7 Crucial Elements To Optimize Your Marketing Budget When You Are An SMEby Marsh Maxwell Web Digital Group
To be successful in the business of an SME , optimizing the marketing budget is one of the most important points to take into account. However, managers do not always manage to master this part of the process, which prevents them from achieving the desired objectives. Fortunately, there are tips to put in place to optimize the marketing budget of an SME . Here are the 7 elements not to be overlooked.
1. Set clear and specific goals
Remember that the marketing budget is only a tool that allows you to set up the action plan, and thus achieve the planned objectives.
Before spending a single penny, take the necessary time to plan your actions well. Ask yourself the right questions to understand your target, analyze your competitors, etc. Thus, you will be sure to further optimize the marketing budget of your SME.
Why ? Because when you have a clear idea of the needs of your prospects, it will allow you to distribute your budget over the most relevant channels and with the highest return on investment.
2. The Sales Tunnel
To set up a carefully crafted marketing strategy, upstream preparation work is necessary. We will even go so far as to say that it is absolutely essential. Indeed, 80% of the success of your marketing campaigns will be even before its launch.
There is nothing like establishing a sales funnel , also called a “ conversion funnel ” or even a “marketing tunnel” .
For each step of the tunnel, it is important to determine a clear objective. Once the funnel is in place, you will be able to allocate your business expenses according to the conversion phases.
In general, the stages of the tunnel are:
Develop brand awareness, mainly on social networks and search engines
Convince prospects of the quality of your products and / or services
Turn traffic into sales or lead
3. Invest in Content Marketing
For leaders who want to optimize their budgets marketings, nothing better than to invest in content marketing (Content Marketing). This is one of the most recommended trails by experts.
Admittedly, few SMEs take the path of content, but studies show that companies that invest in this strategy achieve excellent results in terms of conversion rates and customer loyalty.
Remember that Content Marketing offers SMEs a multitude of advantages:
Increase the notoriety of the company
Have new sources of traffic
Generate quality traffic on the website or online store
Acquire new customers
Increase the conversion rate
Improve your SEO positions on Google.
Setting up a content marketing strategy is inexpensive and can have great returns on your investment. A small budget is more than enough to create an effective content strategy: you just need to create excellent quality content on your website, not to mention SEO optimization.
The downside of this strategy is that it takes time. It is not enough to increase the content on your site. It must be done on a regular and qualitative basis.
4. Bet on marketing automation
The marketing automation is one of the crucial elements to optimize the marketing budget of an SME . To put it simply, this is a strategy of automating tasks using free or paid tools. Thus, the company can save time and money.
How can you optimize the tasks of your digital marketing strategy? Here are some simple tips to implement:
Use e-mailing software to automate the sending of your emails. There are many tools that one can use, such as MailChimp for example,
Choose the right solutions to schedule the publication of posts on the main social networks. HootSuite is among the most recommended tools,
Bet on auction rules to automate your advertising campaigns on Google Ads ,
Choose the best tools to have automated performance reports.
5. Don't forget the marketing email
Often, SMEs overlook the importance of email marketing , also known as email marketing . However, this strategy allows to have an excellent return on investment.
The icing on the cake is that the budget to spend is very minimal. In fact, estimates indicate that $ 1 spent on email marketing earns more than $ 30.
A carefully implemented email marketing strategy is the guarantee of generating quality traffic on your website because these are users who already know you. These will have a higher chance of converting, which will allow you to increase your conversion rates.
To optimize the budget for your strategy, simply follow the following steps:
Have clear and precise objectives,
Understand your target and set up "buyer personas" ,
Use the right tool to create, send and automate your emailing campaigns.
Writing your emails should be done with care. So don't forget to write a very catchy title, to choose an attractive visual… and to use the good CTA (Call To Action).
6. Ensure a local presence on Google, Bing ...
If we believe the results of studies conducted by experts, 76% of Internet users who make a request on mobile will visit a store within 24 hours. It is for this reason that professionals recommend SMEs to have a local presence on search engines , and mainly on Google. Why ? To attract Internet users to your physical store.
To optimize your local SEO , simply create a Google my Business profile for your company. The good news is, it's free.
Warning ! Your page on Google my Business must be completed carefully:
Fill in the name of your company, opening hours, postal address, website, email, products and / or services offered, etc.
Answer questions asked by prospects and / or customers
Add images of your products or services
Ask your customers to add as many reviews as possible.
Also, don't forget to bet on local advertising on Google Ads . For this, it is preferable to entrust this mission to an expert so as not to waste the planned budget.
7. Measure, optimize and orient
Having the right strategy in place is not enough to optimize your marketing budget and achieve the best results. It is important to measure the performance of your actions and the statistics provided by analysis tools like Google Analytic to make the right decisions later.
By calculating marketing spend, you can measure the ROI of each campaign launched and will be better able to adjust the shot optimally.
Remember to choose the right performance indicators ( KPIs ), such as number of visitors, conversion rate, engagement rate, average cart, number of sales made, etc.
The calculation of expenses must be done on a regular basis to make the necessary adjustments according to the priorities and the results obtained. So over time you will be able to find out where it is really worth investing.
Taking into account the 7 tips that we have just mentioned above, it is the certainty of optimizing the marketing budget of your SME, and thus to have an excellent return on investment. The points listed are closely related and cost little or nothing.
If you ever need help, don't hesitate to contact us! Our experts will be happy to point you in the right direction.
Created on Oct 26th 2020 07:45. Viewed 96 times.