3 smart strategies for managing your marketing budget

01 February 2019 | Columns

Managing your marketing budget can be tough. Here are some thoughts and tips.

Start by pausing underperforming initiatives, then optimise all remaining projects and leverage marketing automation.

Many new business owners are eager to promote their products, and they react by allocating more of their operating budget towards marketing.

As they begin to see their advertising expenses climb, it's important that they also analyse whether or not their money is spent wisely.

Below are three strategies you can employ to continue reaching new leads and converting them into customers while minimising your total marketing costs.

1. Continue funding channels that work

When you want to quickly curb costs, it's tempting to stop all activities, wholesale, until you can regroup and figure out what structure your new budget should take. But when it comes to marketing, slashing your spend at the top of the funnel can have significant consequences on your total sales.

That's why it is crucial that you identify your most tried and proven marketing channels and ensure there's always an adequate budget to keep them going. To better manage your expenses, pause major investments in new and experimental channels. This will free up more of your time and money so that you can continue running already profitable campaigns.

Once you've regained focus and improved your overall return on investment, then you can reconsider experimenting with new marketing outlets again.

2. Refresh and optimise your campaigns regularly

Cutting marketing costs usually means taking a scaled-down approach, but that doesn't mean that each buyer’s impression will have any less of an impact. When you sponsor fewer campaigns, you have to ensure that each one is delivered to the right audience and at the right time during their purchasing journey. This increases your chances of converting them into paying customers and minimises advertising waste.

Regularly audit all existing campaigns to ensure they mention the right product information, messaging and contact information. Verify that each ad links to the right destination and that their post-click experience is engaging and meets all of their expectations.

3. Employ marketing automation strategically

Time is money and also a limited resource. When your staff gets inundated with labour-intensive tasks, there's both a real financial cost due to the extra hours worked on a project and a meaningful opportunity cost due to underutilisation of their skills.

To help them maximise their work performance and accelerate the pace at which they complete their projects, you'll want to employ marketing automation to save them time, and save you money. These days, it's easier and more affordable than ever to schedule repetitive actions, manage your data seamlessly, and maintain contact with your customers using technology to assist your workforce.

For instance, if you currently invest a lot of time in lead nurturing, consider automating your engagement emails with customers using action or time-based triggers. When your employees aren't manually completing these tasks, they're able to allocate more time towards other high-impact initiatives. -www.inc.com

Similar News


Thought Leadership

6 days ago - 18 April 2019 | Columns

Ashante MannettiIn this fast-paced world we try to juggle a million things at once. Job, family, friends, eating healthy and we know we still need...

Be safe this Easter

6 days ago - 18 April 2019 | Columns

Easter is always a busy period on our roads, as thousands embark on journeys to various destinations, so they can spend time with their loved...

Back to consciousness

6 days ago - 18 April 2019 | Columns

What's up music fans? Firstly, shout-out to you guys for keeping the culture alive; your support for Namibian arts and entertainment in recent years is...

Our moral paralysis

1 week ago - 17 April 2019 | Columns

Namibians are reeling in shock following a wave of killings in the past couple of days. As outrage grows, the spate of violent incidents reported...

Elections must be credible

1 week ago - 16 April 2019 | Columns

There is no iota of doubt that voter education and effective registration campaigns remain a core issue if the Electoral Commission of Namibia is to...

Never have I ever

1 week ago - 16 April 2019 | Columns

Evany van WykI have I ever voted, been to America or committed a crime. Never have I ever wanted to die or pretended to be...

Flashing into a new era

1 week ago - 12 April 2019 | Columns

Let me balance you like Sunny Boy back in the day and get straight to the point. I love art and entertainment. Okay, now that...

The snowball effect

2 weeks ago - 10 April 2019 | Columns

The ailing state of local government in Namibia is succinctly illustrated by the current woes at the Rehoboth town council, which owes NamWater N$20 million,...

The souring Ondonga fracas

2 weeks ago - 09 April 2019 | Columns

There is no end in sight to the bitter infighting engulfing the Ondonga Traditional Authority, even though there have been renewed calls for the warring...

We need delivery

2 weeks ago - 08 April 2019 | Columns

As the general election looms, political parties will come out of their cocoons by intensifying their electoral campaigns. The National Assembly and presidential elections are...

Latest News

Warning of dire food shortages

54 minutes ago | Disasters

The latest Crop Prospects, Food Security and Drought Situation Report has predicted massive reductions for all crop-producing areas in the expected harvest season, including cereal...

Solving your challenges with remuneration

54 minutes ago | Business

We live in an environment of continued cost-constraints, skills shortage and labour mobility. At the same time, there is pressure to improve productivity, and improve...

ACC: Budget not enough to...

54 minutes ago | Economics

CATHERINE SASMAN The Anti-Corruption Commission (ACC) says the N$61.6 million budget proposed for its operations is woefully inadequate.The...

Do good for others

54 minutes ago | Opinion

Human rights are needed to protect and preserve every individual's humanity. The Universal Declaration of Human Rights is clear in highlighting the basic rights and...

Violent Easter weekend

54 minutes ago | Crime

The four-day Easter weekend was marred by a spate of violent crimes including a dozen reported sexual assaults and armed robberies, in addition to a...

Watch your mouth

54 minutes ago | Politics

Only half of Namibians believe that they have the right of freedom of association, says an Afrobarometer policy paper titled 'Are Africans' freedoms slipping away?'...

E-tax rollout postponed again

54 minutes ago | Economics

The finance ministry introduced a new electronic income-tax filing system in January, but deadlines are repeatedly being postponed.The date when the new system must become...

Managing fall armyworm

54 minutes ago | Agriculture

The Food and Agriculture Organisation (FAO) has formulated a framework for partnerships for the sustainable management of fall armyworm in Africa which will focus on...

Meat Board sub-committees meet

54 minutes ago | Agriculture

The Livestock Producers' Organisation (LPO) is represented on various sub-committees of the Meat Board and these committees met to discuss issues affecting the sector. The...

Load More