Steps To Efficiently Utilise Your Ecommerce Marketing Budget

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Planning your advertising and marketing spend is a crucial process of the branding process. The decisions you make here can mean life and death in the business world. You need to know which avenues will pay off, and which ones will prove to be a blackhole for your funds. Wondering where to start? Here are 5 steps to get you started on efficiently planning your marketing budget.

Strategise

The first step is to understand what kind of product you want to market, what is your target audience, and which are the most efficient ways of reaching them. Different types of industries and products excel with differently oriented marketing strategies, and you need to do your homework on which strategies will pay off the most for you and your brand. Distribute your budget amongst digital marketing, resource management, and offline marketing depending on what is the need of the hour. As digital marketing has become extremely effective in today’s day, it would be advisable to spend a certain amount on building your brand online.

Evaluate Your Resources

A very important part of correctly utilising your marketing budget is evaluating your current resources, how many more you need, and what would be the most cost- effective ways of procuring them. When it comes to staff and building a team, you need to be extremely clever and effectively optimise all costs. Compare the costs of having a comprehensive in-house marketing team which takes care of end-to-end solutions, and hiring freelancers on project basis. One of the most popular methods is mixing the two, and having project leaders who make plans and then hire services to actualise them.

Create Quality Content

Content marketing will always pay off much more than paid advertising or PPC marketing. Quality content will always attract genuine audiences, and increase traffic organically. Aim to invest your budget in things like blogs, videos and info-graphs which you can spread all over the internet and get your brand name out. Content which is informative and actually useful will give higher returns on your investment, even if the cost of creating it is relatively higher. As studies show, content marketing gives returns 6 times higher than other types of marketing.

Offline Marketing

Even though you are running an ecommerce business, you still need to invest some of your budget in offline marketing tactics to get word of mouth out about your brand. Other than essentials like business cards, some of your marketing spend also needs to go towards promotional objects which you can use at events, client meetings or even freebies which you can distribute to spread the word about your company. Offline marketing is an essential part of branding your company and finalising what its image is going to be in the real world.

Loyalty Programs

Ideally, you should keep a section of your budget away to reward your customers and retain them with loyalty programs. It is much more of a hassle and expensive to find a new customer than it is to retain an already existing one. This is why you need to invest in retaining customers and incentivising them to re-purchase from your brand. A highly effective way of doing this is through a loyalty program, in which you give back to your customers as a way of showing that you appreciate their engagement with your company.

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