Companies waste up to 60% of their marketing budget. That’s a considerable amount of money that could be used to propel your business forwards.
Particularly if your budget is on the lower end, you need to use everything you are given to its full potential in order to maximise your return on investment (ROI). If you’re not, you could be missing out on valuable traffic, leads, and conversions.
With that in mind, here are five ways you can reduce unnecessary spending and improve your ROI:
Trying to reach anyone and everyone can be expensive and ineffective. You want to put time, effort, and money into attracting people who are actually going to be interested in your product or service, as these are the people who are more likely to convert.
You should know who and where your target audience is, what their pain points are, what they’re interested in, what engages them, and what kind of messaging will appeal to them.
There are various methods for pinpointing your target audience:
Your website is your store front and the first impression people will have of your brand. If your website doesn’t portray your brand in the right light or is difficult and unpleasant to use, it could harm your marketing efforts.
Your website should represent your business accurately and give people a good idea of what you do, why you do it, and how you do it. It’s also important that your website provides a good user experience - make sure it’s fast, responsive, engaging, easy to navigate, and accessible.
If you’re investing in a marketing strategy or channel that’s giving nothing in return, you could be wasting a considerable amount of time, effort, and money. Continuously analysing the performance of all your marketing activities will give you a clear idea of what is and isn’t working, so you can focus on strategies that will actually drive results.
Having a social media presence has become a must for most businesses. Establishing a following and engaging with your audience can help build a strong relationship between you and your customers. When used alongside other thoughtfully planned marketing activities, social media can drive your business forward significantly.
Not only is social media a great way to build your online presence, but it’s also relatively inexpensive. Organic posting is free and social ads, particularly on platforms like Facebook, can give you an impressive ROI when done correctly.
Setting realistic goals is essential. Without having a clear view of what you’re trying to achieve, you can’t create an effective plan to get there. Having something to work towards also increases focus and motivation for employees.
Additionally, setting goals helps with tracking and analysing performances. If something isn’t hitting your target, it’s a good indication that a change of strategy may be required.
By finding your target audience, optimising your website, utilising social media, and setting attainable goals, you can make better use of your marketing budget and see a higher return on your investment.
If you want expert help in creating an effective marketing strategy for your business, get in touch with us today.
