Your corporate marketing budget may be top of mind as we move into the second half of Q1, towards Q2. And, while it may seem counterintuitive, many corporate budgets work in such a way that, if you don’t spend it all, you won’t get as much second time around. If you’re looking at your team’s goals for the next 6 months and have some big projects in the pipe for Q2, it may make sense to invest all you have left in Q1s budget sooner rather than later.
Now that the holidays have come and gone and everyone is back into the swing of work, it’s time to start tracking your metrics to a T. Doing this, if you aren’t already, will ensure you’re getting the most bang for your buck with any expenditures. In this post, I’ll dive into some options for where to invest your marketing budget. Then, I'll share how you might track these investments using key metrics to determine your ROI.
Where to Invest Your Marketing Budget:
New Hires: If you find your team working in overdrive, more boots on the ground may be just what you need! Check out this post for careers in marketing to see if there’s a seat you need filling on your team! Investing in a new hire today could mean fantastic growth for your business in the long run.
Paid Advertising Campaigns: If you’re looking to reach a new audience, or have a product launch that could use an extra boost, consider a paid advertising campaign. These are often very easy to set up on various social media platforms. Or, you could even run some ads on google if you’ve got strong keywords in mind.
Video Production: It’s no secret that video converts at a much higher rate than any other kind of content. But businesses don’t often realize the time and money that go into video production. A simple one-minute video can take days of filming and editing, but the payoff can be well worth it and your content can be recycled for long term gain.
Tools for Your Team: Whether a project management software, or social media scheduling tool sounds like what your team needs, there is likely an app for anything these days! Many tools offer free trials, so take some time out to do your research now. Today's research might just ramp up your team’s efficiency in the future!
Influencer Marketing: A strategy you may not have tried just yet is influencer marketing. This has taken the world by storm in recent months. Influencer marketing can be particularly useful for a new product launch or for reaching audiences that may not be familiar with your brand. Influencers may offer post-for-product deals if they have smaller followings, but the biggest influencers out there may charge thousands for a single post! BE sure to do your research, and don’t be fooled by someone who has a lot of followers but poor engagement. If you’re worried, there are plenty of influencer agencies out there who can help eliminate your risk.
Making Sure Your Investment Pays Off:
Finally, make sure you're tracking some key marketing metrics. This can ensure that every dollar spent from your marketing budget is having a positive impact on your bottom line. Consider the goals that you have for your investment. And don’t worry if you don’t see improvement in each of these categories. That said, if you run a paid campaign targeted at building brand awareness, you’ll likely want to see your traffic and engagement increase!
Traffic
Engagement
Conversion Rate
Customer Acquisition Cost
Lifetime Customer Value
There are plenty of tools that can help you track these, including our very own Cloud Campaign reporting. And heck, if you’re just starting out even and excel document will do! Sure, spending the budget is fun, but the real key is to make sure that your investment pays off.
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