A CMO survey confirmed a shift to digital marketing from physical – although business budgets have money being poured into them, by no sign is there an improvement in marketing excellence. As of 2016, results showed a stagnant rating since 2013, where those spending money would grade themselves just over average for excellence.
Content marketing is still booming, and there are no chances of slowing down for 2019, but this doesn’t mean you have to magically find a larger budget for your overarching digital marketing strategy. There are competitive tools available to anyone looking, offering deals for businesses of all sizes with various packages to assist the management of all digital marketing aspects.
Collected data in 2017 suggested 34% of marketers felt their content marketing was more effective last year, compared to just 30% in the previous year. Due to a number of aided tools that targeted audiences easier, through each element of content containing a higher SEO value, e.g. transcripted videos. With these facts in mind, it begs the question: how can we spend less money on digital marketing in 2019 while still making a positive impact?
The Primary Steps Towards Spending Less
Create your content and implement this into your budget first. According to Marketing Mag, content marketing will be a $300 billion industry by 2019 – more than doubling in under four years. It’s advisory to perfect this before spending money elsewhere; after all, “if no one engages with your content, does it matter if it’s been published?”
In the USA alone, companies invest an average of 35% on digital marketing, in order to reduce this cost, an average of 40% should be budgeted for better content. For ways to maximize your budgets performance, it’s highly recommended to see just how your content itself can benefit with cheaper services to assist the potential reach for your desired target.
There are some things you will need to do right away. Before developing your plan, you should brainstorm and focus on specific techniques and strategies and which platforms you choose to use; this should determine how to spend less money on digital marketing and how these can be implemented individually into budgeting.
Second Stage Implementations When Strategizing Across Platforms
You’ve chosen your platforms to focus on, and now it’s time to start implementing changes into budget structure around each of these platforms in order to reduce your overall spend on digital marketing.
39% of marketers recommend referrals by research found by Gigaom. 43% of those regularly acquired more than 35% of new customers through it. Referrals don’t just mean gifts or discounted products, but its the act that has a psychological benefit to the one who has been referred. If the first customer recommends the reputation and the referred customer is satisfied with the service, then your marketing efforts are complete, and you have another relevant audience.
Your Social Media
Grow your social channels before acting on any social promotional behavior. Although you may already have a large following, your reach across all platforms should be in the green before attempting your next campaign, otherwise, expect a fail before you attempt a promotion. The organic reach for any social media platform is expected to continue to fail across 2018, so correct forecasting and budgets within should be in place. All your channels are free to use and can:
- Be used as a customer support function and customer engagement
- Be a platform for recommendations and feedback
- Notify followers about promotions and updates
- Cover media with options to spend on advertising
- Provide analytical reports
Your Email Marketing
There are many free email marketing tools to be used as a service for sending emails and newsletter templates. For example, for a free service, MailChimp helps manage subscribers and track your results. If you’re looking for a more advanced option, HubSpot could be the right platform for your sized business, as it can show a much more extensive inbound marketing system. With the average marketer spending 29% of their total marketing budget on content, there are many options to explore to reduce this overall cost.
- Think about the writers and staff assistance – how much does it cost you for them to produce a budget and your materials? How can you reduce this? Consider some fixed expenses.
- Factor in the tools – think about the distribution, social media platforms, and tools – have you looked into the package deals as opposed to monthly fees? Factor these into your budget.
- Promotion and measurement tools – technology can help, use tools for scheduling and promotion and add these to your monthly budget spend.
- Adjust – Budgets can never be set in stone so prepare to make adjustments as content moves and improves even for target markets, additional segments and new content types.
In a bid to cut your spend on digital marketing, the right amount spent on content is where it should begin. By mastering the content, this should help to reduce the marketing efforts across all platforms of digital marketing. You should focus your efforts on summarizing the techniques needed to spend less money before diving into spending overall. All business activity will differ, smaller businesses may need to spend more money for their reach to count, compared to larger companies who already have their large social platforms or audience to refer to.
To save yourself money on all transcripted marketing activity, reach out to see how we can help save you money wherever possible.