How to Keep Your Marketing Costs Low and Impact High: Part Two

You’re ready to launch a campaign that will shake up your industry and make your customers really take notice. The trouble is, you have a limited budget. How can you still make a big impact and reach new heights with the budget you have?

First, let me remind you that while marketing costs are generally increasing across the board, yours don’t have to. There are ways to be savvy about your expenditures and still shake things up.

Last week we talked about two myths related to marketing budgets: 1. The myth that you need to hire, in-house, the best talent around. 2. The myth that you need to develop an in-house production studio.

To refute these myths I highlighted how you can utilize a mix of in-house and outsourced experts to cut down costs and sustain the changes in demand based on your company’s needs. Click here to read more.

This week, we’re going to tackle two more common myths about marketing budgets. Let’s get started.

Marketing budget myths

Myth 3: Our brand needs to be present on every social platform around.

Our brand needs to connect with our audience wherever and whenever they are online. Facebook, Twitter, Google Plus, LinkedIn, Pinterest, Instagram, Tumblr, Yelp, Snapchat, Vine, Periscope, Meerkat… when does it end?

Reality: In the early days it would have been possible for your brand to have a meaningful presence on every major social platform. Today, there are so many widely used social platforms that it’s almost impossible to keep up. So what should your brand do?

Solution: You need to understand your team’s capacity first and foremost. Then understand whether there’s any room in your budget to add resources. With these things in mind, consider what social networks your audience is present on. From here, start to narrow it down.

What social platforms are best suited to your brand? Some platforms are more image-based. Others are more video-based. Some have a very limited use of hyperlinks. Others you basically must advertise on to get attention. What works best for your brand?

And while some people look down on social advertising, with the assumption that social is meant to be organic only, don’t rule it out. Advertising on social platforms can work to boost what’s already performing well organically, and simply expose your brand to a larger, yet targeted, audience.

Myth 4: The amount of content our brand needs to produce is impossible to deliver. 

In order to retain attention among our audience, we need to have a continual flow of fresh, quality content pouring out of our website, social profiles, email lists, and more. But our marketing team simply cannot produce the amount that seems to be required.

Reality: One of the major challenges every marketer faces these days is producing enough content. Twitter streams and Facebook news feeds move so fast that anything your brand publishes goes by so quickly; if your readers blink, they will miss it. However, the emphasis should not necessarily be on quantity, but balancing the right amount of quality content that your audience will share.

Solution: Fewer pieces of content can work if it’s quality and consistent. Remember that content distribution is just as important as production. Are you using existing content in your email newsletter, blog and social media profiles? Have you tried re-purposing existing content, turning it into new mediums and giving it a longer life? Also, make sure you integrate evergreen content into the mix so you can highlight past content that readers might have missed or forgotten.

As with everything, consider your in-house capabilities and whether certain parts of the workload can be outsourced. It might be more efficient to utilize an agency or freelancers to support extra work needed beyond what your in-house staff can deliver.

Check in next week as we discuss the final two myths about marketing budget costs:

  • The need to hire analysts for deep dive analysis of all marketing efforts.

  • The need to pour more and more money into online advertising.