Author : Carlina@cliengo
Unlike what usually happens in large companies, where budgets and marketing staff tend to be more bulky, in SMEs this budget is usually lower – and, if it is not well prepared, its performance may fall below the expected. But we do not want that to happen to you, for this reason, keep reading! ?
A marketing budget is a fundamental part of a business plan; SMEs face enormous challenges in the process of gestation and growth (economic, political and social problems that lead them to have a low survival rate ); In this context, a marketing budget is very important to be able to manage one of the most delicate investments and that has the most repercussions on small and medium-sized companies during their growth .
Now, it is time to take out the calculator and try to see how to make your marketing budget more efficient. We think that the advice that follows will help you in the process. ?
«What is not measured, can not be improved,» said Lord Kelvin. Therefore, one of the first steps to make your budget more efficient is to know how much is being spent on it .
On average, new companies (those that do not have so much time in one category) invest between 12% and 20% of their gross income , while companies already established in an industry invest between 6% and 12% of your total earnings .
One of the first steps to make your marketing budget more efficient should be to speak with a finance manager to determine if the budget is right-or if you are squandering or skimming money.
On the other hand, something important to determine if your company is a young or established company is to take into account that a new company is considered to be between 1 and 5 years in the business ; On the other hand, it is considered an established company with more than 5 years in a certain area , which has oiled the marketing of its products and has a certain market share.
Well, your company has a product that is great. Now, who is going to buy it?
It is necessary to put yourself in front of the digital showcase to show it and make it known.
For a company, many times the situation may arise that you need to grow but you do not have the money to do it . As marketing is an unavoidable tool for that growth, it can be useful to take advantage of certain free tools offered by the internet.
For branding, the website, social networks or content can find alternatives that put the digital strategy into operation with little or no investment – at least until the budget can cover the necessary expenses. Of course, they do not guarantee results like those that can be obtained by paying professionals, but they can help to get by.
A website, for example, you can use a WordPress or a Wix in its free versions; for branding, sites like 99designs ; for social networks or content, you can try to get interns who are just beginning and who are flexible about their salary claims.
Each digital channel you are using must transmit the same message . In marketing, all efforts matter a lot, because they demand time, and time is money !; For this reason, all channels must be aligned, from Pinterest or Twitter (platforms that have not been used for paid campaigns) to paid solutions such as graphic advertising or campaigns on Instagram or Facebook.
It is important to focus on what works to decide which part of the repertoire of marketing strategies is the most appropriate to achieve the objectives pursued. But for that, of course, you have to have objectives.
Therefore, goals in Google Analytics are crucial to measure the performance of channels and the number of leads or sales. With this, you will establish a Pareto digital (Pareto was an Italian economist who established the Pareto Principle, which states that, in all areas of production, 20% of the efforts generate 80% of the results).
¿ Which of all your channels is generating most of the results ? Paid campaigns, social networks, organic traffic?
All this information is available in Google Analytics under the source / media tabs, campaigns, etc. The important thing is to know the different variables: Session time, users, sessions, etc.
Not all marketing guidelines allow you to control how much is spent and to whom that expense is spent.
To make your marketing budget more efficient, use only platforms that allow you to control what you spend and the recipients of this investment.
The giants of the guideline (Facebook, Google, etc.) are good examples . And the more you have control over the way your budget is spent, the more you can optimize it, cutting the processes that do not work and investing in those that show better performance.
The technique of remarketing is to re-use a certain marketing strategy that did not achieve conversions the first time . For example, those potential customers who clicked on a Display pattern but who did not convert are recipients of a remarketing technique if they are shown a new Display pattern, same or different than the previous one.
You can also use the cross-remarketing technique, that is, use a second platform different from the first for the same potential customer that did not convert in the first place.
For example, customers who saw guidance on the Display could see ads on Facebook or Twitter. These type A / B tests will help you find the best investment strategies you can use, and therefore, make your marketing budget more efficient . ?
Find ways to make content with your daily tasks to save time and money. For example, if you have a hairdresser, you can ask your hairdressers to take pictures of their work. There you have Instagram content to edit! In addition, you can make this logic work with many other things – and not only with photos, also with videos: customer testimonials, the work behind a product or the knowledge you have about the industry to say some words and enrich your followers
In conclusion, if you are, like most SMEs, that your budget is not bulky and is not fully defined , you can start with the ideas we have presented to make it more efficient and start to get more out of it . What are you waiting for? Start today and share how you’ve been in the comments! ?