Reducing marketing expenditure
The advertising process has currently progressed a long way from television ads, billboards, newspaper ads to digital marketing. In digital marketing, there are different tools to analyze consumer behaviour and performance of ads. In spite of these,
- 60% of the expenditure on digital marketing gets wasted
- 56% of the ads are never seen by consumers
- Increase in ad blocking software
- 17% viewers go beyond watching the ad and looking at the thing that is being marketed
The following are few tips to reduce your marketing expenditure:
Analyzing return on investment (ROI) – That is the money spent and the leads received against it, which is difficult in large businesses having huge budgets, multiple advertising channels and lack of coordination between sales and marketing.
Identify bots- These are non-human traffic, mostly, hackers or spammers, trying to get access to the site. But it may also be business rivals hiring click farms to deplete the competitor’s budget and get the ads removed from search engines.
Keyword Trap – More keywords do not necessarily mean huge traffic. Millions of people may see the ad but none of them may click through. So keyword list should be razed to cut out traffic that will not be converted.
Context Targeting to attract viewers – Content should be highly relevant and show the right ads like location-based and time-based ads to the target viewers which will bring about better results.
Identify Potential customers/niches– Instead of marketing in a popular media outlet, which may be expensive and filled with competitors, it would be better to seek out few smaller publications, digital or others, to target niche audiences, who may be potential customers.
Optimizing Ads – The copy, landing page, images, etc. should be optimized based on audience feedback.
Alternative Advertising Platforms – Other than Google Ad Words, alternative platforms for ads may be Facebook, Instagram, Twitter, Referrals and Affiliates, etc.
Organize Marketing Data – Data like contact numbers, addresses, e-mail ids, etc should be updated regularly. Invalid data is a major deterrent for customers.
Reusable Content – Versatile content can be prepared for reuse for long periods or for various projects. For example: Product descriptions that can be added to the website, e-commerce store, in-store flyers and social media posts.
Use Social Media’s Free Features – Using most social media platforms’ free features is an option.
Writing blogs – Writing regular blogs about products or services on offer, to keep the customers updated, should be a useful tool.