In Charge of a Marketing Budget? Our Top 4 Hacks to Manage Your Marketing Spend
You want to make sure you’re stretching your marketing dollars as far as they can go to drive results, but you’re not exactly sure what to spend your budget on. Most companies spend more than 50% of their marketing budgets on digital advertising, but even if you follow that trend, that leaves about half of your budget open for other avenues like direct mail marketing, promotional materials, and multi-channel campaigns. Here are some tips on how to use your funds to get the biggest bang for your buck:
1. Consolidate your marketing vendors.
The number of marketing tools and software available to track campaigns, manage SEO and social media, and automate processes is growing every day. You may have picked up several of these tools over the years, and all of these different monthly subscription costs could be a drain on your budget. Are you managing a different software vendor for each marketing process? You can save a lot of money (and time!) by identifying a vendor who can handle more than one of your needs. For example, Xpressdocs’ platform provides brand management, direct mail and automated direct mail services, promotional materials, and print solutions for your marketing collateral all in one place.
2. Strategize to get the best direct mail ROI.
Investing some of your marketing budget in direct mail is a no brainer since it has such an outstanding ROI. So how do you do it right? Direct mail’s upfront costs are more expensive than say, email marketing, but by implementing a few simple strategies, you can get truly impressive results from your direct mail spend. First, use a trusted source for mailing list services so you can target your ideal market accurately and conveniently without wasting money on undelivered postcards. Consider using programs like EDDM® to save 6 cents per piece over standard mail. Also, commit to multiple sends when planning your direct mail campaign. Repetition is what gets you the return that will offset your initial investment.
3. Adapt your campaigns for multiple formats.
Are you planning to run a direct mail campaign and a digital campaign at the same time? You don’t have to double up on the work. Save time and money by looking at opportunities to use your copy and artwork in multiple channels. For example, Xpressdocs provides a free social media template of every postcard design ordered through our system for quick and easy sharing on your digital platforms. Also, there are several ways to incorporate tech into your direct mail strategy, like through the use of QR Codes, that can pair nicely with your digital efforts.
4. Use your company’s brand management storefront.
Does your company provide a storefront for purchasing branded marketing and promotional materials? Make sure you take advantage of the resources they’ve supplied. All of the branded items loaded to the storefront are vetted and approved by your company, so you can avoid costly postcard reprints or off-brand mistakes by making sure you purchase through this system. Oftentimes purchasing through an approved storefront can save you money over going to a smaller, local printshop.
With a little planning, you can take your marketing budget and its associated ROI farther than it has ever gone before.
Looking for more tips for your strategy? We have you covered – check out these 7 Fundamentals of Effective Marketing Campaigns.