How to Make the Most of Your Marketing Budget?
When you start a business is hard to take care of everything, learn about all the details that envolves running a business, however is very important that you learn a little bit of every single detail. It's crucial to learn how to not spend too much money acquiring new customers, you need to control your marketing budget, otherwise you'll burn out cash quickly and you're going to fail.
If you invest in something and it doesn’t work, you should not keep drawing money down the toilet. You should analyze and think what is working and what is not, so that way, you can improve your investments and generate more revenue, starting a cycle.
Digital marketing help you to measure where you’re investing your money. It let you know exactly how much you’re spending, how much you’re getting in return and where you’re getting the best results, so you can increase your investment in direction of that specific target.
1. Targeting
One of the biggest mistakes you can make when marketing is going against the flow. You need to know for real who is your target, and it’s not the person who you think it’s because you believe in A or B.
Make tests and analyze who are looking for your product. What they have in common? What they like?
2. Personas
Personas are also called “customers avatars“. They’re a representation of an actual customer. Most business will have 5 to 10 distinct buyer personas, so thay way, the business owners can study and learn what work and what doesn’t to reach their customers.
3. Budgeting
It’s hard for a business owner decides how much he can spend in marketing, but it’s crucial to define a maximum amount, that way, you’ll not damage other areas of your business if your decision takes longer than expected.
In the other hand, it’s important to reinvest more if your marketing strategy is helping you grow, creating a boost for your business revenue.
