5 Ways to Stop Wasting Your Hard-Earned Money on Marketing
The amount of marketing advice out there for new businesses and veterans alike is staggering. Much of this “knowledge” can be broken down into three categories:
Outdated advice that simply doesn’t work anymore (think: keyword stuffing and private blog networks)
“Get rich quick” and snake oil schemes that promise overnight passive income
Strategies that work on a larger scale (think: daily blogging and aggressive social media) but are rarely viable for smaller teams
The result? Tons of wasted money on marketing that simply don’t work or pay off.
In the end, it pays to be cautious when it comes to which marketing strategies you employ for your company and whether or not they deserve your hard-earned dollars and cents. While sometimes it does make sense to spend money on marketing, keep the following tips in mind to keep from exploding your budget.
Properly Track Your Business Expenses
First and foremost, you need to treat marketing as part of your business’ budget and not solely as a money-sink. For example, you need to know exactly how much you’re spending on avenues such as email marketing, social media management and content creation. Although the “rule of thumb” for your marketing budget varies from industry to industry, anywhere between 8% and 15% is fair game.
How much you spend is completely up to you; however, you should have an expense tracker app handy to ensure that you keep your budget in check again the rest of your business’ expenses.
Stop Blindly Running Ads
If you’re throwing the bulk of your marketing budget at paid ads, there’s a good chance you’re needlessly burning a hole in your pocket. Ads rarely strike gold unless they’ve been tested time and time again. Regular A/B testing of your marketing messages can be a time-consuming process; however, understanding what works and what doesn’t will ensure that your ads actually stick with your leads.
Rethink Your “Social Media Manager”
Until you have a serious social marketing presence in which you’re getting consistent leads and traffic, chances are you don’t need a dedicated social media manager. Likewise, you can either rely on a DIY approach with the help of social automation tools or hire a virtual assistant to handle your social accounts if you strive to have a decent social presence minus the massive price tag.
Focus on Fewer Platform
Oftentimes in the marketing world, “less is more.”
Don’t make the mistake of trying to dominate each and every marketing avenue, but rather the ones that make sense for your particular industry. It doesn’t necessarily make sense for a marketing technology firm to have a massive Instagram presence: meanwhile, you wouldn’t expect a luxury fashion brand to dominate LinkedIn.
Root Your Decisions in Data
Finally, you should be regularly checking your analytics to both understand which marketing avenues are working and to likewise manage your expectations. Although there are seemingly endless opportunities afforded to businesses via Internet marketing, the fact remains that traction takes time. Ranking in Google can take months for the work you put in today, so make sure to play the long game instead of focusing on short-term success.
Spending money on marketing doesn’t necessarily mean wasting it. Make sure to keep your marketing budget tight and focus on the strategies that make sense for your business rather than a blanket approach to advertising online.…….