Four ways to maximise your marketing budgetAs the financial year draws to a close, it’s time for companies to take a good hard look at how to maximise their remaining marketing budgets, or risk losing them.
If you’ve already done your due diligence by cycling through the 7Ps of marketing, and still don’t feel inspired, here are four ways to make sure your marketing budget performs.
Transition from online to offlineBrands live within an ecosystem of consumers’ personal interests and lifestyle choices. It’s a busy world you’re elbowing your way into, so step back and be strategic. One way is to transition from online to offline and get your brand into your customers’ hands. Studies show that people feel closer to the brands they encounter regularly. Try roleplaying as your audience—who are you, where are you, and what is going to surprise and delight you?
Take Ms. Millennial, for instance. She is busy in the office and needs to transfer lots of files but didn’t bring a memory stick today. That free USB drive she was given at the conference just became a life-saver.
Partner upWhen smart people put their heads together, good things usually come out of it. Talk to your customers, channels and suppliers to use their expertise and experience. Ask for honesty: what is it that makes your brand stand out in their minds? They’re the ones who see your key points of difference and can give you the insights and focus you need to make impactful decisions.
Stay ROI-focusedEvery dollar you spend should be spent with the aim of maximising results. Look at ways to make your actions equally and oppositely measurable by calculating impressions per dollar.
If you’re thinking about promotional products, plot the lifecycle of an item from the moment it is in the hands of your customer. It could be on a bus, in an office, at a sports game, or in a café. How many people would see it in a day or a week? Every potential eyeball has value.
Think aheadExpanding on your impressions per dollar, consider the longevity of your next marketing idea. Digital advertising is an easy way to soak up any budget surpluses, and is great for raising brand awareness, but it also has a finite lifespan. There’s a lot of competition for online exposure at this time of year, so you’ll need to have a robust strategy in place if you’re going to make it worth your while.
Consider if there are any tangible investments you could make now that will last until the new financial year. Branded goods and assets can be stored for future campaigns, and versatile items can be used and reused in different contexts without diluting the power of your brand.
So, as you start sizing up your marketing budgets, be visionary. The right marketing strategy can make all the difference to how your company performs and is perceived in the year ahead. With a few fundamentals, you can create a marketing strategy that is dynamic, efficient and cost effective.