Efficiency is an essential part of every aspect of business. In the fast moving world of digital marketing, it’s even more important. Wasting time isn’t just frustrating for you and your marketing team. It can actually cost your business money.
So how can you make your marketing more efficient? Maybe you had a good strategy going but when your business scaled or your audience changed, you found yourself mired with everything you had to do. In today’s blog, we’ll discuss some ways to market more efficiently so you can be on top of your marketing operations again.
Add MER To Your KPIs
Key performance indicators (KPI) are the metrics by which you measure your marketing performance and determine where you’re doing well and where you need to improve. KPI should be determined at the beginning of any marketing strategy. But if you want to focus on marketing more efficiently, you should consider adding marketing efficiency ratio (MER) to your KPI list.
MER divides your sales revenue over the measured period by your marketing expenses. This can give you a quick and clear idea of your marketing efficiency. The higher the revenue portion of that ratio is, the better. Measuring conversion rate can also help to determine how efficient your marketing is.
Monitor Your PPC Ad Performance
Pay-per-click ads charge you per click based on the keyword that the user searched in order to find your ad. Some keywords are drastically more expensive than others. For instance, you can have keywords that cost as little as one cent and keywords that cost as much as $20. The more valuable the keyword, the more it will cost. However, those costly keywords can quickly run up your budget if you aren’t careful.
If you find that your PPC ad is costing your budget without getting much in return, you may want to change the keywords that you target. Remember that the cheapest keywords may be less likely to lead to actual engagement. However, you may be able to find a middle ground that brings good results without costing $20 per click.
Play With Different Forms of Content Marketing
Content marketing remains one of the most effective ways to get the attention of your audience. The question is what kind of content marketing works best for you? It may be efficient to play with different content marketing mediums and channels in order to get the best results. A long, informative blog can be helpful in some cases. In others, a short and humorous video might do the trick. Data-backed infographics make an impression, as do interactive social media posts such as polls or memes.
Experiment a bit. Determine what works best for your audience at what time, and let that lead your content marketing.
Work With Micro Influencers
Macro influencers can give your brand a massive boost when you need it — but they don’t come cheap. Sponsorships and collaborations with an influencer with millions of followers on Instagram or subscribers on YouTube can cost as much as $40,000 per post. And while much of their audience may make the switch over to your brand, it’s hard to guarantee you’ll make $40,000 from that one post. It can also be more difficult to get the attention of a macro influencer or celebrity.
On the other hand, micro influencers have smaller but dedicated and often niche audiences. They may have less competition from brands they work with, and they will often have lower rates. If you find a micro influencer who is popular with your target audience, you can spend significantly less and still get a sizable return on your investment. Plus if that micro influencer becomes a bigger name, your brand might rise with them.
Thoroughly Research Your Target Audience
Don’t waste time trying to get the attention of audiences who won’t want much to do with your brand. Instead, hone in on your target audience. Identify the most likely demographics to engage with your brand, and then thoroughly research them. Keep track of the changing trends and patterns throughout that target audience by using data analysis. It may help to create target audience profiles to help you personify your target audience.
The more you research them, the more you can hone in on them when you conduct your marketing strategies. This will allow you to do less with your marketing strategy but get more results from the right audiences. Rather than casting a wide net and wasting time and money, focus on the strategies that will prove the most effective.
