3 Common Marketing Budget Killers
There are so many businesses making vital errors in terms of their marketing strategy that is costing them their hard-earned money. We’ve assembled this nifty list of four common budget vampires that will suck the life out of your bottom line if you aren’t careful!
One of the worst mistakes that can mark marketing strategies is a patent lack of analytical ability and failure to do your industry research. Those who want to devise a successful marketing strategy must absolutely know what they’re talking about in order to have something to offer: analyze the competition and set the bar to achieve your goals. You can use a combination of B2B marketplaces, social media platforms, case studies, infographics, and all sorts of different media to conduct your research. Consider:
What have your competitors done in terms of their own marketing?
What exactly sets brands apart from each other?
By performing thorough market analysis and detailed benchmarking, you will be able to start exploring marketing strategies that will work for you, knowing where you should be going and how to get there.
If you’re sitting there scratching your head and wondering “What is the end game? What am I really doing here?”– that probably isn’t a good sign! Before actually solidifying your business marketing plan, you should have a concrete goal in mind, based on long-term goals, which can be fragmented into clearly defined short-term objectives.
Have you ever created a Gant Chart? This can be a useful tool in order to clearly categorize what actions must be performed to achieve the needed goal. Objectives should also be measurable and have definite outcomes. An example of a clearly defined objective could be to have 1,000 followers on Instagram by a specific date. Long-term goals could include expansion and scaling – don’t get lost in the weeds!
So – you have analyzed your competitors and have created specific goals for your business’ marketing journey.
Now, what? It’s all about strategy of course!
An unfocused tactical approach to your marketing strategy can create unclear messaging for your prospects, so tactics play a huge role in the world of marketing since they allow companies to understand how exactly they will get to reach their marketing strategy objectives. A super successful strategy consists of different marketing tactics, which include both online and offline opportunities to connect with your clients. For example, if you are a young cannabis company, the demographic you will be marketing to will be probably seeing your content online.
Ensuring you pick the best methods for your specific business can be tricky. What to do? Megan Killion Consulting has a proven track record creating targeted campaigns that convert leads into sales.
Let’s chat, I bet I can help!