Stretching your Marketing budget further by Adelene Tue 03 Dec
Let’s be honest – it’s been a rough five years for companies and small business owners, with many hurdles and challenges to face over the years. And during these times, marketing budgets are one of the first costs to be reviewed for companies.
From 2011 to 2012, marketing costs increased by 8% and competition was at an all time high in some sectors. For decision makers, this meant they needed to ensure they were cutting costs at every level – redundancies, staff hours, cut backs in marketing budgets, you name it - the pressure is on.
So, it is more paramount than ever that the expenditure allocated to marketing needs to be justified and controlled, to ensure every dollar is spent effectively, to give you the biggest return on investment (ROI).
One way we can control our expenditure and highlight our allocation of resources is through Media Planning and Scheduling, which outlines the mediums and resources that are allocated to marketing activities throughout the years. This structural plan is paramount in justifying every dollar spent and highlighting where these funds are being allocated.
The trends that are emerging indicate the drive away from traditional media – such as TV, Magazines/Newspapers and Radio. This trend is largely due to the high cost and change in consumer habits, which is seeing a drive towards a technologically advanced approach to marketing.
Of course this is not surprising and has been happening for some time. This is causing companies to be reluctant to advertise through these mediums, given the amount of money and resources required to be able to utilise them.
Although traditional media still serves a purpose in the advertising world; we have new, more innovative technologies that promote a fresh approach to the way we market our businesses. Spending money to promote a Facebook page to gain more ‘likes’ is paramount in expanding the audience in which we want to communicate with. In fact, we can even choose the demographic and geographic audience to fit the profile of who we best believe our Target Market is.
This approach is a targeted and tactical one, which has been made possible by technology. Ultimately, it allows the company to increase their exposure directly to their current and potential consumers. After all, it is paramount to keep your business top of mind at all times!
Digital marketing allows companies to do this. Therefore, when faced with uncertainty, naturally companies cut costs and look for alternative means to allocate their marketing spend.
In this case, the shift towards digital marketing is inevitable, and the ROI has been evident. Consumers investing in well-built websites, engaging with their consumers via regularly updated social media pages and apps, with the help of online resources such as e-newsletters and e-brochures will see the biggest return to their businesses and will see their dollar stretch much further.
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