The COVID-19 haze is dissipating. The pandemic had a significant impact on marketing spending in all industries. Marketers are finding it tough to plan and prepare appropriately in light of the recent uncertainties.
As seen by recent report statistics since the early months of the global health crisis, digital advertising spending confidence has climbed dramatically. According to the CMO Survey, marketing expenditure in 2021 climbed by 5.2% over the previous year and is predicted to increase by 13.4% in the following year. Furthermore, digital marketing efforts now account for 58% of marketing spending.
Here are three key ways marketers can make the most of their marketing budget in the post-pandemic world.
Make judgments based on data
The entire budget allocation decision-making process should be based on data. Marketers can use this data to focus on what works and eliminate what doesn’t. With fewer resources available, it’s crucial to eradicate deadweight marketing channels based on statistics rather than instincts.
Also Read: Three Marketing Budget Allocation Strategies for 2022
Marketers can begin by collecting and evaluating data from their Key Performance Indicators (KPIs), such as Cost Per Acquisition (CPA), conversion rates, and Return On Investment (ROI). Marketers should set their goals based on areas that achieve or exceed objectives rather than those that exhaust resources with little to no return.
Based on their sales cycle, marketers should review these figures on a monthly to quarterly basis so they can rapidly course-correct when specific routes are not yielding results.
Marketers should use the data they gather from online sources to help them improve their content, tweak their customer journey and funnel stages. In addition, establish retargeting campaigns for those who have dropped out of the funnel, and determine which marketing strategies are most effective in terms of conversions. Marketers will then know where to lower costs and where to allocate their digital marketing spend.
Automate marketing processes
The key to efficiency and optimizing ROI is operations. The stronger the team’s ability to collaborate and execute campaigns, the better. So it’s no wonder that operations receive 11.9% of marketing budgets, second only to digital commerce, according to Gartner.
Marketers that want to capitalize fully on their marketing spend should examine their marketing processes. Automating processes and data analysis can save the team countless hours of time-consuming administrative labor.
Also Read: Four Ways to Maximize the B2B Marketing Budget
Concentrate marketing efforts on the demands of customers
It’s easy to panic and focus inside for survival when a crisis strikes, but now is the time to be clever and focus outward on the client base.
Even newbies understand that retaining consumers is less expensive than gaining or losing them, so now is the time to focus on customer satisfaction and upselling while keeping in mind where marketers can best help their clients. Instead of focusing on the good old Pre-Pandemic Days (PPD), marketers should focus on consumer demands and base their marketing approach on where their target market is now.
Marketers should abandon the current quo and embrace new thinking and innovation. Marketers may need to alter or add services and goods, or they may need to identify a whole new market niche to whom they can now sell products and services.
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