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As any business owner can tell you, marketing is expensive. It requires patience, hard work, and a lot of investment. However, sometimes marketing efforts can prove cost prohibitive. Indeed, spending too much on marketing can cause businesses serious budgetary problems. With that in mind, today we’ll explain a few savvy ways that business leaders can maximize their marketing ROI. Here’s how to cut marketing costs without hurting your brand:
Remove Outdated or Incorrect Material
Many businesses spend a large portion of their marketing resources on digital advertising. While advertising on social media and on search engines can be extremely lucrative, it does require regular maintenance. For example, businesses must consistently monitor their pay-per-click ads to ensure they are only attracting quality leads. PPC ads that contain irrelevant, outdated, or incorrect content can cost you money without producing any positive returns. So identify and remove such marketing material every time you perform a brand audit.
There’s a time and a place for generalized advertising online. Occasionally, a business may benefit from boosting their awareness through large-scale advertising campaigns. However, if you’re looking to cut marketing costs, you may find more success running precise, targeted marketing campaigns. Focusing on specific keywords, customer groups, and even time periods, can help you make the most of your marketing budget.
Review Your Partnerships
Sometimes SEO agencies and freelance marketers can provide good value for growing companies. And, unfortunately, sometimes they don’t. It’s possible that you could save money by bringing your SEO services in house. Alternatively, you may be able to hire freelancers who represent a better value than your current partners.
Automate What You Can
Marketing automation is –– in many ways –– still in its infancy. Yet, progressive business leaders can invest in tools and apps that allow their marketing team to skip lots of busywork through automation. Automated tools can help your company identify good keywords, amend inconsistencies across your brand, and schedule social media posts more effectively.
Keep What Works
Sounds obvious, right? Whether your company manufactures microplates or you sell kitchen appliances, no business should shut down marketing campaigns that are producing positive results. This might seem incredibly simple, but the truth is that businesses pause quality campaigns all the time because they don’t realize how good their efforts are, or they misinterpreted the data, or they didn’t bother to track performance at all! Don’t let this happen at your company. Instead, monitor the marketing success (or lack thereof) of all of your efforts and react accordingly to them. The last thing you want to do is pull the plug on an effective marketing strategy!