How Much Should You Spend on Marketing? 4 Ways to Trim Your Budget

Many businesses are investing too much of their annual budget in marketing. It's recommended to keep marketing budgets at around 10 percent of your gross annual earnings, and yet many companies are spending up to 15 to 20 percent of their yearly budgets. Countless factors influence a marketing budget including the size, industry, and growth rate of your business. Perhaps the greatest influence, however, is the ROI of your marketing campaign. By improving your marketing ROI, you can spend less on your marketing budget, while gaining more leads. Here are some tips to help you slash spending and squeeze more leads from your marketing campaign.

Keep Track of Content

Content marketing is one of the most powerful digital marketing tools you have at your disposal. According to the Content Marketing Institute, businesses that are carefully tracking the success of their content strategy will experience greater returns in the process. Through meticulous documentation, you can rapidly identify aspects of your content strategy that are failing to produce leads, while noting the content pieces that are most popular among your readers. In turn, this allows you to quickly respond to customer trends and update your strategy as needed. With marketing automation, your content statistics will be tracked automatically, so staying on top of your content strategy will be easy.

Reduce the Cost of Data Management

In addition to improving ROI, reducing overheads can also lower your marketing budget. Big data is costly to manage, requiring expensive equipment to store it onsite. By managing your data in the cloud, you can reduce the cost of ownership and eliminate software installation and maintenance expenses, allowing you to slash overhead spending.

Automate Tasks

With marketing automation software, many of the mundane daily marketing tasks will be automated. This allows you to scale back on labor, while still conquering the same amount of work, thereby saving money in the process. Task automation will also reduce the potential for human error in your marketing campaign. A single typo or data analysis error can drastically reduce your ROI, resulting in more money spent on fewer leads. By reducing errors, you can improve ROI and lower your overall spending.

Segment Your Customer Base

With poorly targeted ads, you'll quickly exhaust your marketing budget. If your advertisements aren't reaching the right demographics of shoppers, you'll be spending a lot of money on ad space and generating little in returns. By analyzing your big data, you can segment your customers based on their interests and demographics, so each advertisement can be targeted to the audience that will be most likely to take action. Marketing automation software makes customer segmenting easy. By providing you with the tools to manage and analyze your big data, you can group your customer data based on their shopping habits, and automatically target ads to customers based on their personal interests.

Marketing budget Improved data analysis will create more leads and conversions.

A large portion of companies are spending too much money on their marketing campaigns. Yet, in order to receive the leads and conversions they need to fuel sales, they have little choice but to continue spending money. With marketing automation, you can reduce overhead costs, increase leads and conversions, save money on labor, and improve your content strategy. In turn, this enables you to spend less money on marketing, while earning more money in exchange.

ReachForce SmartForms helps marketers increase revenue contribution by solving some of their toughest data collection and management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like landing pages better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce SmartForms can help you improve your lead generation efforts at your own pace.

To learn more about how ReachForce SmartForms can help you optimize lead generation and improve your impact on revenue, sign up for a free trial and get a demo today.

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