Smart and Savvy Strategies for Reducing Marketing Costs
It’s a hard time to run a business. Between the rising cost of manufacturing and the ebb and flow of the economy, predicting finances can be difficult. Whether you’re an entrepreneur scraping together funds or a well-established business looking to scale back on spending, finding ways to save money is a critical part of operating a thriving company. While marketing is often thought of as the last place to scale back spending, there are actually a lot of ways to reduce the costs of marketing without compromising leads.
Streamline Your Workforce
Workplace efficiency and cost-efficiency go hand in hand. If your employees are wasting too much time, you’ll be spending additional money on labor, while producing fewer results. Fortunately, streamlining your marketing workforce is easy. With task automation, you can eliminate menial work and automate a lot of daily tasks that will drastically cut down on labor. Additionally, as a cloud-based software, it gives all employees on-demand access from wherever they are, which will increase accountability and keep employees engaged.
Use Analytics and Data to Hone in On the Most Cost-Efficient Strategies
To reduce marketing costs without reducing leads, you need to thoroughly assess your data to see where your leads are coming from. By analyzing data and analytics regularly, you’ll be able to determine which aspects of your marketing campaign are producing the most leads and why, enabling you to allocate resources in a more cost-efficient manner.
Your analytics basically serve as the map to your entire marketing campaign. They will reveal the amount of time customers spend on your website, the types of ads that bring them there, and the demographic information of each prospect, providing you all the fine details needed to map out the progress and performance of your marketing campaign.
Big data will help to reveal the bigger picture behind your customers.
Focus More on Your Conversions
Marketers are often so focused on leads that they forget about turning those leads into conversions. However, you actually have a lot of control over the percent of leads that become conversions, provided you approach marketing strategically. Here are some key ways to increase conversion rates from your leads to create a more profitable and cost-effective marketing campaign.
• Target your ads: By targeting ads to the right audience, you’ll increase the quality of each lead, which will increase your conversion rate as well.
• Design an attractive website: Getting a visitor to your page is not enough, the page needs to be attractive and engaging to keep them there. It also needs to be clearly laid out, so they can navigate the page intuitively and efficiently.
• Offer deals and promotions: Leads are much more likely to turn into conversions if the landing page immediately offers what the customer perceives as a great deal. On your landing page, create a product offering or discount to first-time customers to help increase conversions.
Use Marketing Automation Tools
Marketing automation tools are ideal for both entrepreneurs and established businesses. They can greatly improve the cost-efficiency of a marketing campaign by reducing labor needs, improving ad targeting, and increasing data and analytic capabilities. In turn, you’ll not only reduce your marketing costs, but you can actually increase your lead and conversion rates, resulting in a higher marketing ROI.
ReachForce SmartForms helps marketers increase revenue contribution by solving some of their toughest data collection and management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like landing pages better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce SmartForms can help you improve your lead generation efforts at your own pace.