You’ll almost never meet a business owner who doesn’t wish they could spend more on marketing. “Word of mouth” is by far and away from the best method of marketing because it doesn’t cost a dime, but unless you’re extremely lucky, word of mouth marketing alone won’t get you all the customers you need to turn a profit and expand. Successful companies have to have a marketing budget, but they also need to ensure that whatever they spend on marketing is spent wisely.
Knowing what is and isn’t “wise” when it comes to your marketing spend isn’t always easy. There are so many different avenues to consider, and every platform you work with will try to persuade you to spend more in search of a better return. It would be wonderful if increasing your spending was an option every time, but it isn’t. There’s only so much in the kitty, and that’s why we all have to be a little smarter about where and how to spend it.
We can’t tailor an advertising campaign for you with this one article, but we can hopefully provide you with a few pointers that will move you in the right direction. Here are six workable pieces of advice for boosting the effectiveness of your marketing spend!
Be Specific On Social Media
Facebook’s marketing tools are incredibly advanced, but it’s easy to become distracted by big numbers while you’re using them. If you aim for a generic audience, you could reach millions of people for a comparatively low spend, but is that really what you want? Think about the example set by online slots companies.
They exist in one of the most lucrative and fastest-growing industries in the world, but nobody who’s ineligible to play online slots will ever see an advert for them. The companies who work in that sector filter by age to cut out people too young to play, and filter by territory to ensure that their ads are only seen in states or countries where playing online slots is legal.
That means they’re limiting their visibility to thousands per advert rather than millions, but those thousands (or in some cases maybe even hundreds) of people are all potentially interested in playing Yggdrasil online slots. Don’t go for a wide audience if your product appeals more to a specific demographic. Chase the lower number, and market directly to them.
Partner With Other Firms
There’s an old saying that goes, “a problem shared is a problem halved,” and that’s as true of marketing as it is with anything else. Might you benefit from entering into a marketing partnership with another company? There are plenty of ways to do it successfully and plenty of reasons to consider it.
Could you offer someone else’s goods as a competition prize for your customers? If so, that company will also market your services while the competition is running. Could you become an official sponsor or partner to something you’re doing? Could you co-run a charity event? All of these methods have been shown to be effective in the past.
Make Use Of LinkedIn
Of all the social media platforms you could advertise on, LinkedIn tends to be the one that’s given the least consideration and attracts the lowest spend. That’s a mistake, because the site is full of professional business people with money to spend, and it relies on users to generate content.
As several demonstrations have shown in the past, you can reach customers on LinkedIn without spending any money at all. All you have to do is join the industry-specific groups on the website, and be active within them. Ask pointed questions that invite people to think about your products and services.
Answer questions that people have about your industry, and become respected as a knowledgeable voice within it. It takes time and effort, but some people have considerably raised their profiles this way. Every connection you make has connections of their own, and all you have to do is ask for an introduction to them.
Quit Spending On Banner Adverts
Like pop-up adverts, banner adverts on websites ought to be consigned to history. They don’t work, and even when people do notice them, they don’t like them. Many people browsing the internet in 2020 use ad-blocker apps, so your adverts don’t even get seen. If they do get seen, they’re probably obscuring the content that someone wants to read, and so they create a negative impression of your business.
Over the twenty-plus years, the internet has been widely used, people have trained themselves to ignore banner adverts in the same way they’ve trained themselves to ignore printed adverts. You know yourself that you ignore banner adverts on websites, so why pay a premium for someone else to ignore yours?
We live as part of a worldwide marketplace, but there’s still a lot to be said by going local. People love the feeling of supporting a business that’s local to them as opposed to going with a faceless multinational brand. People tend to think more kindly of businesses that are active within the local community.
That’s why your most important customers are still likely to be the ones who live closer to home. Speak to local marketing companies about their reach and methodology, and pick the one that appeals most to you. You might even find that they charge less than their larger rivals, and they’re more enthusiastic about doing business with you.
Ease Back On Pay-Per-Click
We don’t want to say that the era of ‘pay per click’ advertising being effective is over, because we’re not quite there yet. It’s demonstrably less effective than it used to be, though, and it’s not likely to regain any of its lost footings in the future. Ever since Google had to clearly label pay-per-click adverts as being adverts, they’ve lost some of their appeals.
Most web-savvy customers know the difference between a link that’s ranking high organically and a link that’s there because someone paid for the spot. They’re more likely to trust the company that got there the hard way. For you, that means spending more on high-quality SEO, and less on pay-per-click.
None of these ideas will double your profits overnight, but we hope they represent ways to get a better return while spending less money. If we’re right, and these tips work for you, please consider sharing them with your own network!