How To Efficiently Spend Your Marketing Budget
Do you know the golden rules to efficiently spend your marketing budget? If you don’t already or are unclear about them — listen up. In this blog post, we will be diving into all of these rules in detail.
Golden Rule #1: Spend What You’re Comfortable With And What You Can Afford - But Make You Know You’re Investing In Your Business As Well
You need to spend money to grow, but that does NOT mean putting all of your profits into marketing. At the same time, don’t just spend $50 a month if you can afford to spend $1,000. It’s hard for us to tell you the exact amount to spend because every business is at a different stage and has different amounts of runway put away. Take a look at your financials and determine what will work best for your brand with the budget that you have.
Golden Rule #2: Never Spread Yourself Too Thin
In order to make your money go further and actually see results, double down on 1-2 paid strategies to begin with. We always say to focus on 1-2 marketing platforms so that you can really focus and execute your strategies well. This goes for paid marketing as well. For example, only focus on influencer marketing and digital ads to really master them if that’s what you choose to do.
Golden Rule #3: Make Sure You Don’t Over-Rely On Paid Marketing Tactics
The last thing we want for you is for you to get “addicted” to paid marketing tactics. We don’t want you to be creating a marketing/sales funnel, we want you to be building a HOUSEHOLD BRAND.
To give you an example, although Revolve may not be a sustainable brand, they were able to create a household name. They focused heavily on influencer marketing and organic Instagram marketing. Even though they also do some paid ads, they don’t rely 100% on either influencer or paid marketing. This is because their organic channels do really well too. The last thing you want is for your sales to dry up as soon as you turn off advertising dollars. Ideally, you want to have a steady, healthy level of organic sales — at around 50%+
Golden Rule #4: Test Organically First
Test what works for free, and then boost it and amplify it. Experimenting with what works in regard to paid marketing is a luxury that bigger brands with bigger budgets have. But for startup brands, we don’t recommend this as it is a bit risky. So take some time to solidify a few strategies or graphics, etc. that can bring you results at no cost.
Golden Rule #5: Analyze Results
You especially want to be analyzing your results if you’re paying for them. Make sure that you get your money’s worth! See what’s working, what’s not, what you can learn and do differently from last time, etc. Did influencer campaigns work? Did the paid ads work better? Ask yourself these types of questions and check the results and data to see the story that it tells. To ensure you have a steady level of organic sales and paid sales, make sure you have a spreadsheet to help you keep track and stay organized. If you feel like you need more support or advice on this area, make sure you keep your eye out for our free sales workshop in September where we will share some of these useful tools with you!
We hope this was helpful because it can all be intimidating at first, we know that you can do it and we are always cheering you on here at Recloseted. This is a sliver of what we work on with our clients in our Business Consulting services. Our DM’s are always open so feel free to message us with any questions or support!
