6 Ways to Optimize Your Marketing Budget
ROAS is dropping across the board, online advertising costs are skyrocketing, and ads are 53% less effective than they were a year ago. The very thing that drew most people to ecommerce, the low barrier to entry, is creating high levels of competition and rising acquisition costs. Efficiency matters now more than ever. Below are 6 ways to optimize your marketing budget and ensure you are seeing the full value of every dollar you spend.
Optimize Your Marketing Budget by Using Complementary Marketing Strategies
Marketing is an investment. Rather than investing in separate tactics, invest in strategies that naturally work together and enhance each other, such as content and SEO. You would see results by investing in only one, but by investing in both will achieve greater results for each. Content’s goal is to provide value to your customers and potential customers, and SEO drives traffic to that value. Good content creates a wealth of opportunities to build relevance for targeted SEO keywords. Investing in both will garner more conversions.
Paid media and a solid first-party data strategy also complement each other well. Collecting first party data from the traffic you are driving to your site, and then utilizing that data to retarget those visitors, will naturally lower your cost of customer acquisition. First-party data allows you to highly target your audience. Driving traffic to your website allows first-party data building software to capture more of your traffic. RAEK allows you to retarget your traffic without the added expense of advertising, making your initial marketing spend more efficient.
Optimize Your Marketing Budget by Repurposing Existing Content
Creating solid content is resource intensive. It takes both time and money to do it right. Reuse and repurpose good information across multiple channels. Webinars can be repurposed into social media posts by breaking it into small but valuable segments, as well as blog posts, e-books, white papers, tweets, presentations and YouTube Videos. Get as many eyes on your content as possible.
If you have evergreen blog posts that garner a lot of attention, you can turn that content into a webinar, and break it into segments and repurpose like above. If you have solid content that is still relevant information, get creative, and use that content to the fullest. Things change quickly, re-visit existing content regularly to see if it can be updated to remain relevant.
Ditch Inferior Campaigns to Optimize Your Marketing Budget
Analyze the ROI on your campaigns consistently. As marketers, we put a great deal of time into campaigns, so we are reluctant to dump them if they have a positive ROI. However, if you are distributing budget between campaigns and one is clearly not performing as well as the others — ditch it. Don’t continue to invest money into things that aren’t working. The exception here are strategies that take time to build but will ultimately lead to large results, such as SEO.
Effectively Target Your Audience
Not everyone wants your product, while it can be tempting to market your products to the masses, this only leads to wasted marketing spend. Do your research and really dial in on who your target audience is and only market to those people. Use retargeting campaigns and email to remarket to the individuals who have already visited your website. Use first-party data customer profiles to build lookalike audiences to reach similar people. Don’t waste money marketing to people who don’t find your message relevant.
Good marketers are constantly testing and experimenting. Be open and willing to trying new tactics, content, technology and channels. Experiments can show what does work as well as what doesn’t work.
“The ripple effect is that marketers must function as scientists, conducting experiments when it comes to allocating budgets—whether by adapting the media mix, trying out different forms of creative, or exploring new marketing channels altogether.”Proving Marketing Impact: 3 Keys to Doing It Right, Think with Google
New technology becomes available each day, opening up new strategies that may not have been accessible before, test to see if they have a positive ROI. Outside new technology, there are many low-to-no cost experiments you can run to test marketing impact. The key is to function like a scientist, measuring everything provides you with facts. Guesses and hunches won’t provide the growth or optimization you want, you need data.
Optimize Your Marketing by Hiring an Expert
Hold up, I thought this article was about making current marketing budgets more efficient? Sometimes you need to know when to spend money on an expert. They know what they’re doing and have access to resources and knowledge you don’t.
Spending more in this current marketing landscape may not be the right solution. Optimizing your current marketing budget is a good place to start and can return higher results than an increase in spending. If you consistently work towards efficiency when you do choose to up your marketing spend, it will have a greater impact.
The newsletter for marketers who want to make better use of their data.
Sign up for our newsletter to get first-party data marketing tips and strategies, delivered straight to your inbox.