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How to make the most of your marketing dollar | Updated: 2:29:50 PM, Wednesday May 23, 2012
To get the most out of your marketing dollar, it pays to pick channels that drive awareness, conversion and loyalty.
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Digital, social, traditional, direct, a proliferation of new channels has turned the marketing mix into a minefield. To get the most out of your marketing dollar, it pays to pick channels that drive awareness, conversion and loyalty. Miss these marks and you risk wasting your money.
Businesses that once took a straightforward approach to their marketing dollar must now consider the best way to reach their customers and invest in the channels that yield the highest returns. But although today’s marketers might be spoilt for choice, finding that winning formula can be a difficult task.
What’s the best way to allocate your marketing budget? Start by identifying the channels likely to resonate with your customers and use them as the basis for your marketing spend, when it comes to effective marketing, ROI wins over hype every time.
In spite of the buzz, it’s hard to argue with the impact of social media on the Australian marketing landscape. Last year, a Sensis Social Media Report revealed that over 62 per cent of internet users frequent social networking sites such as Facebook, Twitter, MySpace and LinkedIn, with Facebook commanding 97 per cent of social media users.
Social media allows businesses to engage with their customers in real-time and is an important tool for building relationships. However, it’s dangerous to embrace social media without a clear strategy in place. Think carefully about your objectives and goals before launching into social media and make sure you have the right people to manage and implement your campaigns.
Direct marketing may seem unfashionable these days, but it’s still a powerful and relevant method of reaching customers and getting your message across. In particular, direct mail lets businesses connect with customers in a highly targeted way, with an approach that is easy to implement and results that are measurable.
While TV campaigns can be expensive, it might just be worth the investment. An effective TV campaign can create a powerful awareness of your brand, generate new business and consolidate your relationship with existing customers. However, digital television has rewritten the rules for the old television commercial, promising ample opportunities for connecting with customers in real-time.
Here are our top three tips for making the most of your marketing dollar:
- Take a bulls-eye approach: Think about the attributes of your core customer base before making major budget decisions. Profile your biggest prospects, include statistics and demographic information and work out the marketing channels likely to generate the greatest returns.
- Be budget-conscious: Think about the long and short-term goals of your marketing strategy and establish exactly what is in the realm of your budget, and what can be left until next financial year.
- Mix it up: Choose the mix of channels that will reach your customers and make sure you diversify. Allocate your budget based on the strategies that will achieve your business goals.
There is a whole world of marketing available to businesses, small and large. Research your target audience, discover the pros and cons of different marketing techniques and, most importantly, make the most of your marketing dollar to boost your business.
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