As the new financial year commences, it is a fresh start for all business departments, including marketing. Whether you operate on a calendar or financial year, the April return to day 1 inspires many companies to explore their current strategy.
Marketing is an ever-changing playing field that requires lots of reactivity, making it hard to assign clear budgets. Marketing is also often the department that loses investment when times get tough, and with many businesses trying to recover their pandemic losses, budgets are likely to be smaller in 2022. The CMO report that many expect a decrease of at least 3.99%¹.
So how can you use your marketing budget to get the best return on investment in 2022? We have pulled out our top five must-haves that you should consider when planning your route to eCommerce success!
Spend money on retargeting or marketing to existing customers
Improving sales does not have to mean bringing in new customers. Developing relationships with your existing client base will anchor them as being brand loyal to you and provide you with some vital ‘word of mouth’ connections that you would have otherwise missed out. Retargeting customers you have already marketed can give as much as a 100x increase in sales and revenue²!
Use your budget wisely to extend your marketing team
Upskilling is something that many different businesses are looking at. It is a brilliant way to be more competitive whilst retaining a dedicated workforce. Using your budget to either invest in training or bring in third-party support for the aspects that you do not have covered means you can cover as many bases as possible, no matter the amount of budget you have to work with.
Social media is always going to improve your outreach efforts
The importance of social media is not likely to diminish anytime soon, with 2.8 billion³ people alone using Facebook daily. Whether you choose to spend your money on paid ads, optimising your profiles, or even organic social media support, all will ensure a strong brand presence. When making buying decisions, customers also look to social accounts for information about a brand's legitimacy and ethics, so your budget must cover this.
SEO is that marketing component that you cannot afford to miss out
Being competitive within saturated markets requires some form of SEO support. Without it, your website will not be able to compete as so many companies are already looking at this as an important factor.
Video content to enhance your socials and website presence
Finally, video content is the way forward for not just creating assets that your customers will be best persuaded by but for getting a big return on your investment. By creating videos, you can make gifs, short videos, soundbites, and still images, all by paying for just one piece of work.
At Kopa Marketing, we pride ourselves on being able to work with whatever budget you have. If you want to find out more, contact us today.