“Where should my marketing dollars be spent?” Good question... let’s discuss!

The infamous question. You have probably asked yourself this time and time again. No matter how seasoned of a marketer you are, or how long you’ve been in business, this question always arises. IF you’ve done your diligence in understanding your target audience, the answer can be seemingly simple. (See the last article if you’d like to know more about this)

When I first speak with clients, one of the first things we discuss is where they’re spending their budget. Some say, “I don’t market online,” or “My industry can’t advertise on Facebook,” or “We have where we are spending and have tested other sources and found ...... to be the best option.” The fact is, there is no right or wrong answer here, but my response is always the same, “Why?”

While spending on Facebook, Google, Instagram, YouTube, etc can produce great results, not everyone can put ads on those major sources. There are a few industries that still aren’t allowed to advertise on certain outlets, such as CBD, cannabis, tobacco, adult, etc. So those individuals have to be more strategic. The answer is simple, how does your target audience find you. Print ads, billboards, YouTube videos, word of mouth, Instagram, forums, and so on. If you’re one of these people, who can’t “advertise” online, I’d love to sit with you and help you come up with a strategic plan. You need both digital and print forms of marketing. The digital world can be one of your greatest assets if used appropriately. Ever heard of user generated content?

What about those of you that have been marketing for YEARS online, and see a good ROI? Do you ever change your plan? With the world we live in ever evolving, you should ALWAYS be looking for new places to place your brand. Sure, what you’ve been doing has worked in the past, and sure it might generate a pretty good result, but does that mean you can‘t get better results from testing out new markets? I spoke with someone recently who had given up on Google Ads, because of the cost. The ROI just wasn’t there, so they thought. We took a deep dive into the keywords they were targeting, and also discovered that they weren’t using any negative keywords. We found that just by removing searches they could be found for, and letting go of some of the keywords that weren’t producing, they were able to see ROI that made sense to start spending on Google again. I know a TON of companies that allocate their budget spend for a specific place for the year, and never evaluate if they should explore new areas of marketing. Of course this is just an example, each business has their own nuances, and should be taken case by case. Now that the whole world has shifted, due to this pandemic, we are in seeing necessary changes at a higher rate than what we traditionally see.

Recent studies show that the digital market is more competitive than ever. Online ads are no longer the end all be all. Some companies thrive better with influencer or affiliate marketing. In a world where social proof really is key, our newsfeeds and timelines are full of influencers and affiliates showing off products. Does it work for everyone? No. Have you tried it for your business? Your “social proof” is kind of like when an employer would ask for references before hiring you. Building your online brand is essential. Even if you’ve tried this strategy in the past, and didn’t see the results you‘d hoped for, it doesn’t mean that in today’s world it won’t be successful. Anyone seen those ads recently ”We are looking for brand ambassadors?” Talk about a gold mine! Purchase our product, get an ambassador discount and advertise our product for us, give out your “ambassador” link and get rewards, discounts, and money. Who wouldn‘t want to sign up? Does this style makes sense for your business? It could, if implemented properly.

Next, be sure to study your top competitors, find out what types of marketing they’re doing? You want to compete with the big brands in your space, create a marketing plan that positions your business as an equal, or better. Easier said than done, right? Not really, so long as you’ve done your diligence in understanding the needs and wants of your target audience. Make yourself visible in every place your audience would look to find you. If you don’t have the budget to spend in multiple places, then create and execute a plan for one source. Once you begin to master that source, take your funds and master the next. Invest in where your users are searching, not just where it might appear to the be the cheapest.

Last, but not least, be sure your tracking is set up to monitor your results. I cannot express this enough, data accuracy is ESSENTIAL to your business. Yes, this is part of your marketing spend. Ensure that you’re setup for success to track your results. Inaccurate data can create loss in revenue and leave you with more questions than answers. If you don’t know where to begin, be on the lookout for my next article on data, and how to ensure you’re set up for success!

Thanks, Elizabeth