3 ways you can expand your marketing budget

3 ways you can expand your marketing budget

Old Jägermeister graffiti mural as product placement

In December 2022, a survey of marketing executives by the Chartered Institute of Marketing (CIM) found that 18% faced an annual cut in their annual budget. While that may seem bleak, it’s still a significant improvement on the corresponding figure published by the CIM the year before: 47%.

“According to our research, marketing executives are actually more optimistic about the global economy than they were a year ago,” reports the institute’s CEO, Chris Daly. “Kenzere budgets encourage many to focus on below-the-line channels that require a thorough understanding of customer needs – and that is at the heart of professional marketing.”

If you’re in the 18% or just looking for ideas that could help you get your message across more efficiently, here are three methods that could work well for the months to come.

1. Find your niche

By carefully defining your audience, you can spend more efficiently and maximize output across a range of channels. Focusing your efforts on a specific demographic may sound obvious, but it can be a daunting prospect for companies new to niche marketing.

The trick is finding that sweet spot where you tailor the messaging to really improve business performance

“Companies may be afraid to go into a niche because they think it will narrow their potential customer base,” said Allan Dib, founder of consulting firm Successwise and author of The 1-page marketing plan. “But if you try to target everyone, you’re effectively targeting no one. Instead of trying to cater to everyone, targeting a specific niche allows you to craft a message that resonates with recipients.”

A highly focused approach can help your brand stand out in the sea of ​​”generic marketing,” he suggests. “You need to know where your customers are, what influences their purchasing decisions, and how to build their trust. What are their hopes, fears and desires? What are you dreaming of?”

If you invest enough time and money to understand your core audience, the returns will be substantial, Dib argues, adding, “Rather than trying to get people into your stuff, your job is to tell them something.” your People.”

2. Opt for guerrilla

Guerrilla marketing—surprise campaigns using unconventional and innovative real-world methods—offers a powerful way to capture the interest of potential customers.

Marvin Foster is Managing Director of Love Creative Marketing, which has recently overseen campaigns for SpaceNK and The Gym Group. He says: “The audience is always looking for exciting new approaches. A good experience goes far and is remembered for a lifetime.”

Whether you’re trying to hit a specific number of app downloads or measure the usage of a discount code, it’s important to set realistic goals for a guerrilla campaign, Foster emphasizes.

“The main reason this tactic can prove effective is because it allows you to engage with audiences and generate more exposure,” he adds. “In person guerrilla marketing and brand experiences will drive more conversion, social media exposure and word of mouth. This, in turn, leads to more qualified leads and sales. All you have to do is make the connections.”

If you think this approach could help you get the results you want, it’s worth consulting with specialists, as details like locations require careful planning.

“You might pay tens of thousands for advertising space in a mall, while a guerrilla presence on the street could cost a third of that amount,” says Foster. “But you still need to know the limits of what you can do and where you can do it.”

3. Use email

It might be time to make your email database more powerful.

“Email is a relatively inexpensive channel for promoting products and services, making it valuable for marketers on a budget,” said Matt Moorut, director and analyst at Gartner.

However, he emphasizes that a “spray and pray” approach to email marketing will not work. Personalization and segmentation are key.

If you try to target everyone, you’re effectively targeting no one

“In an ideal world, you would send a personalized message to every contact you have, but no brand has that much time,” says Moorut. “The art is finding that sweet spot where you tailor messages to a level that really improves business performance. A strong segmentation strategy is crucial here, as it helps marketers prioritize where and how to personalize. The good news for those on a tighter budget is that this work, if done well, can save you time and money in the long run. Essentially, segmentation can be a way for marketers to go beyond their weight.”

It’s also important to take the time to understand what your audience wants, says Molly Ploe, head of search engine optimization and demand generation at Brafton, a content marketing agency.

“Because email is such an intimate channel, it’s incredibly easy to put people off,” she warns. “Too many emails or the wrong tone of voice can lead recipients to unsubscribe. The only way to overcome this is to strategically plan your campaigns and pay close attention to the response.”

Ploe adds that the task of standing out in a crowded inbox is a multi-layered challenge that starts with a great subject line. A/B testing helps you understand the types of first messages that are most likely to get people to open your emails. The end result is a user experience that takes into account factors such as the reader used and whether the content of the email lives up to what the subject line promises.

Frustrating — or maybe reassuring — instant email marketing successes are rare. Getting the method right can take a lot of initial experimentation and refinement. As Ploe says, “The key here is how the medium is used to capture your audience’s attention. Trial and error will play a big part in figuring out what will work for your brand.”

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