Regardless of the type of business you currently run, you’re always going to need to allocate some of your budget towards marketing. Having a marketing budget isn’t about throwing tons of money at the wall to hope something sticks. You need to have a clearly defined plan of how your marketing is going to increase your ROI. There should be a set of criteria to determine whether your marketing is working well for your business.
Without the planning, your marketing budget will quickly run out. This is a typical scenario that happens to many business owners. However, you don’t have to become one of them. Follow our tips in this article and create a marketing budget that’s going to set your business up for success now and in the future. Here are the top five biggest mistakes you could possibly make with your marketing budget.
1. You Don’t Do Much A/B Testing
In A/B testing, you’re comparing different versions of the marketing ads and promotions you run. It’s used frequently in SEO, PPC, email marketing, and social media marketing. Even with as much research as you could do on your target audience, sometimes the only way to see if something works is to test it out. A colossal mistake businesses could make is neglecting the testing and diversification side of marketing.
Another problem which arises is when there’s much money spent on failing marketing campaigns. These campaigns may work at first, but because marketing is evolving all the time, you will need to make adjustments to keep up with your competitors. Otherwise, it’s a lot of money thrown down the drain on ineffective, outdated marketing. The lesson here is always to test and experiment with your marketing and have an open mind about trying new things.
2. There’s No Marketing Strategy Evaluation
Sometimes, business owners can be in such a rush to get their marketing funnels going, they forget all about the evaluation process. You have to think about how you’re going to implement your marketing strategies and then evaluate them. Look at what you want to accomplish with your marketing and set specific goals and targets.
For example, you want to improve your website’s search engine optimization. You notice that there are some long-tail keyword opportunities and you want your site to be ranked in the top 20. Also, you’d also like to strengthen your local SEO presence on Google Maps to increase the number of website leads.
Now, you have several goals you want to meet. An evaluation strategy applicable here would be to create and publish some content to target these keywords and use an SEO monitoring service to track the performance of the posts. There could also be some monthly reporting to see how much improvement there is.
While this may seem like a lot of work upfront, it’s really not too bad. It’s far better to plan ahead and know what you want to measure than to aimlessly spend thousands on marketing and forgetting the purpose.
3. Something’s Broken on Your Website
Another reason your marketing budget could be depleting quickly is that there’s a lot of technical problems on your site you need to fix. To have the best results running PPC campaigns, your landing pages need to meet Google’s guidelines.
All of these factors contribute to a negative website experience and limit the effectiveness of your marketing too.
Other issues could hold your marketing back in this regard like not having clear enough call-to-action statements, or your content isn’t providing as much value as expected. In any case, you have to dig deep to keep your website visitors happy.
4. You’re Not Using the Right Data and Statistics
Sometimes, the reason that marketing budgets run out at companies is because the wrong metrics are used. Anyone can look at graphs and charts in Google Search Console and Google Analytics, but it takes someone experienced to decipher what these statistics mean for your business. One has to look at the data objectively and remove assumptions from the equation.
There also has to be context applied to what you see. Just because one statistic is going up doesn’t always indicate you’re getting the most desirable results. For example, without knowing what a bounce rate means, someone can look at this statistic and assume it’s a good thing when it’s anything but.
5. Being Too Cheap and Cutting Corners
It’s tempting to cut corners here and there with marketing, but some services are best directed towards professionals with lots of experience. For SEO, it’s common to outsource the work to freelancers in other countries. The biggest problem though is there’s a lot of miscommunication that occurs due to language barriers.
You might save some money at the beginning, but you’re not going to get the results you were hoping for. Same thing with web design. While spending money on a $60 template seems like the quickest option, the possibility of not owning your SEO and encountering numerous technical problems isn’t worth it. Allocate marketing and web design to those who understand them best and focus on running your business properly.
A little planning goes a long way in marketing. Monitor your marketing budget and set realistic goals you want your business to meet. Always test your marketing campaigns and see what works and what doesn’t. As long as you have a clear direction and vision for your marketing strategy, you shouldn’t run into as many problems and stay within your specified marketing budget.