How to Make it More Affordable
As a company wanting to embrace digital marketing in a meaningful way, the question is, ‘how can you do it affordably?’ The less familiar your company is with the ins and outs of the digital marketing space and the costs associated with it, the more worrisome it is. Getting a reasonable return from the marketing spend is a factor too. Here are some suggestions for how to get digital marketing priced for your marketing budget.
Work with Social Influencers
Social influencers are everywhere now. They cover specific industries, interests, and work locally, regionally, or nationally. Some even cover global matters, but these aren’t going to be as useful. A meaningful deal can be worked out with an influencer where they promote the business in exchange for a return. The cost is not out of line with that of paying salespeople, affiliate deals, and other types.
The greater relevance of the company’s service or latest product to the interests of the influencer’s audience, the higher the response rate. However, as this is done one influencer at a time, the ROI is a bumpy road. Nevertheless, the upfront cost is usually minimal.
Take Advantage of Lead Generation
Rather than directly advertising to the masses to find new customers, using lead generation helps to bring customers to you. While you’ll be paying on a per-lead basis, they should be qualified leads. The more qualified they are, the likelier that they will turn into paying customers. Worthless leads don’t go anywhere. Try out different ways to generate new leads for the business. This is often the only way to filter through different sources to see which hold value and those that don’t.
Fund Pay-Per-Click Advertising Campaigns
Digital promotion using pay-per-click advertising campaigns is paid upfront, the balance is spent as the ad campaign is running, and it is then topped up as needed. As such, running digital ads is a cashflow negative equation because it requires time to find the right approach by gradually improving the conversion rate on the campaign while it’s underway.
When planning to fund several types of digital marketing to grow the business, it pays to have available funds on hand. Using one of AdvancePoint Capital’s small business loans is an ideal way to do that and know that campaigns won’t run out of funds halfway through while successfully reaching the right demographic.
Analyze the Response Rate and Conversions Closely
To get the most out of digital promotions, it’s necessary to be hands-on with them. For instance, with advertising, don’t ignore the early response rate and whether clicks are leading to sales. Tweak the advertising wording and design to improve the favorable responses to ensure the campaign is increasingly profitable. This will cut the total ad spend budget.
Similarly, consider using smaller influencers with valuable audiences that will fit with yours. They ask for less in return because of their reduced reach, yet sufficient sales may still result from the exposure to make it more profitable than with leading influencers.
Affordable digital marketing revolves around looking at the costs, response rates, and profitability throughout their usage. Then adjust the approach to focus on the winners.