How To Avoid Wasting Money On Ineffective Marketing
A Guide To Investing In Quality Marketing
We all want to see growth and conversions from our marketing. It’s the only reason we invest so heavily. When you are developing your strategy, it is key that you know when, where and why you’re going invest your budget. This one essential skill will lay the foundation to your success within any type of marketing.
This quick how-to guide will teach you how to avoid wasting your money on fruitless marketing, and set the pathway to creating golden opportunities for your business.
Step 1: Formulate Goals.
Quick Tip: If your goal does not have a deadline. By definition, it is not a goal.
This is a vital part of your campaign. Take a seat and write down ten reasonable objectives that you would like to accomplish. This well help you decide how you are going to spend your investment. Give it some thought, what do you want from your investment?
- Do you want more traffic to your website? (Search Engine Optimisation)
- Do you want to grow your brand, and be recognized in your industry? (Content Marketing)
- Do you want to create loyal customers and build an honest reputation? (Social Media Marketing)
These are key components to your success, you must first understand what it is you want to achieve before you start attracting new customers.
Please be sure to take some time before coming to a conclusion. Remember that this decision will decide your future conversions – which do you believe will work for your industry the best?
Step 2: Get To Know Your Audience
Now that you know what you want to achieve from your investment, it’s time to start doing some research on your audience.
Every industry has a demographic of consumers, all of which have different behaviours both online and offline. Master the behaviour of your consumer demographic and you will roll in conversions.
Here is an example:
eCommerce stores tend to have a better return on investment from Social Media & Google Shopping campaigns over pay per click campaigns, this is because the consumer can see the products before they have even clicked the link. Increasing the conversion per click.
Drainage companies tend to have a better return on investment from pay per click marketing over social media, as they tend to be an emergency buy. People are quick to click the panic button when their drains are overflowing. First come, first serve.
Learn Your Industry Trends.
I will start this section off with an effective search tool from Google – Google Trends.
This is a very important section for your “when to invest”. Do some research on your industries keywords and see when their peak times are. There may be some services you provide which are more sought after in the winter, and others which are more sought after in the summer. This is self-explanatory information – you should be able to decipher your data into finding the best opportunities for a marketing campaign.
Here is an example:
You own two websites, one which provides skip hire services, and another which sells coal online. Using Google trends I have found these results:
Skip hire services are very popular throughout the start of the year, and continue to grow up to August where they see long decrease until the end of the year.
Cheap coal starts strong during January, February & March, but the closer we get to summer the more the graph starts to decline. Once summer is over, the graph then starts to rise again reaching it’s peak in November/December.
Using the data we have mined here, we can determine that it is best to run a marketing campaign in Summer for skip hires & Winter for coal merchants. I know, I know. You could have told us that. This is not a hold your hand guide, go do your own research!