How to get the biggest bang for your buck with your marketing spend

25, Apr 2018
Marketing analysis

When was the last time you gave your business a health check? Have you reviewed your marketing methods in the past 6 months? Or, are you guilty of not doing so since starting your business? On the surface it might seem like your marketing strategy is working but you could be limiting the growth of your business by spending money on marketing that now brings little return on investment. Understanding how to judge whether your marketing plan is delivering the best possible results can save you time, money and help ensure the success of your business.

We’ve put together our top tips to ensure you’re keeping your marketing strategy up to date and helping you achieve the biggest bang for your buck!

Analysing current campaigns

Monitoring and analysing current marketing campaigns gives you the opportunity to see how each campaign has performed individually. If this reveals that levels of success are low, it gives you the chance to address the problem by adapting a new approach and reinvest the money in a different strategy. Doing this consistently means you’ll have data to look back at and compare.

If you note the open rate on your email campaigns have dropped, go back and look at what you did that time last year. Have you changed the type of content, updated the design or is your data list out of date with customers who might not now be engaged? A top tip for your email marketing is to segment your data by consumer interests in your business and consistently clean your data – if a subscriber hasn’t opened any of your last 20 campaigns, can you really call them a customer with interest anymore? Probably not, so it’s better to remove them and have quality data over volume.

Tracking where your leads are coming from will also help you review the success of each marketing campaign. So, a simple “where did you hear about us” on a registration form, or when signing up to an online newsletter will help you see which methods are driving in the most new business and what areas of your marketing could do with some restructuring.

Evolving trends 

Just like the fashion industry where new trends emerge each season, the marketing industry is constantly evolving. What worked last year might not necessarily this year, so taking the time out from the everyday tasks to conduct a review of industry changes if very important.

This will help you identify what new channels or media your customer has adopted – helping you to shift your marketing strategy to align with these. It’s also important to not jump on the bandwagon before analysing whether these are right for your market, otherwise you could be spending money on a platform your audience are unengaged with which will ultimately decrease your return on investment.

Consumer behaviour

Not only is the industry changing, but so is the way consumers are absorbing media. It’s no secret that more and more consumers are receiving information online, so your yearly leafleting campaign budget could be better spend on a Facebook advert which you can target to your desired audience. During the adverts running time you can adapt factors if you can see that the campaign isn’t reaching its desired potential – this could be by retargeting the campaigns audience or area if your cost per click becomes too high.

Not enough hours in the day to implement a new strategy?

Consider outsourcing your communication. Our team has the experience to help your business flourish, see some of latest work for clients on our news page and contact us today to arrange a chat to see how we can help you!

By Heather Murphy
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