Marketing is essential for business growth, but with so many components, it can get expensive. For instance, most businesses pay for PPC advertising, video production, social media marketing, graphic design, website and software development, video production, and email marketing. Trying to keep this in-house can get expensive. However, with the right strategy, you can reduce the cost of marketing without compromising on results.
Here are four tips to save money on essential marketing while ensuring effective outcomes.
1. Hire outside professionals
When you try to keep your entire marketing team in-house, you’re increasing your expenses for no reason. While it’s nice to have a full team in your office, it’s not necessary. Outsourcing your marketing needs will not only save you money, but you’ll have access to high-level professionals you couldn’t get otherwise. Hiring an in-house team requires all your talent to be local. If you do find a high-level expert, you can expect to pay them a premium salary.
On the other hand, when you outsource your marketing, you get access to teams consisting of top talent located all over the world. The skill and experience levels are higher than what you could piece together for your office, and it’s typically more affordable. Because of these benefits, one of the most common marketing positions companies outsource is the Chief Marketing Officer (CMO).
Known as a fractional CMO when outsourced, this important position is the foundation of your marketing success. CMOs provide strategic direction to help align your marketing efforts with company goals. A CMO is a true leader and will be a mentor to your marketing team members. They bring a wealth of knowledge and industry experience to help you stay competitive.
You can’t afford not to hire a CMO, but if you don’t have a large budget to pay the in-house salary, or you just need a temporary CMO, outsourcing is the way to go.
2. Optimize your PPC advertising campaigns
Pay-Per-Click (PPC) ads can get expensive for any business, but some industries are highly competitive and bids can go sky high. However, there are three main strategies that can reduce your cost per click, help you reach a more targeted market, and stick to your budget.
- Set clear budget limits. Establish set daily, weekly, or monthly limits for your ads to prevent overspending. Adjust your budget as needed when you find underperforming ads or ads that are doing exceptionally well. Each ad platform has different minimums and limits, so your numbers may vary between channels.
- Use negative keywords. Negative keywords are keywords you want to exclude from your ads. This comes in handy when you want to target people who are ready to buy right now or if there are keywords and phrases that generate clicks, but no sales. Setting negative keywords keeps your ads from showing up in unrelated searches.
- Adjust your campaigns as needed. It’s critical to adjust your campaigns once you see what’s working and what isn’t. This includes ad images, copy, headlines, and even your landing pages.
If you’re not familiar with PPC ads, hire a specialist to get you going and then pay attention to what they do and how they adjust your campaigns based on your analytics if you plan on doing it yourself.
3. Outsource your video production
Video production is one of the most complicated marketing components, and it’s much easier to outsource the job to a pro. Creating good video content requires flawless execution, including perfect sound and lighting, and these skills aren’t easy to master. Video pros spend years learning and perfecting lighting alone, and learning this craft will require a serious investment of your time and energy.
The easier solution is to outsource your video creation to a professional company. Videos are digital assets that you can use over and over again. Once you pay for them, they’re yours to continue using forever.
4. Condense your software
There are tons of marketing applications out there, and it’s easy to get lost in the sea of choices. Most companies start off buying applications a-la-carte, and end up with 5-10 different applications.
It’s easier to find all-in-one solutions that combine multiple needs. For instance, many Customer Relationship Management (CRM) applications also include a shopping cart, email marketing, and lead tracking. The more you can combine, the more money you’ll save.
Saving money is a multi-faceted strategy
Strategic spending requires more than just budgeting. It’s about choosing the right resources, whether it’s a tool, a software application, or your team. By implementing cost-saving measures across all of your marketing components, you’ll get better results without exceeding your budget.
