Marketing Tactics to Optimize Greater ROI
Car companies are working to obtain better fuel economy from vehicles every day. Marketers are often tasked with a similar initiative – how to get more from a marketing budget. Well-designed marketing plans should include budgets that support its initiatives. However, according to a recent Manufacturing Association of Plastic Processors (MAPP) “2018 Marketing for Manufacturers Report,” 54% of companies reported they do not have a designated marketing budget. For them, there is an especially high expectation that every marketing dollar is being optimized.
Where to Get More for Your Marketing Spend
Whether you have an allocated marketing budget or operate on an as needed basis, below are six areas of opportunity to explore for a stronger return on your marketing investment. There is a saying, “You must spend money to make money.” But, nothing in that statement says how much. Shift perspective from cost and get analytical, be creative and take a closer look at current investments to ensure they are being maximized for greater return on investment (ROI).
Every company is unique. What works for Company A may not be a good fit for Company B, but the opportunities outlined here are scalable to fit your marketing objectives.
- Website: The free tool, Google Analytics, is powerful and a good starting point to help get your website to work for you – not against you. Content is king. Explore updates to content and posting blogs, case studies and whitepapers.
- Video: With 75% of all mobile traffic being video by 2020 (Cisco), look into cost-effective video that complements the sales and customer life cycles.
- Social Media: According to MAPP’s “2018 Marketing for Manufacturers Report,” 64% of companies do not have a social media content calendar or plan. Investing time and attention on social media will not strain the marketing budget.
- Email: Invest time and in return increase brand engagement, trigger action and support the sales cycle.
- Trade Shows: Investing in trade shows is more than just showing up for the event. Maximizing trade show spending starts months before the trade show and extends for months after the event.
- Public Relations: With a long-term press release strategy, your company can gain editorial’s attention and ultimately valuable earned media.
Vive led a session at the Plastics News 2018 Marketing Summit on “How to Stretch a Shoestring Marketing Budget.” Download the presentation for more information on maximizing your marketing budget.