Your marketing spend - are you getting value?
Often the first thing on the chopping block to go when things are tight, the marketing budget has a precarious role in many businesses. The age old saying - spend money to make money - can be difficult to justify at times. So how do you get value from your marketing spend?
It’s a good question and one that needs to be reviewed often. Determining what your objectives are and the audience you’re targeting are important first steps. Then you can delve into which platforms will provide you value and results. Here we explore some key factors to keep in mind to ensure your time and marketing budgets are being put towards the right marketing channels.
First things first. Evaluate what marketing you currently do
When it’s time to get your marketing in order, how do you decide what you need? What will give you the best bang for your buck and get your brand seen and sales coming in the door. You could be forgiven for giving up on the whole thing and sitting down with a cuppa and bikkie, what with all the marketing ‘noise’ out there.
Sometimes stepping back and taking stock is the best thing to do. By that we mean instead of racing into something you think you should be doing, why not start getting value by undertaking an overview of how your business is currently operating?
Getting a picture of what’s happening and where the gaps are could save you plenty in the long run. There may be areas where a professional can see more value in your product or service than others - you’ll put money into the right marketing channels and see results the first time.
Look at the stats. Are you getting return on your marketing spend?
Once you decide on the right marketing options for your business, how do you confirm a sale is the result of that spend? Understanding what you’re spending your money on is one thing, but making sure you can quantify that spend with results is key.
Sometimes it’s easy to see the value marketing efforts equate to, for example, an uptake in website visits. But if the objective is building brand awareness, how does a business know if this has been successful? This is where measuring value comes into things.
The value may not be as apparent initially, but if you have a good marketing team behind you, ultimately, you should see customers choosing your brand over that of your competitors. If you aren’t, and the stats (or lack thereof) aren’t painting the right picture, it’s time to re-evaluate your marketing practices.
Which platforms to market your business on
There are plenty of places to market your product or service - but how do you know which one is best? What will work for your business may not necessarily work for another. Often businesses dive straight into social media.
While the stats show most people head to social media when researching a business, other digital and non-digital platforms and while the stats show most people head to social media when researching a business, there are other digital and non-digital platforms which still work well, provide value for money and get you sales.
It really comes down to your product, objectives and target audiences. If you get this clear, identifying which marketing platforms would work well should be simple.
Choosing the right Marketing agency
OK. So you’re ready to get more value from your marketing objectives, but where do you go for help? If you’re feeling overwhelmed at the prospect of all those marketing agencies out there, consider asking yourself the following:
How well do they understand your objective? Can they pick up something and run with it pretty quick, or are you left waiting for a lengthy presentation
Do they take an interest in your business and provide real solutions?
How do they work - what is their experience? Are they an old hand or just learning from Google?
Research them. How does their own work look? Is their website/Facebook/Instagram on the mark?
Honesty. You need to know you’re dealing with a company that works with you and won’t sell you something you don’t need
In a nutshell, if you review your current marketing efforts and come away scratching your head, unsure where your marketing spend is going and the results aren’t stacking up, chat with Pocket. We’ll get you value, without breaking the bank.