Everyone wants to make the most of their marketing budget. Even the smallest adjustments can make a big difference in your business’s revenue.
Let’s discuss the most effective ways to put your money where it needs to go.
Be Consistent With Your Branding
Staying true to your brand is critically important for every type of business. Consistency allows your customers to understand who you are, what you do, and the values that you hold – that creates trust that should never be underestimated.
Any new marketing campaigns you kick off should always be rooted in the foundation of your brand. By straying from your brand, you could confuse or even scare off existing customers – and winning them back is expensive.
Focus on Repeat Customers
Speaking of customers you already have, you probably know by now that they are invaluable. Not only do repeat customers cost less than new customers (and they’re easier to sell to!), they tend to spend more money with you.
Existing customers also promote your business for free, which takes at least a little weight off your marketing budget. They like what you do, so they’re going to share that fondness with their family, friends, and wider circle. It’s important to do what you can to preserve the symbiotic relationship you have with them. Businesses are built on customer retention!
Take Time to Analyze
You have all the data you need right at your fingertips. Take a look and see what has worked in the past to propel your company forward, and do more of that. Get together with the marketing team to figure out what campaigns are converting leads into paying customers. Be honest with yourself about what strategies soared and which ones didn’t fly high, and you’ll be on the fast track to seeing more success – all the while putting your money in the right places.
Emphasize Email Databases and Text Clubs
Email databases and text clubs allow top-notch communication with your audience. Not only that, your demographics are extremely targeted, meaning those who want to hear your message are definitely receiving it. That makes them all the more likely to take action and make a purchase. Plus, remember those repeat customers we talked about earlier? Many of them can be easily found in your email or text clubs!
Not only that, email and text clubs are some of the most cost-effective marketing tools out there. Focus on sending consistent, targeted messages to your text club or segmented audiences in your email club. You’ll get high engagement in return because you’re sending the right message to the right people at the right time.
Quality > Quantity
Customers are inundated with information every time they open their laptops or unlock their phones. That’s just the way the internet works these days. So, instead of pouring your marketing dollars into joining the noise and saturating the market with your message, stand out from the crowd by creating standout, quality content.
Push out meaningful, targeted content that is easy to read, holds a unique perspective, and addresses new developments related to your business. Instead of spending money creating more, spend it creating better.
Invest in Content Marketing
Content marketing is one of the most effective ways to ensure engagement – engagement that lasts for the long term. When you produce high-quality content, it improves your search engine rankings and brings organic traffic to your website. Whether you create blog posts, videos, podcasts, or another content form of your choice, make sure to post on a regular basis to remain fresh, up-to-date, and relevant.
You can also invest in content marketing that has a data collection element to it, such as a contest, quiz, poll or survey. This allows you to create a piece of engaging content while growing your email and text databases, as well as gathering important data on prospective customers.
Take Advantage of Promotion
The value of promotion should not be underestimated – and that means you should take advantage of any valuable opportunity for it that arises. After all, getting the word out about your business is one of the most successful ways to get customers to walk through your doors.
For example, let’s say a radio station is hosting a local concert. For the event, the station will run hundreds of promotional announcements inviting their listeners to attend. If your business sponsors the event, you’ll be mentioned in each and every one of these announcements, which exponentially increases your frequency on the station, and brings you to the forefront of listeners’ minds.
Set Goals
Before you move forward with any of these strategies, set clear and measurable goals for your marketing campaigns.
Are you looking to boost sales, increase brand awareness, or drive website traffic? None of those? All of them? Having well-defined goals helps to allocate your budget more accurately and effectively.
Lean on Your Marketing Partner
At Federated Media, we’re the experts in all things related to marketing. We can help you align your priorities, make goals, and create a plan that works for what you have to work with – and we will help your business see success! Simply reach out to us today to get started.
