If you feel like your business is hemorrhaging money on marketing but nets absolutely nothing in return, you’re not alone.
Does any of the following sound familiar?
- You feel like you’re wasting time trying to chase trends and figure out what works and what doesn’t for your business
- You feel like every cent you spend on marketing is falling into a black hole
- You’re seeing something in return, whether it be tepid traffic or an occasional sale, but your marketing efforts are not what they should be given what your blood, sweat and tears
It’s a classic conundrum that absolutely must be nipped in the bud sooner rather than later if you want your business to survive.
The problem remains: we live in an era where everyone is trying to sell us on a one-stop, miracle marketing solution.
So, how do you break through the noise once and for all and plug up the holes in your marketing budget?
First and foremost, stop trying to throw cash at the problem. Instead, consider how your marketing woes may not be tied so much to your budget, but rather the approach you take toward marketing itself. Shifting your mentality may very well be the key to actually getting down to business and seeing an ROI for your hard work.
But where do you start?
No business today can afford to be wasteful with their budget, especially in regard to marketing. Therefore, you should strive to make sure that every dollar and cent you put into marketing, whether it be time, resources or employees, is completely justified.
Ensuring that your budget makes sense comes down to proper project management and holding your company accountable for how resources are being allocated. If your project management is on point, you can have peace of mind knowing that your team members aren’t wasting time or money.
If you don’t have much experience in the space of project management and work-flow, consider a scrum master certification for yourself or a team member as means of holding yourself accountable. By having the right processes in place, you can eliminate wasteful spending and focus on what matters most in regard to marketing.
Don’t Spread Yourself Thin
Perhaps one of the most common mistakes that businesses make with their marketing is simply spreading themselves too thin. For example, think about how it easy it is to burn out and fall behind through the following channels:
- Social media: you don’t have to be everywhere at once, but rather focus on the two or three channels where your customers are
- Content marketing: while content creation is a surefire way to generate traffic and leads when done effectively, consider a “quality over quantity” approach to content to avoid blogging for the sake of blogging
- Paid ads: either through PPC or platforms such as Facebook, you should run your campaigns one-at-a-time to avoid burning through your budget too quickly
Track Your Metrics
Finally, you should keep a close eye on any metrics related to your marketing practices to make sure you’re making informed decisions in regard to tasks and work-flow. For example, which of your paid ads are performing the best? Is your content actually building links? Are you driving as much traffic as you really want?
Supporting your decisions with hard numbers will keep you from guessing and let you know that your resources are being allocated toward the proper channels.
Knowledge is power when it comes to keeping your marketing budget in check. When you have immaculate project management in place and back up your decisions by data, you can make more confident decisions versus gambling.