Where Should You Spend Your Marketing Budget?

how to spend marketing budge

Do you want to know where your marketing budget will have the strongest impact?

Are you looking for the tools that could give your business a rapid growth?

Before we get on to the staple of the article, let me tell you the story of one of the greatest CEOs.

In the mid-80s, the person was fired from the company he founded. Without him, the company was on the brink of dissolution. By the mid-90s, he was reinstated. When he took over the company, it was sinking deep. From that point, he transformed the company and turned it into the most successful brand in the world.

I’m talking about none other than Steve Jobs!

Exemplary Marketer

Steve Jobs is long hailed as a visionary, not a businessman. But, the success of Apple says otherwise! What sets him apart from businessmen is that Jobs was a genius marketer. He knew how much a company’s success depended on its marketing.

Marketing Investment

Steve Jobs left us. In 2017, we are living in a fast-paced world. Marketing strategies are of the same importance. The skills marketers have today are likely to become obsolete tomorrow. I have been consulting with companies, business leaders from time to time. They express their concerns over leading a successful marketing campaign.

The question they all tend to ask is “Where should we spend our hard-earned money on?”

In this article, I discussed the answer of the question. I discussed how you should spend money to grow your business. Let’s tune in:

What You Will Learn From This Article:

  • Which Marketing Channel You Should Be Spending Money on
  • Where a Small Business Should Spend its Marketing Budget on
  • The Best Mix of Marketing Investment within $1,000
  • Tools to Grow your Business Fast

Marketing budget and strategies should be allocated and designed extremely carefully. Follow the marketing strategies and tactics described below to yield the best results:

Which Marketing Channel Should You Invest In; TV or Digital Platforms?

2017 marks the year when digital ad spending surpassed TV ad spending for the first time. As technology continues to change the way we used to market and communicate, business owners are trying to leverage digital marketing outlets.

“In 2017, TV ad spending will be 35.8% of total media ad spending, and digital ad spending will be 38.4% of total ad spending.”  

Digital Platforms

For almost a century, the medium of TV has been the key tool for marketers to engage with their target audience. However, consumers continue to increase their engagement with various handheld devices.

People are now accessing their favorite programs through tablets and smartphones. More and more brands are also restrategizing their overall marketing tactics based on multiple digital platforms.

Therefore, in order to stay competitive, you must move towards digital and invest in various digital platforms.

Pro Tips on Becoming Successful in the Digital Marketing Industry

  • Be Passionate to Succeed – the digital marketing industry is incredibly competitive. You need to have a strong passion and desire to learn.
  • Stay Up-to-Date – follow major digital marketing sites to stay on top of your industry news. Major players, such as Facebook, Google, Twitter tend to regularly update. So, keep up with the latest changes.
  • Network – build a strong relationship with other digital marketers in your niche. Do follow people who are more talented or doing things better than you.
  • Be Innovative – Apple pushed MP3 players that were already on the market. But, they managed to reinvent the products and marketed them in a way that consumers felt they had never seen anything like it before! Besides a great product, Jobs’ success largely depended on his innovative marketing strategies.

Where a Small Business Should Spend Its Marketing Budget On

So, you allocated budget to grow your business. But, you aren’t sure where you should invest in to derive the greatest value with limited risk. Below is the sector where you should invest in:

  • Website Building – a visually pleasing website design is vital to building your brand. Everything from website fonts to its architecture holds immense value for your brand’s image. Regardless of the amount of money poured into marketing, If your website has a poor design you stand to lose a lot. Your ranking in SERPs (search engine result pages) will downgrade. Poor website architecture will reduce traffic and even conversions.

#Pro Tip: consider categorizing your products or services with the website’s hierarchy in a search-friendly fashion.

  • Search Engine Optimization (SEO) – after building a great product, have you asked yourself how you can drive traffic to your website? If your target audience can’t find you through an Internet search, there’s a low chance of making a conversion. Without setting up your website properly, your website will not be visible in search results.

