Marketers believe that nearly 30% of their marketing budgets are wasted due to poor strategic planning, incorrect channel focus and fraud. With marketing budgets under more and more pressure in today’s fast-paced and channel rich sector, the need to stamp out wasted marketing efforts has never been greater.
Measure your metrics, measure your success – If you cannot properly measure what your money is doing for you, then you are wasting it. Marketers measure to understand where to prioritise their spending, whether it is investing more or investing less in a certain activity. Everything is measurable to some extent, but metrics become much harder to evaluate when measured in silos. Marketing that is not measured and is not attributed is at high risk of duplication, waste, and general sub-optimal performance. Also, without measurement, detection of fraud becomes significantly harder.
Make your money mobile – Mobile is the hub of digital marketing today. Marketing research suggests that mobile and online advertising is vital to marketing success. Your marketing budget should be moving towards digital and mobile advertising because you get the most specific, targeted and measurable results, and it is where the customers are.
An over-the-top future – Always look ahead when planning your marketing budget. This year streaming videos and voice technology exploded in popularity, resulting in more marketing opportunities. Marketers with the foresight to invest in understanding the consumer experience of these devices now will undoubtedly benefit in the long-run. Marketers that prioritise measurable channels where their customers spend time will succeed. Marketers that can do that, as well as preparing for the content channels of the future will not only succeed but thrive.
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