marketing dollars because sometimes spending more can prove more profitable. Advertising is a lot like shooting up a signal flare to get help. If the flare can only go up 200 feet you might not see results, especially if no one is the low flare radius. A flare that goes up 600 feet might cost three times more but, if the results are a profitable campaign then the higher spend would make more sense. Your goal should be to determine the right amount to spend in every campaign you run.
What should you include in your marketing campaign?
Social Marketing, Competitive Analysis, Content Marketing, Display Adverting, Email Marketing Landing Page Optimization, Marketing Automation, Mobile Marketing and website Optimization, Pay Per Click (PPC) Advertising, Responsive Website Design, Search Engine Optimization , Video Marketing, Website Analytics, Keyword Page Ranking Tools
Where should you spend your marketing dollars? This is usually the biggest marketing stumbling block companies must deal with. Without experience in all these areas I would suggest you see a professional online marketing company and not one that just does websites. Above all you need to find someone with a wide background in all these areas. Someone that can give you some proof that what they suggest is the best and correct course of action.
What We Look at to Determine a Marketing Budget
- Competitor research- We investigate your successful competitors to see what they doing and how much they are spending
- We need to know what your revenue projections are to help determine a budget. Without some idea of the budget there is no way we can recommend a logical marketing plan. The SBA explains how to determine your budget.
- We need to fully understand your product and who your clients are and then do research to determine where your clients could be marketed to.
- Understanding your marketing strengths and weaknesses is important. For example: do you have someone within the company that can do Social Media monitoring or someone good with shooting videos. If someone is good at email marketing or landing page development, then we might suggest spending your marketing budget in other areas.
- We would also work to determine what spending is necessary to be successful in that marketing segment. There is a point at which spending too little wastes your budget and also spending too much can waste your budget.
- Finally, you should have a plan to continually examine your competition and their marketing techniques. Marketing professionals can be a great deal of help because they usually have the tools to examine a competitor and know about new marketing techniques and trends.
Interpreted properly this information will guide you to the most profitable use of your marketing budget.