#Pro Tips: optimize your website’s content greatly considering keywords your target audience could use to look for your product. Optimize meta titles, meta descriptions, directory listings, social icons, page speed, page linking, etc.

  • Content Marketing – content is important to your brand’s image and SEO. Besides using your product/service, customers want to see your expertise in the field. They want to check out your position as an expert. And, the only you can build your presence online is by informing customers, viewers, and easing their lifestyle. Well-detailed, informative content will help you build a strong presence online.

#Pro Tips: consider blogging at least 8 times per month. Upload videos detailing how customers can get the most out of your product.

How You Should Spend $1,000 Marketing Your Business

Small businesses have limited resources. But, not spending on marketing will be far more severe. Here’s how a small business on a shoestring budget should spend:

Research — $0

  • Whether you’re investing $1,000 or $10,000, if you don’t do research thoroughly, your further marketing investments won’t be fortified. A thorough research helps you determine the sectors you should be investing in.

#Pro Tips: study your competitors. Analyze your target audience. Survey your current customers. Find out what types of media your target audience may prefer.

Email Marketing — $350

  • “For every $1 spent, email marketing can generate $38 in ROI.” Email marketing offers an excellent way for you to reach your customers. Despite the dominance of all other effective marketing techniques, email marketing continues to be one of the highest ROI marketing efforts.

#Pro Tips: mine an email list. Store the email addresses of your current and old customers.

Related Post: Crowdly vs Influitive AdvocateHub Software Comparison

#How to Spend $350: MailChip is one of the most useful email marketing tools. With not more than $350, you could subscribe to MailChimp for one year. Yes, the price depends on the size of your email list and requirements.

Video Marketing — $450

  • Video is a great medium to engage your audience. If done correctly, video can generate new leads and can help you qualify and grow your current leads. A study finds 44% of people prefer watching a video to learn about a new product.

#Pro Tips: study your audience and create videos that can educate them. Think of the ways you can leverage to educate them about your brand. Release your first video about introducing your company. Then, for every step of the marketing funnel, create particular videos. Kick off a branded YouTube channel.

#How to Spend $450: if you have a smartphone with intuitive camera features, then you won’t have to spend that much. Buy a high-quality camcorder if you don’t have an avant-garde smartphone. Furthermore, innovative video techniques are a must. So, make sure you are aware of the ways you can grab someone’s attention.

WeVideo is a website that offers professional services for custom branding, advanced editing, custom branding, etc. You can subscribe to their services.

Marketing Campaign for Social Media — $200

  • Social media websites, such as Facebook, Google+, Twitter are lucrative platforms. More and more people are signing up with Facebook, Twitter, LinkedIn. Obviously, they will contain your target audience.

People are more likely to visit your social media pages than to visit your website. That’s why you need to be on social media platforms. Just being on them isn’t enough, you need to develop content, and promote them through paid ads.

#Pro Tip: promoted posts are likely to generate more response. When they do, ask people who interacted with the posts to like your Page or follow you.

Tools to Grow Your Business Fast

Below is a list of tools that you can use to hone your marketing techniques:

  • Ahrefs – Ahrefs is considered one of the most powerful suites of SEO tools and social media. Ahrefs can help you perform a wide range of tasks. From a broken link building campaign to your content’s current performance, you’ll enjoy much speed and ease in your marketing efforts.
  • Buffer – Buffer is a tool that you must include in your social media strategy. If you want to automate your social media postings, then Buffer is your go-to tool.
  • Facebook – Facebook is the largest social networking site in the world. If you don’t have a marketing campaign for Facebook, you’d better have it now. Without Facebook, you’ll find it extremely difficult to generate more new leads.

Bottom Line – regardless of the size of budget; if you don’t have clear, realistic goals and resources to pursue them, your marketing campaign will hardly be a success. Most importantly, you will need the passion for succeeding.

In this article, I listed the ways you can leverage to keep your marketing investments solid. So, make sure you follow this article for every step of your marketing funnel.