Making the Most of Your Marketing Budget
Posted on by Katie Hook
Estimated read time: 4 mins
Deciding where to spend your marketing budget might be the most important financial choice you’ll make as a small business. Spend it well and you’ll extend your reach, increase your leads and conversions; setting yourself up for a successful and profitable year. Spend it poorly, and you may as well be burning your money.
So where should you be investing your marketing spend this year? Well, to a certain extent, that will depend on your industry, on what you’re selling and who your customers are. What works for one company won’t necessarily work for another.
However, it’s always useful to look at what the current marketing trends are and whether these can be taken advantage of in your own business… Here are a few of the top trends right now, that shouldn’t be ignored.
This has been a buzz term for a few years now and doesn’t look like it’s going anywhere – and with good reason. According to the Content Marketing Institute, while content marketing costs 62% less than outbound marketing, it generates more than three times as many leads1.
Search Engine Optimisation (SEO)
This is another key marketing activity that absolutely cannot be ignored. Budget spent on increasing your visibility in search is vital in remaining competitive and attracting your target market. Significantly, a study by Outbrain shows that search is the number one driver of traffic to content sites, beating social media by more than 300%2.
Simply put, programmatic advertising allows businesses to target the audiences they want to show their online ads to. Its effectiveness is the reason that The IAB estimates that by 2018 programmatic spend will have grown from 28% in 2013 to over 80% of marketing spend3.
Video is huge right now. YouTube now has over a billion users, and 45% of people watch more than an hour of Facebook or YouTube videos per week4. If you’re not setting aside some of your budget for video marketing activities, then you will probably be left behind by those who are.
So what’s the Biggest Bang for Your Buck?
These trends are all worth investigating when it comes to spending your marketing budget, but there is still one marketing strategy which, with an enormous ROI of $44 per $1 spent5, absolutely MUST be a part of any small business marketing budget… Email marketing.
As email marketing consultant, Jordie van Rijin says, ‘email is the new email.’ It may have been around for years, but this particular marketing strategy isn’t going anywhere. Even Facebook can’t compete. According to Forrester, people are twice as likely to sign up to your email list as they are to interact with you on the social media giant6.
So how can you maximise your budget when it comes to your email marketing spend?
Invest in your Data
One of the key reasons for the huge success of email, is that it allows you to directly target your market. By making use of services like Experian’s B2B Prospector, you can create a marketing data list that allows you to reach the inboxes of those most likely to buy from you.
Once you’ve targeted the right people, you need to deliver your message effectively. Your emails must have great subject lines, engaging content, strong calls to action and clear, attractive design. If this isn’t your thing, then it’s marketing budget well spent. Our Email Broadcasting service offers support when it comes to making your email campaign successful, receiving guidance on everything from design through to your delivery. Contact us today to find out more.
Be sure to maximise your marketing spend. Register for FREE today and begin building your targeted marketing list.