To grow any company and make the maximum amount of profits, it is crucial to lure in more and more customers while also increasing your company’s goodwill. This is indeed a challenging task to manage all on your own. However, this is where the process of marketing comes in. An appropriate marketing investment helps your company grow, catches the attention of new clients, and encourages new leads to bring in maximum profit. In order to achieve this, it is crucial for your company to expand and monitor the growth of various social media channels that are regulated under its name. This is called the concept of social listening, which helps you gain insights on how to obtain better marketing opportunities.
It may be a huge hassle sometimes to determine where you should invest when it comes to marketing. Hence, it is suggested that putting down your investments into your company’s software and tech tools may be a good idea to begin with. This strategy is known as marketing technology or MarTech. MarTech tools are often to reach and engage with a target audience after collecting and analyzing the necessary data.
Set the company’s marketing goals
Working without goals and aims in mind to simply market your company may send you on the wrong path entirely. It is essential to set your company’s marketing goals to ensure that you have a layout of your detailed plans constructed out. Consider this a roadmap. You could then allocate your marketing budget towards the goals you have set in this rough layout of a plan.
Additionally, you may choose any of the goals you wish your company and your employees to fulfill under this budget. They could be better customer services, increased customer acquisition, better services altogether, or something else entirely.
Plan the budget accordingly
The next plan in action is to set up sufficient funds for you to achieve your marketing goals. The budget you allocate to fulfill your marketing aims will have a considerable impact on where you spend it and how much profit it brings you. Once you have a clear action plan for your marketing goals, you can only move to determine the budget for it.
For instance, if you wish to increase your customer base and acquire more clientele, then a budget of approximately 5% of your total revenue should suffice. In contrast, if you only plan to retain your current customers and improve your brand image in the market, a lesser budget of 2-3% will do the task efficiently.
Focus on software and technology
Software and technology have taken up a large chunk of our daily lives, and that is where you should plan your first marketing strategy. Whether you invest your revenue in building an online presence, take charge of social media, or use advanced tools like Grammarly or Adobe Photoshop to work on your website to make it more attractive and fascinating for your clientele. These tools ensure that you improve your overall performance while also staying under your budgetary limits.
Whether you brush up on your existing online platforms with these tools and applications or try out some new platforms is up to you. Nevertheless, executing your marketing campaigns around the input of software, advanced tools, and technology can help you increase your profits by ten folds.
Rid yourself of outdated advertising methods
Advertising is a crucial part of any business, and if you wish to gather a large customer base, you must focus a part of the allocated marketing budget on getting your brand name out there. Moreover, it is crucial to note that the advertising tactics that may have worked a few years ago will not be useful anymore. Hence, it is significant that you look into new and better advertising tactics to make your profits count.
For instance, video advertising and Google ads are two such platforms where investing your budget can be highly rewarding. They can be customized to reach the targeted audience and bring in a more advanced clientele.
Equal investment in familiar methods
While it is suggested to try out new marketing techniques, it is not wise to spend your entire budget on getting yourself introduced and adapted to the latest and advanced strategies. Sometimes, old is gold, which is why you should focus at least half of your total marketing budget on tested and proven marketing strategies that work for you.
You want to spend 70% of your marketing budget on what you know is working well. The surplus 30% should be spent trying out new online platforms and experimenting with the unchartered territory of advanced advertising methods. This is called the 70-30 rule, which you should try to follow through.
In a nutshell, marketing techniques and optimization may cost you a portion of your revenue; however, the profits turning in due to the outcomes will be even huge. Moreover, to successfully achieve this, the agendas of MarTech needs to be fulfilled by employing suitable and required technology to achieve the desired results.Tags: Marketing Innovation, Marketing Technologies, Marketing Tools, Social Listening, Social Listening Tools, Social Media Listening, Social Media Strategy