How to Stretch Your Marketing Budget in 2020
The easiest way to stretch your marketing budget in 2020 is to connect with Ad Vice Marketing at 779-774-4229 or email us at email@example.com. We’ll conduct a complimentary marketing analysis and advise you on the best way to maximize your budget.
However, if you’re a Do-It-Yourselfer who has time to learn the strengths and weaknesses of each marketing strategy, following these steps will help you determine the most cost-effective ways to market your business.
Determine Which Product or Service to Begin Marketing
It may be a new line you are launching, or it could be a long-standing service you provide to the community. It could also be the product or service that you most want to be known for. Perhaps a product that accounts for your most significant revenue stream would be most fruitful. You may have to do a little internal research to determine where to start, but it will be well worth your time to identify a single focus. Once you determine which product or service to begin with, you can define your target audience.
Define Your Target Audience
These are the people that are most likely to purchase the product or service- Your ideal customers. Who are they? What is their gender, age, location, interests, job titles, income level, lifestyle, etc.? It’s crucial that you narrow this target as much as possible. For example, you want to settle on the average age of your ideal customer. Instead of going for broad demographics like women 25-54, hone in on the average person that buys or will buy your product. If the sweet spot is women 35-40, then settle on a 37-year-old woman. Once you have your product/service and your audience defined, you can begin to explore where to reach your target customer most efficiently.
Determine Which Medium Would Reach Your Target Most Efficiently
Once you have your product/service and your audience defined, you can begin to explore where to reach your target customer most efficiently. Compare the CPM (Cost Per Thousand) of the highest performing advertising platforms among your target demo- Social Media, Keyword Search, TV, Radio, Magazines, Digital Display, etc. Then, simply select the platforms that will accomplish the lowest CPM while fitting into your budget.Once you have selected the top-performing platforms based on the CPM of your target, you can begin the creative process for your marketing campaign.
Your message must speak to your target audience in a way that is appealing and relevant to connect them with your product or service. It is at this point that a brainstorming session can serve as a powerful tool in creating custom ideas to accomplish your marketing objective.
By hyper-targeting your ideal customers and researching the real cost or the CPM of each platform, you can select only the highest performing platforms and incorporate the strategies to in effect Stretch your marketing budget! Call it cherry-picking or call it smart marketing. It’s about making the most of your ad budget and getting the greatest return on your investment!
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Curious about how Ad Vice Marketing can help you stretch your 2020 marketing budget? Hit the call button below or send us an email to connect with us.