Are you throwing money away or not spending enough? 3 easy self-evaluation tips you can do in 5 minutes
Developing a business isn’t easy. How do you determine how much you should allocate to your marketing budget? To that you may also wonder, should you hire an agency or recruit someone. Whether you want to promote your brand, products or services, or a special offer, there are few things you need to bear in mind before you start spending your marketing budget. Learn how to manage your marketing budget. I’ll give 3 self-evaluation tips you can conduct in 5 minutes.
1 – Be realistic – What do you want to achieve?
If you want 20% turnover growth each quarter, knowing that your conversion rate is lower than 5%, allocating £100 a month for your marketing budget won’t get you there. You have to spend money to make money. But also you need to know your conversion rate. How do you measure that? Review the number of prospects you had to reach in the last quarter to achieve your current prospect conversion. If you want more, increase your reach.
2 – Are you doing it right?
Implementing a marketing strategy isn’t as simple as it sounds. You need to timely and effectively coordinate your marketing mix of offline and online activities. This includes setting up the right KPIs. One of the things your KPIs should allow you to evaluate is your ability to reach the right audience through the right channels. Are you doing this effectively? How do you measure that? Do you get enough quality leads? If not, your marketing campaign needs to be reviewed immediately as you are putting money in your pocket with a hole.
3 – You aren’t for everyone and everyone isn’t for you
If you believe your products or services serve everyone then you won’t serve anyone at all. Why do you think a GP gets paid less than a gynaecologist? People pay more for an expert than a generalist. What do you want your company to be known for? Align your marketing activities to your brand strategy. Focus your marketing activities on your most valuable prospects to maximise conversion and work with clients that you want.
What we did – The secret of building brand desire
For the launch of the brand, mini me & moi, we decided to not do like everyone else.
- We developed the brand strategy and identity through neuromarketing to maximise an emotional connection towards the brand and most importantly improve their market value proposition. It worked! The audience was hooked.
- We ran a social media campaign prior to the launch to build the client database before the company was ready to operate. It worked! The audience became the brand advocate.
- Every week, followers will discover something new about the brand. It worked! They shared the brand content and the brand reached a bigger audience for free.
- We involved our followers in product communication. It worked! They felt valued and became loyal.
Results after the 2-week campaign
- Over 6,000 online active followers
- 1,500 email subscribers
- Free media coverage in various magazines, blogs and newspapers
I hope this article gave you an insight into how to manage your marketing budget!
Article written by Flavilla Fongang
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