Marketing hasn’t always had the influence over commerce that it does today. Once upon a time spending your budget on marketing activity was perceived as not being worth it.
Developments in technology and advances in marketing approach mean that a marketing budget is no longer seen as a luxury business expense but as a necessity. After all, if you don’t have and use a marketing budget you can be sure your competitors will.
So, just what has changed?
• Technology. In the last 10 years, the type of technology used in business has come on leaps and bounds, think Facebook, Twitter, Instagram – providing marketers with a chance to reach and connect with prospects in a number of ways. In addition, most businesses have now invested in some form of CRM, making it easier to keep track of prospects and existing clients.
• Approach. Traditionally marketing budgets were seen as a luxury expense, rather like the advertising budgets of the 1950s to 1970s (we’re thinking Mad Men, the American TV series), when huge budgets were spent on outbound campaigns. The increasing use and effectiveness of inbound marketing has fuelled the growth and significance of a business’s marketing strategy.
• Inbound Marketing. Inbound marketing happens when a prospect or potential customer is prompted to approach a supplier business following a prompt or call to action of some kind. Previously the primary technique was outbound, campaigns such as billboards, TV advertisements and radio broadcasts, all costly methods of marketing. 3.2bn users now have internet access, that’s a huge number of people who can potentially see your content – many, many times more than the reach you can expect to achieve with outbound marketing.
• Attitudes. Between 80% and 90% of potential customers now check online reviews prior to making a purchase, a number set to increase year on year. We live in a consumer lead world where positive reviews and case studies posted on social media become a part of the sales conversion process. If you choose not to use this form of self-promotion you will already be behind your competitors.
• Analytics. Digital marketing provides a valuable insight into the way in your customers react to your marketing touches. This information is crucial in understanding the content your audience is interested in, and engaging with so that you can efficiently and effectively focus your efforts.
What does it all mean?
In summary, return on investment makes marketing budgets affordable, and no longer reserved for the largest and perhaps best-known organisations. Put simply calculate your marketing budget with relevance to our return on investment or get left behind.
To find out how to make the most of your marketing budget call 0ur friendly team on 0330 041 4550, we’re always happy to help. We also have live chat too!
Ping Marketing. Thinking Marketing. Getting Marketing Done.