While digital marketing is priceless when it comes to growing your business, you should be careful that you aren’t overspending on your budget. If you’re devoting a large amount of money to marketing projects that aren’t earning you substantial sales, you’ll be doing your business a disservice in the long-term.
- Cut wasteful spending
It’s easy for monthly subscriptions and extra costs to build up over time without you noticing. When cutting your marketing costs, it’s important that you make not of where it’s all going and check that spend isn’t being wasted.
Use Google Analytics or any other free analytics software to determine which marketing schemes are low producers so that they can be the first to go. Other areas of wasteful spending could be:
- Renewed subscriptions to software you no longer use
- Auto-renewed directory subscriptions
- Spending on ads that do not convert
- Remove email contacts that don’t engage
- Add poorly performing PPC search terms to a negatives list
- Quality over quantity
Running numerous marketing campaigns all with different goals may not be the most effective way to spend your budget. Often we find that running quality marketing initiatives instead of trying to pump multiple average projects will get you the best results for your money.
Invest in marketing efforts that you are confident will benefit your sales. A data-driven approach is often the solution here; check your analytics and cut off campaigns that aren’t producing results, and favor campaigns with the best conversion rate. Less is more!
- Research modern marketing practises
Leading outdated marketing solutions is a quick and easy way to ensure that your entire budget is totally wasted. Unnatural link building, cold emailing, and spammy social media posts simply don’t work anymore, and there are much more modern techniques you can be using that get you a greater ROI.
- Create reusable content
You’ve already created tonnes of marketing materials, why not reuse them? Or you can even create new content that is versatile and usable in a variety of situations.You can write a product description, and then reuse that same content on your website, in your store posters, and even as social media posts. Another example is writing a blog post and then using that same content to record a webinar, and then turn it into an infographic.
Simply repurposing content can help you save money that you’d be spending to write and design other print or online content.
- Use free resources
There are many paid alternatives to free software, and while they might offer a broader range of features on one dashboard, sometimes you can find each tool for free on different websites. And if you’re looking to decrease your budget, it’s important that you make the most of these free marketing tools that are available to you.
For example:
- Google Analytics to track data
- Search console to check for site errors
- Answer the public for keyword research
- Google Ads Keyword Planner for keyword research
- Free directory submissions are available
- Google My Business