Getting the most from an annual budget is always a challenge. Even if there's plenty of money in the pot, the pressure is on to make the spend go further. At the other end of the scale, there's the headache of balancing budget cuts alongside increasingly competitive targets.
Making a limited digital marketing budget stretch that extra mile all comes down to having clear priorities, objectives and results.
If you can't measure it, you can't optimise it. Having the right measurement tools will ensure your efforts are well placed. Google Analytics, for example, can monitor traffic, track sales and analyse traffic conversion effectiveness.
Equally, a CRM system doesn't have to mean huge investment. Zoho is a cost-effective cloud-based solution that can help you keep tabs on your lead-to-sale conversion rate. By continually measuring the sales process you keep track of the effectiveness of your marketing activity.
The more limited your budget, the more selective you need to be about spending it. MarketingTech suggests four priorities to focus on over the coming 12 months.
Conversion rate optimisation (CRO) means converting a greater proportion of existing website traffic. The starting point for CRO is having clear calls to action (CTAs) on your website. Consider whether CTAs could be softer (downloadable brochures, for example), and make sure product pages make it simple for customers to buy. Other 'quick fixes' include making buttons obviously clickable, and making contact forms more concise. Once tweaks have been made, review the session data and measure the results.
2. Paid search
There is a paid search solution for every budget. However, if your budget doesn't allow you to send enough traffic to generate a lead or a sale, you may struggle to achieve a return. By calculating the lifetime value (LTV) of a customer you can make an informed decision about bidding.
Building a great brand and appearing on the first page of a Google search doesn't happen overnight. Getting organic traffic to your site delivers great returns, but it can take time. However, keyword research and content creation are both effective, low-cost ways to increase organic traffic.
4. Paid social
If you want to save money, be selective about the social channels you use. You might find you see a lower conversion rate than AdWords, but the cost per lead/sale will be less.
If you are looking for your next marketing challenge, get in touch with the team at Stopgap today.
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