Every marketer, whether they spend £20 or £20 million, believes that they have only so much to spend. So why not make the most of your budget by improving your efficiency and save up to 10%, so here are our 6 top points to making the most out of any budget!
1. Improve your target:
Studies show that targeting accurately explains 50% upwards of the effectiveness of a mailing. Granted, there will always be a certain amount of waste, but what more precision brings is an immediate lift in rate of return for any program.
2. Expand to additional media types
As variety is the spice of life why not diversify the mediums in which you interact with your clients? With the world post-Twitter, Facebook and LinkedIn, marketing campaigns can now be presented on multiple levels to ensure maximum marketing potential. Cross-media programs are the way forward to allow the internet, print and radio for example to work for you better together.
3. Experiment with direct response media
The best way to monitor the effectiveness of your marketing campaign is by employing Direct Response Media, the use of online e-mail, a banner, a search engine campaign or an 0800 or 0845 number in your advertising will provide you with a list of and valuable follow-on marketing options. Also make sure you offer the “opt in” permission to contact to minimise waste.
4. Time buys
The pricing of media depends on many factors for example different media, different times of day and the positioning of your content in the media will yield different prices and as the old saying goes it’s quality not quantity that matters. Here are some factors to consider when buying media:
- Is your product usually purchased at night or during the day? On the weekend or weekday?
- Can delivering your message in a certain context provide it with better attention?
- When are people most receptive to thinking about your product? When they have the need or when they have the time?
5. Enhance the offer
With the daily bombardment of ‘offers’ and ‘discounts’ for example people won’t reach for the phone or the keyboard for a drummed up discount or promotion, make sure what you’re offering is a meaningful one! The chance to win something is far more enticing than the offer of a small saving and depending on the way in which you run the competition you’ll be able to gather names for a re-contact.
6. Target existing customers
The best way to target existing customers is to analyse their spending habits and then segment them accordingly. By this you can see for example loyal customers who shouldn’t be offered the same rewards as one time customers. For example to loyal customers you can offer a discount or reward if they were to refer a new customer and occasional customers could be offered extra stimulation to purchase again.