Do you want to make the most out of your marketing budget? There are a lot of choices when it comes to marketing – especially online marketing.
For example, there is social media marketing, search engine marketing, display advertising, email marketing, affiliate marketing, and so on. There are so many options! As a result, it’s not uncommon for business owners to use strategies and channels that don’t pay off.
Avoid this costly mistake. Consider carefully how your online marketing budget should be spent. Ask yourself the following questions before you spend your marketing budget.
1. Is my online footprint solid?
Before you launch a digital marketing campaign, make sure you have a solid foundation. For example, if your company website runs on WordPress, ensure it is designed with your ideal customers in mind. If your website needs a redesign, invest in a high-quality WordPress design. A great website should be visually pleasing, SEO and mobile-friendly, convert visitors into customers, and provide a flawless user experience.
If you decide to invest in SEO, for example, utilize proven analytic tools and hire or outsource a capable and specialized team. A strong SEO campaign requires content creation, content distribution, on-page optimization, link outreach, social media and more.
2. How quickly can I test my offer?
How quickly can you reach your target audience? Whether you’re selling a physical or digital product or a service – test it soon.
Craft a sales page (i.e., a dedicated landing page) and promote it to your ideal customers to see if people buy. Too many startups spend time fine-tuning their offer only to find out that people aren’t interested.
Testing also allows you to optimize your message copy. You need to figure out the best sales angle and offer structure before you scale a campaign or roll it out to various marketing channels. For this reason, it doesn’t make sense to test your offer using SEO since it can take months to generate qualified traffic.
3. Which online marketing strategy will help me reach my goal?
Research which marketing strategies or channels will help you reach your goals. For example, if your goal is to build a strong online presence and establish your brand, social media marketing and content marketing are both appropriate strategies. On the other hand, if you want to generate leads and identify the right cost-per-lead (CPL) consider Facebook Ads or Google Ads.
4. What’s the best way to reach my target audience?
This is a simple but very important question. Do your research to determine where your ideal customer’s hangout (i.e., channels). For example, a B2B company will fare far better advertising on LinkedIn as opposed to Facebook. If you target a younger demographic, social media platforms like Snapchat and Instagram may be an appropriate place to spend your marketing dollars.
5. Where am I already seeing results?
Sometimes the answer can be found right under your nose. Look at your current campaigns to identify what is already working. For example, if you are running a profitable pay-per-click (PPC) campaign with Google Ads, why not scale it up? You can target more keywords, increase your daily spend, optimize your bid price, target the display network, and focus on mobile users.
6. Which marketing strategies are cost-effective?
If you have a small marketing budget, you need to get the most bang for your buck. Look at every option and compare the costs to execute a strategy for each possible channel. For instance, many e-commerce companies see strong returns with Pinterest Ads. While Facebook Ads work as well, it tends to be more costly and competitive. While the trends may change, it’s smart to compare your options.
7. Where are your competitors spending their marketing budgets?
In many cases, if you pay attention to what your competitors are doing it is a strong indication that it could also work for you. If your competitors regularly advertising on LinkedIn, for example, then test the same strategy to see if it works for you.
If competitors invest in SEO, they’re noticing strong returns. But be careful! They can easily outspend you and decrease your share of voice (SOV) – your brand visibility and how much you dominate the conversation in a specific channel. Which means you’d have to work twice as hard to garner the same results.
These seven questions will help you make smarter marketing decisions and spend your budget more wisely. Make an informed decision and earn a strong return on investment from your efforts.
Rodney Warner heads the team at Connective Web Design and is also a musician, outdoor enthusiast, and ice cream connoisseur.
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