Marketing is often seen merely as an expense, and if used ineffectively, it might indeed be just that. However, this is not a desirable situation. To some extent, this perception can be a matter of perspective or goals. If clear objectives are not set for marketing, viewing it as just a cost is easy.
Yet, seeing marketing merely as a cost is not a sensible use of marketing. Indeed, you would want to get a corresponding amount of benefit from the marketing resources.
Set reasonable goals for marketing actions
Like almost everything else in business, marketing should have set goals. These goals don’t have to be overly difficult or measured within a specific timeframe but should be reasonable from a business perspective. Unrealistic or irrelevant goals benefit no one, not even in marketing. Big numbers do not automatically mean a significant impact.
Setting goals is crucial for enhancing marketing efficiency because goals guide actions and set the framework for measures and marketing channels.
Measure and monitor goal achievement
The importance of measuring goals can hardly be overstated. Reaching set goals should be monitored regularly, but the appropriate review interval depends on the case and situation. There are times when pursuing goals needs to be closely monitored, while sometimes less frequent reviews suffice.
Measuring marketing effectiveness is an excellent way to track the budget and other resources.
Avoid wasting resources
It is self-evident that unnecessary or even harmful actions should be avoided. Excessive work is a waste of resources, and it should be eliminated as quickly as possible.
Measuring marketing actions and monitoring goal progress makes it relatively easy to see what works and what doesn’t. However, hasty conclusions should be avoided.
Focus on what works
While unnecessary actions should be eliminated, effective ones should be emphasized. What better way to enhance marketing or really anything, than to replace ineffective things with effective ones?
Of course, this is easier said than done, but the right things start falling into place when reasonably set goals are diligently measured. Based on this information, it should be easy to make consistent, reality-based decisions.
Sometimes you have to save
Despite all the above, there are situations where saving on marketing can be justified. For example, a marketing budget might be restricted from higher up, requiring some actions to be omitted. So, where should you start cutting?
Listed below, in no particular order, are some examples of where it might be justified to save in a tight situation:
- Work resources
- Testing new ad versions
- Poorly performing channels
- Unused paid tools
- Campaign budgets
Cutting or saving on marketing actions is usually not the optimal solution, even though it might seem like the easiest option. It’s not wise to stop all actions completely, but by enhancing and reducing unnecessary work, marketing can be a productive part of the business. However, this might require a change in perspective.
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