You know, Benjamin Franklin once said, “Beware of little expenses; a small leak will sink a great ship.” And that’s exactly what we’re going to address. By learning and implementing these six things, you’ll not only stretch your advertising euros but also catapult your online presence to new heights.
But before diving into the nitty-gritty, here’s a fun fact to pique your interest; did you know that global digital marketing spend is expected to reach a staggering $626 billion in 2023? That’s huge. And with the abundance of marketing channels available today, it’s easy to get overwhelmed and wonder where exactly to allocate your money. Whether you’re a small business owner, a startup founder, or a seasoned marketer, squeezing the maximum value from your digital marketing budget is always a concern. In this blog post, we share 6 ways to optimize your digital marketing spend, so you can transform your campaigns into ROI-generating machines.
I remember this one time during a marketing conference I attended, a seasoned speaker said, “If you don’t know where you’re going, any road will take you there.” This resonated with me and reminded me of the value of setting explicit goals and objectives.
Another important step in maximizing your business’s online growth is to allocate your available budget wisely. As we said: way too many companies don’t have a clearly defined marketing strategy. And to avoid being part of the confusion, one key principle is to carefully assess each digital platform’s impact on your target audience. While there was a time when people believed in using every available platform, we now fully stand by the motto “quality over quantity.”
So invest in the platforms that align with your target audience’s preferences and behaviors. And please keep in mind the importance of diversifying your budget allocation. For instance, it’s crucial to balance your budget between paid advertising channels, solid SEO practices, and engaging social media content.
Leveraging the right channels is critical if you want to reach your target audience effectively. During the early days of our marketing agency, we were juggling between several platforms in hopes of boosting readership and lead generation. However, when we zeroed in on two channels that brought the most significant responses, we not only ended up saving time but also increased the overall engagement rate exponentially.
Just like how Benjamin Franklin once said, “An investment in knowledge pays the best interest,” investing in high-performing channels yields a considerable return on your digital marketing spend. A recent survey by Adobe stated that companies that focus on high-performing marketing channels get up to 28% ROI improvement compared to those who don’t. That’s the power of making informed decisions in the world of digital marketing.
Like my grandfather used to say: “Just because it worked for someone else doesn’t mean it’ll work for you, kid.” So whenever we create content, this piece of advice is relevant when discussing the concept of A/B testing in digital marketing. Did you know that Amazon, one of the most successful e-commerce platforms globally, attributes much of its success to rigorous A/B testing? They’re not the only ones who understand its value, either.
A/B testing, also known as split testing, is a powerful tool that helps you fine-tune every aspect of your campaign, by comparing two different versions at the same time. From email subject lines to web page layout and even the color of the call to action buttons, there are many thing you can split test. And the goal of this methodology is to identify which approach brings the best results. This enables marketeers to allocate their digital marketing budget more strategically and ultimately increase their return on investment. A/B testing is the perfect way to learn what works best for you so you can do more of it.
So yeah, we’re adding an extra way to optimize your marketing spend. If you have the basics covered, you may want to automate your marketing processes. And yes, automation will definitely cost you money, we heard you a mile away. But if it’s set up the right way, it will cost you less than when you just keep on doing things manually. Trust us, we’ve tried and tested it, calculated it.
But the thing is: automation will help you scale your marketing processes in ways you could never do manually. Just the sheer volume of people you can send automated messages to, the number of automatically created tasks, automatically segmented lists… And on top of that, the amount of mistakes will be drastically reduced.
It will also help you shorten your sales cycle. So instead of spending 6 months trying to connect to the right person, setting up a meeting, following up, rescheduling etc., you may be spending only 4 months to close a deal. It doesn’t take a genius to realize how significant that is in terms of ROI for your marketing efforts as well as for your sales team. Automation is definitely something to consider if you haven’t done that yet.
Doo you want to grow your business faster and better than ever? Then automation is your way forward. Download our guide and grow your business using our tried and tested tips.