Every company wants to have as efficient a marketing budget as possible to ensure they’re generating the best ROI and not overspending on any one area.
Here are five actionable methods that will help you to make the most of your marketing budget.
Assign the work to the right people
Pay outside talent their worth
Create an online strategy
Utilize business partnerships
1. Assign the Work to the Right People
Exploring your existing resources is crucial. When it comes to your marketing budget, you and your team are the greatest assets available.
Tasks like changing website copy, circulating press releases, or drafting landing pages are done more easily by some than others. Knowing who to delegate these tasks to on the team can mean the difference between minutes of work versus hours.
2. Pay Outside Talent Their Worth
When you do have to hire an expert, understand that you’re paying both for the difficulty of the job as well as the level of skill of the person performing.
For example, if you’re paying for photography or design work for an ad that will be circulated locally, you wouldn’t need to spend as much as you might for an ad designed for national distribution.
Photography and graphic design work can become expensive, so keeping costs at the appropriate level for the job at hand is important.
3. Repurpose Your Ads to Maximize Results
Your pre-existing artwork and copy from previous promotional materials can be reused in other areas. Reintroducing material for existing advertising efforts as an annual report, for example.
Also, when drafting work-in-progress ads, make sure to save the rejected ideas that seem of high quality. A lot of hard work more than likely went into drafting these revisions, so finding new avenues for them to be distributed can be extremely cost-effective.
4. Make Your Online Strategy a Philosophy
Your website and social media presence is an invaluable asset to your business. Making existing content a part of your online strategy can pay off in some very big ways.
By putting your press releases on your website, you can attract visitors and new business that you may not have gained otherwise. By tweaking and optimizing each press release for the proper SEO keywords, you can begin ranking for search terms that can assist your other online marketing efforts.
This same principle also applies to your content marketing strategy. Proper, high-quality content is crucial, but Tweeting your press releases and linking to an archive has value as well.
5. Utilize Your Business Partnerships for Co-Op Marketing
By working with businesses that have a similar target demographic, you can increase the effectiveness of your marketing.
For example, an airliner might choose to partner with a hotel chain to promote available flights. Said hotels might also tie in with local restaurant chains as well, further boosting results.
Keeping to businesses with similar goals helps strengthen your core message and helps to get the most of your efforts.
Making the most of your marketing efforts is crucial to the longevity and success of your business. By keeping your budget focused and efficient, you can reach more customers that can be helped by your products and services.
*Editor's Note: This blog has been updated since its original post date.