Where Should You Be Spending Your Marketing Budget?
I am stating the obvious I know but the main focus to create a successful marketing campaign should be to target the right audience.
There are a number of strategies marketing agents use to attract their audience including:
- E-Mail Campaigns
- Google Adwords
- Mail Merge
- TV Adverts
It is very easy to adopt all these methods with no plan if you are not bothered about your marketing budget or R.O.I but if this is your mentality you will lose in the long-term.
For your marketing agency to optimise your budget one thing they should be spending an enormous amount of time on is highlighting which strategies offer under-priced attention.
From speaking to business owners on a daily basis I am astounded by the amount of them who still pour 95% of their marketing budget into E-Mail Campaigns and TV commercials. I believe marketers using these methods are at least 2 years behind the times.
I am not saying these platforms don’t work nor am I saying stop using them but what I am saying is think hard about the percentage of your marketing budget you are putting into these. The reason I say this is you are paying for over-priced attention.
If I was talking to you 6-8 years ago I would be strongly recommending you to go all in on Google adwords because back then this was under-priced attention. Put it this way 10 years ago a company went all in with google adwords selling books and that company was Amazon.
T.V. advertising has always been a hugely expensive marketing strategy and yes it works but I am confident the R.O.I is nowhere near as high as it once was. In recent years there has been major changes shift in people’s behaviour when a programme goes into a number of commercials.
I am sure we all know what the major change in behaviour is, the first thing the majority of people do is check their mobile phone, straightaway the advertiser has lost the attention of the viewer. Basically the development of the mobile phone has made T.V advertising more expensive.
There are a number of platforms advertisers should be using now and for the next 36 months. These currently offer what all business owners love which is under-priced attention. However, this will not last forever. I believe this is going to follow a very similar pattern to what Google adwords did. Once all the big companies realise the strength of the ROI these platforms give they will shift a considerable amount of their advertising budget to these fields thus increasing the costs of marketing in these spaces.
In my next post I will talk about these platforms and how best to maximise them and hopefully you will follow and benefit from.