As a business owner, oftentimes, you may find yourself wondering if you’re spending the right amount of money on the right marketing. If this thought has ever crossed your mind, best believe that you're not the only person thinking in that direction. Marketing, for many, is viewed as an art and not something of a scientific nature.
Still, some believe that, for one to know if they're on the right track, there’s a calculation that can help with one's marketing. As many business/company owners make investments in their marketing strategies, the early-stage startups with limited funding don't seem to align with that strategy.
They see it as an unnecessary cost for them, whereas investment in marketing is something that returns to your company instead of it draining you. When you’re ready to make the much-needed investment for your company, you can bank on small business loans from fintech companies.
As long as you have an existing company/business, investing in your business strategies will contribute massively to your company’s success. Investing in marketing strategies goes beyond just fliers and posters. Here, we are talking about investing in digital marketing, which may account for 75% of your marketing budget. The strong marketing budget accounts for all parts of a comprehensive marketing strategy. They include:
Not having these four marketing strategies in view only means that your company is operating blindly and are less likely to see Return On Investment (ROI). Study research in 2015 shows that 28 percent of marketing professionals reduced their advertising budgets to invest in a more digital market. The reason is that the revenue generated in Content marketing is three times the revenue of traditional outbound marketing, 62% less cost to your budget.
There is also the 5% rule of sales revenue on marketing. A recommendation by the U.S Small Business Administration says that spending 7 to 8 percent of your gross revenue for marketing and advertising will be for companies who do less than $5 million a year in sales. If you compare the percentages, you'll see that 5% is reasonable enough for your spending. Now, let’s dive into the four other reasons why you need to invest in your marketing strategies.
As the market environment increasingly grows competitively daily, it’s time you hone your marketing team skills. This is a strategy that will ensure your work is effective and efficient enough to reach your customers and create wealth for you.
A study report shows that 40% of website traffic revenue comes from organic traffic. To keep up with the latest development, SEO is the key marketing skill that needs continual investment. And also, your email marketing and your ROI can generate higher revenue and improve your bottom line.
Customer service is of great importance to your company. You can use this as a form of marketing. This translates to how well you treat your customers. If you’re on the right track, it’s best to believe that they will help promote your company and attract more customers to your company. To understand employee-customer success, you need to invest in your employees. Equip them with the skills and tools needed and see them transform your company into a huge success.
For many workplaces, their engagement appears to be low, and this can affect the company’s profitability and productivity. For your employees to stay connected and more engaged, investing in marketing training and the tools needed will help them deliver good services. This, in turn, will increase your companies’ productivity and profitability.
To see positive changes in your company, some steps can help you get the reward you’ve always wanted.
Giving your employees better training, be it a general or professional skill, will increase their capabilities to deliver a good service for you. Training may be pretty expensive. If need be, you may procure small business loans for it and other investment plans.
Every employee in various departments needs tools and software that can help them perform their jobs efficiently. You need to provide the recommended tools and software for them.
Your company’s workplace environment should allow your employees the freedom to contribute to their quota. This will make a big difference in your company’s growth. It will also lead to better morale and product.
The marketing investment you choose to carry out should bring you a good return on investment. It shouldn’t be considered expensive in any way, but a profit for you in the long run. Remember the 5% rule; you should use that as a guide to staying afloat in the market world. In a nutshell, investing in marketing strategies is the best way for you and your company to attain success.
The Social Hire team never just do social media marketing.
Isn't it time to stop making difficult personnel choices that don't work well for your online marketing?
Our group of specialists are an organisation that helps our clients boost their online marketing by offering social media management services on a monthly basis.
You might like these blog posts 6 Ultimate Ways To Build A Kick-Ass Team For Your Tech Startup, The Formula to Performance Management Success, The Psychology Behind Company Culture: Why Putting Employees First Works for Business, and How to plan your first marketing campaign.