When Is The Right Time To Invest More In Marketing?Nick Throlson
Are you relatively new to business? Have you got a client base, which could be bigger? Are you eager to sell more or generate greater profits? If so, you may be thinking about ramping up your marketing campaign. But when is the right time to do it, and which methods are best?
Choosing the right time to invest more in marketing
All businesses rely on marketing to some extent. Some will spend very little on campaigns. Others will plow millions of dollars into advertising. There’s often a fine line between spending too much, and missing out on the chance to get your business out there. You don’t want to bankrupt yourself paying for Tv adverts or a print campaign. But equally, you don’t want to have an amazing product that nobody is aware of. Keep a close eye on the figures. How much are you spending? How much are you turning over? What is your budget for marketing and how many leads are resulting in sales? If things are looking good, you can increase your budget. If things are slow, it may be worth changing tact, rather than increasing spending.
Which methods should I be using?
If you have a new business, it may be best to narrow down your options when it comes to marketing methods, and start with a modest budget. If you already have a client base, and you’ve identified that some strategies are proving effective, invest more in these areas. Have you attracted a lot of sales from an advert in the paper, or are hundreds of people liking your Facebook posts every day? If print has been an effective tool for you, you can maximize sales by investing in press release distribution. You can also expand the number of publications in which you advertise. If social media has worked, you may wish to pay for a more comprehensive advertising package. The higher the fee you pay, the more people you can reach.
Data analysis is a really useful tool, which will help you to identify successful platforms. If you’ve been using a number of sites, you may have mixed results. If you’re targeting clients between the ages of 25 and 50, for example, you may find that Snapchat and Periscope have had limited success. On the other hand, your campaigns on Facebook and YouTube may have generated impressive sales figures. If your research confirms a split, there’s no point in continuing to invest in channels that don’t work. Instead, you can spend more on those that do.
In business, you have to make tough calls on an ongoing basis. Sometimes, you may want to take risks and increase spending. In other cases, you may need to rethink your plans. Do some market research, and pay attention to what’s going on around you. Keep an eye on competitors, and use the findings of data analytics. Invest in areas that are working for you, and don’t be afraid to shut down roads that appear to be a dead end.