Did you know that you can reduce your marketing budget by as much as 50%? Even if you’re a well-oiled digital marketing machine with an extensive marketing budget, you probably have some places you can trim. Every business has its own unique challenges and opportunities. It’s important to understand your company’s strengths, weaknesses, opportunities, and threats. Your budget will help you prioritize your efforts and focus on the channels that are the most likely to deliver results.
Reducing your marketing budget doesn’t HAVE to mean scaling back the number of channels you use. With the right strategy and the right implementation, you can still get the same results with a lower budget. Here are some ways you can slash your marketing budget by as much as 50%:
Know Where to Eliminate Costs
Every business is different. Some industries have a higher overhead than others simply because of the volume of business, while other businesses require a more hands-on approach to marketing. If you’re not sure where your business falls, it’s a good idea to get a feel for your overhead based on the marketing activities you currently perform. If you can identify places where you’re saving without negatively affecting your overall results, it’s worth investigating further.
Test, Test, Test
Once you’ve identified the channels that give you the best results, it’s time to test. Test your existing channels and test new channels. You can’t reliably analyze results from just one channel. Test your blog against your Facebook ads, for example. You can also test variations of your marketing strategy. For example, you might try increasing your Facebook targeting to see if you can get more leads.
Conduct A Content Audit
When you create content, take a step back and look at it. Is this the type of content your audience wants to read? If not, they’re probably not reading it. You can’t be the search engine Google of content, so it’s important to create content your audience wants to see.
Once you have an audit of your content, you can use that information to create new content. You can also use it to figure out where you can optimize your existing content.
Leverage Data-Driven Strategies
If you’re using broader, growth-oriented strategies like email, Facebook, Twitter, and LinkedIn ads, you can use data to optimize your campaigns. For example, you can identify times of day when those channels are most valuable to your business and create separate campaigns for those times.
LinkedIn ads are good for B2B companies, so if you’re primarily a B2B business, you may want to target during off-hours. Facebook and Twitter are also great for reaching new customers, but they can also be good for finding existing customers as well.
You can also leverage your existing data to optimize your campaigns. For example, if you know that your best customers purchase more often than other customers, you can create a different type of email campaign.
Don’t Overpay for Marketing Automation
Marketing automation can save you time and money by taking a lot of the guesswork out of marketing. For example, you may be able to automate your lead gen with a unique landing page or take advantage of a third-party tool that automates your email marketing.
However, there will be certain things that you just can’t automate, like following up with leads or creating content that keeps your audience engaged.
Every business is different, and there are many different marketing strategies that can work well for different companies. If you use marketing automation without tailoring it to your company’s specific needs, you may just be overpaying for automation.
Automate Where You Can
Create a list of the most important tasks for your marketing team. Sort the tasks by priority and see what areas you can automate. If you have a lot of data entry that can be automated, identify those tasks and see if you can automate those areas.
There are many different marketing automation software options out there, so it may be helpful to enlist the help of your team members to identify what they think is most important.
Many businesses will find that they can reduce their marketing spend without reducing their return on investment. If you’re delivering a good set of results with a lower budget, it’s worth staying the course and seeing where you can grow your business organically.
If your revenue is growing, and your sales aren’t decreasing, it’s worth staying the course with your current strategy. If you’re not seeing the results you want, and you have the budget, it’s worth investigating ways to reduce your marketing spend.
Find the Right Partners
If you have the budget to invest in paid acquisition channels like paid search, paid display ads, and Facebook or Google paid placements, you may be able to reduce your budget by investing in paid social.
If you’re going to use paid social, make sure you’re investing in the right channels. There’s no point in spending money on Facebook ads when you can gain the same results with boosted posts.
If paid social isn’t right for you right now, it may be an option in the future. Keep an eye out for any changes to the market, and you might be able to reduce your marketing budget by as much as 50% with the right planning.
Digital marketing has become an essential part of business success. The key is to know where to cut costs without negatively affecting your results. If you know where to cut costs, you can scale up your digital marketing efforts without increasing the budget.