Eggs aren’t the only thing going up in price these days - so are marketing budgets.
From ad spend to influencer fees, prices are going up and it’s hard to get as much value from your marketing budget let alone stand out in the market.
So how can you get the most return from your investment?
Most people think that you just need to throw a bunch of money at your marketing campaigns and hope it’ll produce results. Although, changing your strategy would be a cheaper and more effective way of getting more bang from your buck.
In 2017, a small start-up named Buffer, which specialized in social media management, took a bold step: they reduced their monthly marketing budget from $100,000 to a mere $20,000. The result? Their return on investment (ROI) surged, showing that with the right strategies, you don't always need a massive budget to achieve significant returns
Navigating the world of marketing can be tricky. But, if you strategize wisely, you can make every penny count. Let's dive into some proven ways businesses, big and small, have maximized their marketing budgets and seen impressive ROIs.
1. Prioritize Content Marketing
Cleveland Clinic’s health and wellness blog attracts over 7 million visits per month.
To attract your target audience, create value-driven content that addresses your audience's needs. The more relevant and useful your content is, the more organic traffic you'll attract, reducing the need for costly paid advertising. Save money and go organic.
2. Leverage User-Generated Content (UGC)
GoPro encourages customers to share their adventures recorded with GoPro cameras, which has created a vast library of authentic promotional content.
Do you have an audience you can leverage for content? UGC not only saves on production costs but also adds credibility to your brand. Run contests or campaigns that incentivize customers to share their own stories related to your product.
3. Invest in Targeted Paid Advertising
Airbnb's 'Live There' campaign used precise targeting to reach its audience on Instagram, leading to 341 million total impressions.
You can’t impress everyone, so find your niche and focus on building that community. Use social media platforms' in-depth targeting features to ensure your ads reach your desired audience. This ensures higher engagement and reduces wasted spend on viewers unlikely to convert.
4. Optimize for Mobile and Local Searches
Starbucks’ 'Order & Pay' feature on the mobile app targets on-the-go customers, and accounts for 30% of their US transactions.
You’re prehistoric if you aren’t mobile-friendly. People search for information on their phones and on the go so be there when they need you. Ensure your website and ads are mobile-friendly. Additionally, leverage local SEO and ads to capture nearby customers looking for your products or services.
5. Test, Measure, and Adjust Regularly
Netflix constantly A/B test their thumbnails, leading to a 30% increase in engagement.
Data is king and you are a fool not to leverage its power. Continuously analyze campaign performance. Use tools like Google Analytics and Facebook Pixel to gain insights, then adjust strategies accordingly.
6. Foster Collaborative Partnerships
Spotify & Uber had a beneficial collaboration where users can play their Spotify playlists during Uber rides and take over the music in the car.
Is there a beneficial partnership for your company that will help you get more customers? Find brands with a similar audience and collaborate on marketing initiatives. It's cost-effective and introduces your brand to a new set of potential customers.
7. Opt for Cost-effective Video Production
Dollar Shave Club is well known for their low-budget video that went viral, leading to 12,000 new subscribers in just 48 hours.
At Creative Haven, we love video content. As a video production company that utilizes a content strategy, we help our clients get the results they want with content because we know the power of video. While video production can be expensive, authenticity often trumps production value. Focus on the message and authenticity, while investing in your camera equipment. You don’t need thousands of dollars to produce a video these days, use your phone camera and start shooting.
8. Use Email Marketing Strategically
Skybound Entertainment had a massive list but didn’t segment their readers. Once Sendlane helped them with their email marketing strategy, they saw their open rate increase by 80% for some campaigns, which also increased their conversions.
Segment your email list to provide targeted content. Automated drip campaigns, retargeting campaigns, and personalized recommendations can make your emails more effective.
9. Optimize Landing Pages for Conversions
Airbnb invested in their landing page optimization, which led to a drastic increase in sign-ups and bookings.
Ensure landing pages have clear CTAs, concise content, and minimal distractions. Tools like Unbounce can assist in A/B testing different designs. Lead Pages, Click Funnels, and Convertri are a few landing page builders that can make the funnel making process easy and effective.
Maximizing your marketing budget and optimizing ROI requires a combination of innovative thinking, continuous analysis, and staying attuned to industry shifts. By learning from real-world successes and failures, you can ensure your campaigns deliver meaningful returns.
Get creative and leverage sources outside of ad spend. You can get a lot from your budget if you truly understand your audience.