As a marketer responsible for all or a portion of your company’s marketing budget, you’re probably very concerned with the rising costs related to online marketing. Your Facebook reach is declining without the use of ad spend. Your audience is demanding more video, which hasn’t been a big part of your marketing media mix to date. So now you need to move funds around to accommodate. But if you’ve been keeping up with our previous articles on marketing budget myths, some of these concerns might be alleviated.
Hopefully by now you have a better understanding of ways you should allocate funds in order to achieve the greatest marketing impact. For those just checking in, we’ve written two earlier posts highlighting some common marketing budget myths. Don’t be fooled into thinking you need to spend extravagant amounts and then get disappointed with the return.
In this final article in the series we’ll highlight two remaining myths about marketing budgets and increasing expenditures.
Myth 5: Big data is key and our brand needs to hire expensive analysts to review all our online activities.
If content is king, then data is pulling strings behind the royal curtain. It’s impossible to know what’s working and what’s not without having an expensive analyst on call to crunch numbers.
Reality: Data is very important and without looking at it, all of your marketing efforts are a shot in the dark. While it helps significantly to have knowledgeable people reviewing your reports and sharing their findings, those people don’t have to be expensive, much less full-time, in-house specialists. Not every business can, or should, afford that kind of overhead.
Solution: Just because most small and mid-sized businesses can’t afford a full-time, in-house dedicated analyst or pricey consultant doesn’t mean they should neglect data completely. Businesses need multi-talented people who can analyze data as they go. Focus on the data that is most pressing and relevant to your business.
There are a lot of available tools that make data processing manageable for the layperson. Facebook Insights, for example, has a wealth of data for all of your Facebook activities. But while this data is available to anyone with an admin account, it may not be easily synthesized into meaningful information to impact your day-to-day activities.
Get a feel for the expertise on staff and among your outsourced partners. There might be some help available to you that you aren’t aware of until you ask.
At Spyglass Digital we’ve made data analysis a central part of the services we offer our clients. We’ve seen the results of keeping an eye on our clients’ business trends, as well as industry-wide data.
Myth 6: With organic exposure dropping we need to pour massive amounts into advertising.
Facebook has changed their algorithm yet again to diminish the organic reach of businesses. Fans now need to share content directly from your page in order for you to reach the most people. So that means we need to pour massive amounts of money into advertising, right?
Reality: Organic exposure is becoming increasingly difficult to achieve on social media and search engines. But all is not lost. Your team should take a realistic look at your changes in organic search and the content that is being consumed most, and adjust your tactics accordingly. Some advertising spend is important – we recommend it for our clients both on social media and search engines. But make sure you’re using those funds wisely, and that your original content is working as hard as possible for you before you even put ad spend toward it.
Solution: Check out what’s working and what’s not. What organic content on social media are people most excited about? Utilize some ad spend to boost what’s already working rather than putting money behind everything without really evaluating the results.
Similarly, what original content on your website is getting consumed the most? Turn that content into a white paper with a landing page to capture some crucial information. Then put ad spend toward promoting that white paper.
You can also use tools like Outbrain and Taboola to expose your content to a wider audience.
Whatever you do, keep a close eye on what’s working organically and manage your ad spend budget carefully. It’s easy to keep putting money into advertising and not see the return you’re hoping for. However, it’s also possible to produce content and not get the number of eyes reading it as you were hoping for. Find the partnership between paid and organic that is right for your goals and budget.