Extraneous spending can be a death sentence to any business, but it’s even more destructive when it negatively impacts your marketing budget. Every dollar you spend wisely on your marketing drives more sales and revenue to your business, so having as much available as possible can make all the difference.
Trends and best practices are always changing thanks to digital marketing methods, so making sure you don’t have too much invested into a lower converting method is crucial. To ensure that you’re getting the absolute most out of your marketing budget, here are five tips to keep you on track to meet your goals.
- Categorize Which Tasks Can Be Performed In-house or Not
Finding out the strengths and weaknesses of your core team is a huge benefit when delegating tasks and determining what needs to be outsourced and what doesn’t. That’s not to say you need to do everything yourself or micromanage tasks on an individual basis, but having a general idea of how to smartly distribute your workload will save you time and money.
For example, editing content on the website, syndicating press releases, and performing split testing on landing pages can all be done by one tech-savvy individual. However, giving these tasks to a dedicated staff member or outsourcing them saves you time, and time is money.
- Keep Project Value in Mind When Hiring Outside Talent
If your project needs a photographer, you may want adjust your budget based on the project’s scope. If it will have a national focus, hiring a recognized name might make sense if your budget can allow for it. However, if your project is only going to be seen locally, hiring smaller talent makes more sense.
Keeping your project goals in mind is an important part of ensuring the largest revenue gains possible. Overspending on a project-by-project basis can quickly eat up even a large budget.
- Re-Use Material to Maximize Your Advertising Potential
You don’t have to let pre-existing ad copy and imagery go to waste after its been used once. You can repurpose it for other material in your company, such as content for your company’s annual reports.
When drafting ads for your campaigns, not every idea or draft will become a winner. Saving any completed work and finding another use for it can become a difference-maker to your budget.
- Use Your Traditional Content in Your Online Strategy
Social media brings with it many advantages for businesses, but chief among them is the opportunity to get more out of your existing ad content. Your press releases, images, copy, and web content can be promoted many times through social media in unique and interesting ways.
Categorize your press releases on your website, then Tweet them out when new ones go live. It’s also worth adding some high-quality imagery from your previous ads to liven up a Twitter post. The possibilities are nearly endless when coming up with creative alternatives for your existing content.
- Use Your Business Partnerships to Your Advantage through Co-Op Marketing
Synergy in business can be revitalizing when put into practice. For example, a hotel forming a cooperative marketing strategy with local restaurants can achieve growth that benefits all the businesses involved.
Communicating and working with businesses that reach similar demographics can bring in customers that you might not have gained otherwise. Acquiring additional business funding can also help you maximize the effectiveness of your cooperative outreach. Keeping partnership opportunities in mind will pay off in the long run.