5 Ways to Get the More Out of Your B2B Marketing Budget
Creating an effective marketing strategy similar to baking a cake - it takes many precise ingredients in just the right order for it to work properly. Put one wrong ingredient in, too much of one thing, or not enough of another and it can fall flat.
On the flip side, the finished product still won't appeal to some people despite having all the right ingredients, which means it's back to the drawing board.Similarity, marketing strategies are all about having the right ingredients. Here are 5 basics to include when creating your recipe for success.
1. Reallocate Your Budget
While increasing your marketing budget is never a bad decision, it’s not always necessary to see increased results. Start by strategically looking at your marketing budget, where each dollar goes, and what return you receive from that investment. You might be surprised to find that some strategies you thought were working really weren’t.
In order for your marketing strategy to be effective, you need to focus your time and efforts on the marketing initiatives that are going to help you in reaching your business goals. Don’t have your business goals set? Stop now and get that down on paper before proceeding, head on over here to get started.
Have your goals? What are they? Do you want to saturate the market with your brand, produce leads, increase sales? Each goal will have different paths to success, your purpose is to define those paths and make a roadmap to achieve those goals. This will help you make the most of your budget while producing the most targeted results.
2. Get Reel
Explain to your audience in reel time why they should choose you by investing in a professional explainer video.
A well crafted video will allow you to communicate with your potential customer about your product or service, show them what makes you unique, and tells them your story. Think of it as a way to take your customers behind the scenes, allowing them to experience a 'day in the life' of your company so that they can fully understand how, and why, you will benefit them.
3. Invest in Tech
Like all aspects of business, time is money and some of the best ways to save time is to automate manual tasks, improve workflows and reduce errors. Marketing automation software is taking the industry by storm as it enables marketers to execute all of these tasks from one platform. In fact on average 49% of companies are currently using marketing automation & over half are B2B companies.
Implementing this software can be a daunting concept; there are so many options and often times it’s difficult to know where to start. When it comes to making a decision that will impact not only your strategy but also your budget, it's best to start with a little research. Your end goal with the marketing automation software you choose is to find a solution that will:
- Save you time
- Segment your customer lists
- Streamline your lead nurturing
- Allow you to create useful and detailed customer profiles
- Provide detailed reporting
- Increase your brand consistency across channels
- Produce an ROI
We've compiled a list of marketing automation software companies who offer the above benefits to get you moving on your research:
4. Remarketing Campaigns
If you have not heard of, or are not using, remarketing campaigns in your marketing strategy, then you are missing out on a huge opportunity!
Plain and simple remarketing is one of the most effective ways to keep your message and brand in the faces of viewers who have already visited your website. How does it work you ask? Lets take a look at an example; say a user is on your website browsing your latest products page and for whatever reason they decide to exit.
With a retargeting campaign, you can now follow this user around the web and display targeted ads which appear on search networks and social platforms such as Facebook and Instagram.
The reason this type of advertising is so successful is because you are communicating with users who have already raised their hand with interest. Your messaging is matching their involvement with your brand and truly speaking to their needs, making them more likely to further engage and come back to your website to complete your desired action.
5. Track Your Results
This last tip is less monetary and is an investment of your actual time, which is one of the most valuable assets to your marketing strategy.
When it comes down to the nitty gritty, no matter how strategic you are in planning and budgeting there will is no measure of success without benchmarking where you began and where you ended up.
No matter what strategies you decide to put in place, marketing strategies are a one of the most important ingredients in the recipie for success. If you need help defining your goals, creating a marketing strategy that works or driving growth, drop us a line.
Wondering where to begin?