How to stop wasting money on fruitless marketing activities
Do you want to spend less on marketing while getting better results? If you're been looking for a smarter way to stand out and attract better clients, read this.
You’ve probably heard the famous quote “Half my advertising spend is wasted; the trouble is, I don't know which half.” This quote is wrong; most businesses are wasting even more on fruitless marketing activities. Here is why.
Research by Proxima demonstrates that the average businesses spends between 40 and 60 percent of their budget on marketing solutions that provide no return on investment. Don't be a part of this statistic.
So many businesses are ineffectively spending their marketing budget. Yet Forbes reports that growth in global ad spend was projected to reached $793 billion in 2022.
The stakes have never been higher. And businesses planning for growth know that every penny counts. So how can we clamp down on waste and get the most out of our marketing spend?
So many businesses are ineffectively spending their marketing budget. Don't be one of them.
Stop wasting your digital marketing budget on shiny new toys
In an online world where everyone fights for attention, many businesses struggle to connect with their audience.
This can become so suffocating that it’s often tempting to look for a quick fix.
The latest social media platform or lead generation software everyone is talking about makes alluring promises of easily connecting us with more clients than we dream of.
And who wouldn’t be tempted by getting hundreds of leads while you sleep? So many businesses invest in these attractive solutions.
Yet, after investing time and resources in these tools for months, we realise that we have tons of likes and data, but no sales. Sounds familiar?
There are plenty of quick fixes to your marketing problems, but they could end up costing you more in the long-term.
Why can’t all these online tools, with their powerful reach, transform followers into buyers?
The reality is, if these solutions worked, you would have seen a return on your investment already.
Many businesses spend thousands of pounds on software that claims to get you better results, but these are ultimately obstacles that get in the way of your business’ growth.
The belief that spending money on flashy marketing solutions to drive traffic will build brand awareness and generate revenue is one of the most common misconceptions among midsize business owners.
There are plenty of quick fixes for your marketing problems, but they could end up costing you more in the long term.
Stop trying to outspend competitors when you can outsmart them
Many businesses have the belief that if they increase their marketing spend, it will increase their return on investment. But they are sadly mistaken.
Throwing money at the problem doesn’t fix it. If you want your business to grow, you need to take a strategic approach and spend smarter.
You need to understand where your money is making a difference — and where it’s going down the drain. To do this, you have to plan strategically.
Unless businesses analyse data and glean insights about their campaign performance, how can they understand where their money is making a difference and where it’s being wasted?
Throwing money at the problem doesn’t fix it. If you want your business to grow, you need to take a strategic approach and spend smarter.
Anyone can look at return rates and see that money is being lost. You need to look at where it’s being lost.
It's common to look at web analytics reports and only focus on campaign performance. What marketers usually don't do is measure how their messaging, headlines, call-to-actions, landing pages, etc. perform across the entire customer journey.
Without knowing exactly where to spend your marketing budget, you’re building a house without a blueprint.
If you don’t know exactly what works and why, you’ll never be able to pull together an effective plan for your marketing efforts. Take the time to analyse exactly what works for you. Once you identify where your money is being wasted, you can reallocate it to where it is best suited.
Start by making others do your marketing for your for free through branding
Your brand forms a certain perception in the minds of every single person who notices it. That’s good and bad. Good because it can bring in clients. Bad because it can make or break them right then and there.
This is why it’s essential that you bring brand development to the forefront of your marketing strategy.
Cultivate your brand. It’s the best way to get other people to do your marketing for you.
Your brand is the impression people get when they first hear your name. That impression becomes an emotional connection. This affects how people perceive both you and your work.
The most effective way to enhance the perception of your business? Cultivate your brand. It’s the best way to get other people to do your marketing for you.
Branding often goes overlooked, but it is vital for high-growth businesses. It gets overlooked because people have a misconception about what branding actually is. Branding isn't about making nice logos, it’s about creating compelling client experiences.
Branding isn't about making nice logos, it’s about creating compelling client experiences.
Strong brands are designed to deliver the right experience across every touchpoint. And they do it consistently. A strong brand can change consumers’ perceptions of a company in an instant.
It doesn’t matter if you’re just starting out or if you’ve been around for years, a strong brand will make your company more successful.
Your brand is so much more than just how you look. It’s how people imagine you. It’s the set of feelings associated with your name; the feelings that drive action. Forbes reports that the consistent presentation of a brand can lead to revenue growth by up to 33%.
The stronger your brand, the more you control what people think about you and, ultimately, you use it to convert prospects into clients.
A strong brand can change consumers’ perceptions of a company in an instant. For free.
Conclusion
The benefits of having a strong brand are multifaceted. A strong brand will help your business attract much better clients, save time and money on digital marketing, and increase your prices and profit margins.
By being proactive in deciding to rebrand, rather than reactive, you can save time, money, and many headaches in the short and long term.
Looking for additional branding insights?
Discover how to build a strong brand with clarity and confidence
Do you want to attract more clients and grow your business faster?
“Branding For Growth” is the ultimate branding guide for ambitious businesses.
“Branding For Growth” makes branding simple for busy business leaders.
If you’re looking for a brand strategy guide which speaks your language without marketing jumbo or unnecessary stuff, “Branding For Growth” is for you.
In today’s digital-first world, you need a strong brand to cut through the noise, stand out from competitors and attract the best clients.
In this book, you’ll learn
The biggest rebranding mistakes to avoid
How to generate profits through branding
The proven step-by-step B.E.C.O.M.E brand-building system
Discover how to take your business to the next level by building a strong brand.
