2021 is — finally — around the corner, and if there’s anything we’ve learned in 2020, it’s that consumer behavior is as inconsistent as ever. The strategies you’ve been using to grow your business (read: increase your profit) may no longer be effective.
Have you taken the time to step out of the tactical level to audit where you’re allocating your marketing budget relative to where your optimal consumer exists?
Know that your marketing strategy shouldn’t exist in single channel silos. The key to an efficient spend: an integrated marketing mix with strategic budget allocation across all profitable channels.
No matter what your product or service is, if you’re selling something on the internet you need to have a 360 approach to how you’re marketing what you’re selling. Leave no avenue untouched, as your customers may:
1) exist across multiple channels, and
2) need to experience your brand and be reminded of your products at multiple touchpoints before actually considering a purchase.
Here’s your pot of gold: make a copy of this downloadable Marketing Mix Budget Template. Plug in the numbers according to your business and budget.
Once you’ve planned spend, dive in and test each channel. Closely monitoring each channel’s profit and performance for about a month.
The findings from this test will guide how to allocate your marketing dollars and creative energy in the quarter to come. BUT: avoid completely pulling spend from any particular channel.
By monitoring where the most and the highest valued purchases are coming from, as well as the cost it takes to get those purchases, you can continue to allocate budget dollars to the most efficient channels and best leverage your marketing budget. Go to where the ROAS leads you.
There’s a good chance that by the time a customer actually makes a purchase from you they’ve already been thinking about it for a period of time. We’ve all heard of the marketing “Rule of 7.” Develop a strong marketing mix and drive purchase intent to conversion even faster.
Remember, strategies don’t stop at the first acquisition. As you walk your users down the conversion path, collect as much first party data as you can. Then, leverage this information to build a relationship with your new customer that will last… a lifetime! Repeat customers are always a less expensive cost per acquisition than new customers.
Can you confidently say that you have a comprehensive marketing strategy that is driving sales and growing your profit? If yes, tell us what’s working for you! If no, we’re here to help.
Complimentary integrated marketing audits are our jam! Send me an email, I’d love to hear from you!