The Best Way To Manage Your Marketing Budget?

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The Best Way To Manage Your Marketing Budget?
The Best Way To Manage Your Marketing Budget?

To introduce a product into a new market, there is a mountain of work that must be completed, which necessitates a larger budget. Here’s a rundown of the most common no-nos and how to avoid them so that budgets can be used effectively from the start.

 

  1. Delaying the involvement of a growth marketing agency.

Most businesses will not engage with a growth marketing partner until all marketing setup is complete, such as branding and website. This results in a disjointed relationship because the marketing agency will need to adjust quickly to what has already been completed, potentially slowing down the process.

By bringing them in earlier – perhaps a few months after the process begins – they can be involved in the process to help make things run more smoothly – for example, they can help support the website set-up with their knowledge of SEO and proper business site architecture.

A growth marketing agency can assist in determining which channels must be covered for branding. While you may believe you have covered all of the bases, we guarantee there is something you haven’t considered. Instead of redesigning assets once they are on board, a growth marketing agency can help refine the exact brief to ensure the creative can easily be deployed across channels.

This will waste not only money but also valuable time.

 2: Assuming that a beautiful website will translate into sales.

Another common marketing myth is that designing and building a beautiful website will automatically attract the right customers to your company. While we would like to say that is correct, it is far from it.

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In fact, the website is only the starting point, facilitating and creating a landing page for your customers to visit once they’ve discovered your brand. It is much more complicated than that. It’s important to understand the ecosystem that makes up growth marketing and how different channels are implemented; what their place and purpose are within that overall journey?

According to hundreds of startups, the misconception is that investing in a website will generate growth on its own, whereas it is a foundation for initiating and kicking starting that growth. This is a setup piece, and the emphasis needs to be amplified later on – the spend is typically placed within the setup stage, and clients have limited options for further development.

Begin with a simple website to create your designated landing page, and then progress to a more expensive one later on.

 3: Believing that everything must be perfect.

Here’s a little known fact: perfectionism is overrated.

Nothing in business is ever perfect, especially in the early stages. Stop attempting to achieve it.

Consider creating an MVP that can be used to gather feedback from a large number of early adopters to aid in the scaling-up process. This will give you valuable insight into your products or services, which will aid in future product development.

This will save you valuable time and money because you can scale from this MVP rather than having everything done and perfect before the launch. Not only that, but it will relieve a lot of stress during these early stages.