Saving money in marketing is more about being effective than it is about being thrifty. Cheaper isn’t always better.
In digital marketing, what you should look for is value-for-money. That is, getting the most out of each dollar you spend. For example, a campaign that costs a million dollars but gives you back two million is much better than one that costs five dollars but earns no money.
Take a cue from Sherwood Integrated Solutions and find ways to maximize your advertising dollars. Sometimes, all it takes is a little creativity and imagination.
Here are 4 Digital Marketing Tips To Save Money
The great Peter Drucker once said, “What gets measured gets improved”.
Too often, marketers go about campaigns without setting clear goals. Reports reveal that less than 30% of small businesses use website analytics, with 18% of those businesses not tracking anything at all (MediaPost). According to HubSpot, the less companies understand leads, KPIs, MQLs, conversion rates, and other important metrics, the less likely they will meet their goals.
Avoid this trap by developing clear objectives; figure out exactly what you want out of your digital marketing campaign: Is it to gain more sales? Attract more subscribers/followers? Solicit more donations? Gain more sponsors?
Whatever the case, you should tailor fit your analytics, metrics, and KPIs according to your desired goals. Doing so allows you to measure how well (or badly) your campaign is going at any given time, which, in turn, allows you to adjust/tweak your efforts on the fly. This simple step can save you a lot of time, headache, and money over the long run.
Unsure what to measure? SherwoodIS.com can give you great advice on where to put your advertising dollars.
Flaunt Your Assets
Have idle assets or unused inventory? Look for experts that engage in asset liquidation and corporate barter. More often than not, they can help you exchange unwanted items for advertising and marketing credits, allowing you to promote your brand for next to nothing.
Blogs are 13 times more likely to result in positive ROI than other forms of digital marketing. Studies show that 70% of people would rather interact with brands through blogs and articles rather than ads.
Instead of focusing your budget on on paid advertising, make an effort to inform, educate, and engage your customer through creative blog posts and fun articles. It’s important to note, that the more articles you have on your blog, the better your returns. Brands that with over 50 blog posts receive 53% more visits, while brands with 100 and 200 posts receive up to 3x and 4.5x more visits, respectively.
Managing your ad spending is only the tip of the iceberg. A lot of times, the best approach is realizing where you should spend your money and where you shouldn’t. As long as you already have that figured out, the amount you spend becomes secondary.
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