How To Make Your Marketing More Cost-Effective
Every business is faced with the challenge of cutting costs. If something is not contributing to your bottom line, you’ll want to do away with it rather than continue to fork out money that could be added to your bottom line. One of the costs that at one point seemed to help generate revenue but over time has slowly started to become ineffective is marketing strategies. Yes, as marketing professionals we are here to tell you not every marketing strategy is effective for a business and if it's not increasing revenue, you should not continue on with it. We have some ways to help you determine ways to cut marketing waste.
Inform Your Audience, Don’t Advertise
As digital media continues to grow and dominate, the marketing industry has faced many changes. It's important for your marketing department to adapt to these changes. Otherwise, you will notice your marketing going to waste. In today’s marketing industry you want to focus on informing your audience rather than advertising to them. At one point, advertisements were great and delivered great results. Today, advertisements are not what generates sales. Your audience wants to know about your product or services and how they will benefit from them. Customers also want to be connected to the businesses they support. They appreciate two-way communication and engagement from the business. At one point, many people thought paid advertisements and sponsorships were the way to go when it came to marketing. Although paid advertisements and sponsorships produce faster results, it won’t last you long term. In addition, paid advertisements have started to take up many people’s newsfeeds on social media which oftentimes is overlooked by your audience. If you are still paying a ton for advertisements, you might be noticing low returns. Consider educating your audience rather than advertising to them.
Want to know what marketing strategies are effective and which ones are not? Fortunately, it is all in the data and the numbers speak for themselves. With marketing strategies like social media, email marketing, blogs, etc., the programs that are used like Sprout, WordPress, constant contact all provide you with data such as the number of people you've reached, impressions, the click-through rate on your website and much more. If you don’t have data to show how effective your marketing strategies are, or if the data shows it's not effective at all, it is worth investing in a strategy that can prove how effective your marketing strategy is. Having data will give you an insight into what works and what doesn’t. Data will also enable you to improve your strategy as needed.
Have A Strategy
Is your marketing efforts strategically planned? Are your strategies based on data to achieve goals? If not, this might be where you are losing money. A strategy plan serves as a “road map.” If you don’t have this road map, it's easy to get off track and just try anything for your marketing strategy. Your strategy should be based on research and information. By having a strategy plan, you will be able to focus on the strengths of your business.
Have you ever read an article with frequent typos? Or received an email that was clearly meant for someone else? Simple mistakes like typos in an article or social media post, or sending the wrong email marketing campaign out to the wrong person can make you less credible in your audiences’ eyes. When you lose credibility, you increase your chances of losing customers. Avoiding mistakes is crucial for your marketing plan’s success. Take a look at your marketing strategies and evaluate how accurate and effective they are. If you notice frequent mistakes it might be time to leave the work to a marketing expert.
Consider A New Team
Who handles your marketing? Is it a single person? An internal team? An outsourced team? If you find it is time to cut your marketing budget, it might be time to outsource your marketing. Having an internal team gets expensive after you pay salary, taxes benefits and all. A marketing agency is more affordable and provides you with a team of experts. There are many additional benefits you receive when you work with a marketing agency but number one is the lower cost and results that are delivered.
Stay Up To Date On Trends
While we are on the topic of marketing agency’s, another great benefit of working with an agency is the level of expertise you receive. The marketing agency changes every day and it’s difficult for an internal team to stay up to date on the trends. There are new ways to connect with your audience all the time, and programs that make it easier to build relationships with your audience. Marketing agencies know the newest and hottest marketing strategies in the industry. The agency will know what works and what doesn’t work, so you won’t have to take a chance on a strategy you are unsure of its effectiveness. Spending time and money on a strategy that does not contribute to the bottom line is a waste of time and money. Why not cut these costs by working with the experts?
At Joseph Studios, we offer a variety of marketing services. We are dedicated to our clients and delivering effective results that contribute to your bottom line. We work with our clients to develop an effective strategy that will drive sales and increase your audience. If you have a marketing strategy that is not generating revenue, cut that cost and let us do the work and generate leads for you. Let your business work for you- not the other way around. Contact an expert at Joseph Studios to get started!