How to Manage Your Online Marketing Budget?
Going digital is no longer a choice but a necessity in order to generate more demand. Here are 4 steps for companies looking to expand online presence without blowing their marketing budget.
1. Advertise Effectively
Advertising on social media can get very expensive real quick. It takes time and money to turn Facebook articles into more customers. At this point. you're probably thinking "How much money do I need to spend on ads?" but the more important question is "Where do I find my target market online?". The answer is not always Facebook or Instagram. Some companies have more success with Yellow Pages, Kijiji, Podcasts, etc. The key is to find out where your potential customers interact online by targeting various channels using smaller budgets.
For example, a law firm advertising on TikTok would find it challenging to generate leads regardless of the marketing budget as TikTok users are not looking for business services when interacting with the app at that moment.
The most popular online advertising platforms are currently Google Ads, Bing Ads, Facebook Ads, Instagram Ads, Twitter Ads, LinkedIn Ads, Pinterest Ads, Amazon Ads, YouTube Ads, but there are many smaller platforms that may better fit your clientele. Remember, you must choose the platforms most suited to your target market. Do not make assumptions and allow time for research in this step.
2. Communicate Digitally
Giving your customers the ability to book virtual meetings, buy products online, send questions, get answers and discover everything about your business without human interaction is of utmost importance. The majority of younger buyers are fast at finding information online and will skip your business altogether if they do not find what they are looking for on your website. Human interaction is critical for closing deals or providing customer support however the communication medium must be prioritized online. Don't forget to inform your current and potential clients when your company has an update.
Square allows you to offer appointments digitally and take payments for products or services online. Appointments are automatically recorded in your calendar and reminders are sent to both you and the client before the meeting. You can also automatically generate and send invoices with deadline reminders.
3. Monitor Results
A this point, your advertising strategy from Step 1 is targeting potential customers on relevant social media platforms. These people are then able to communicate with you online and get informed about your company thanks to a new communication strategy implemented in Step 2. The goal in Step 3 is not only to convert potential leads but also to monitor which advertising strategies work the best. This is where it's important to compare financial performance with marketing statistics to double down on what works and stop what doesn't.
ReInvestWealth's app is designed to provide Canadian entrepreneurs with a helpful and enjoyable cloud accounting experience. The app is free and connects your accounting with your website to provide detailed feedback on your company's financial and online performance. You can analyze the data yourself or have a CPA help you out through the app.
4. Take Action
Now that we have data from Step 3, it is time to decide where to double down and where to cut losses. This process is an investment and not an expense as the money spent on quality marketing provides a future return for your business.
Trying different marketing strategies is important as it will help you find which ones work best for your company. Eventually, you will be incentivized to expand small marketing strategies by turning them into full on marketing campaigns with longer timelines, bigger budgets and greater purpose.
Start small, find your target market and then go big to generate more demand for your business.