Marketers across South Africa are all asking how junk status will affect your marketing expenses. Veronica Wainstein and Mandy Davis of Penquin (www.penquin.co.za), service provider members of FASA share some tips to help you stretch your budget for maximum ROI.
Whenever the economy takes a turn for the worse, one of the first places businesses tend to tighten up on spending is in their marketing expenses. Marketers are often faced with the challenge of trying to get “more bang for their buck” – while still delivering maximum results.
The key to surviving (and even prospering) through trying times, is to stay on top of your marketing budget allocation, and know where to tweak your strategy accordingly. This means taking a deep dive into your data and analysing which areas of your marketing strategy currently produce the highest ROI, and playing to your strengths, rather than wasting too much effort reinventing the wheel.
Here’s three simple ways you can help your marketing budget to stretch everywhere you need it to go…
Don’t fix what isn’t broken
You don’t need a brand-new concept every time. Trying to push creativity and change for the sake of change is costly, and completely unnecessary. There are many ways to keep your marketing fresh and trendy without having to do a complete corporate identity overhaul with every campaign.
Making small, incremental (and measurable) changes that realign and redirect your campaign toward your business goals is the best way to identify exactly what works and what doesn’t. Don’t give up on an entire campaign without first testing every possible variable – sometimes a tiny, inexpensive tweak can take an average campaign to new heights.
Integrate your marketing communications
An integrated approach to marketing will extend your reach and amplify your brand’s message. Combining your traditional marketing with a powerful digital strategy, and using things like hashtags to tie everything together, will help to make your offline marketing efforts more easily measurable.
By building your marketing campaign around a clear, central set of goals and objectives, and keeping your message consistent across platforms, you’ll also be able to create content that is evergreen.
Make sure you measure what matters
Marketers often struggle to prove the true ROI of their campaigns, as so many variables need to be taken into account. Knowing your actual ROI, in a time when the South African economy is under strain, is imperative. This will allow you to allocate your marketing budget in the most effective way possible. It will also help you justify your expenditure. Being able to prove the value of your marketing efforts will help you to overcome objections to your strategy.
Special offer to FASA accredited members and their franchisees
We will offer a free digital audit to any franchisee members as an added value service in conjunction with FASA.
The audit will include the following:
- Website Grading
- Search analysis
- Social media analysis
- One competitor benchmark
- Recommendations for improvement
Should any members wish to have Penquin assist them on their marketing activities, we would offer a 10% discount on a spend of R25 000 and a 15% discount on any spend above R25 000.
If you need some help assessing where your marketing budget will be put to best use, contact us. Our team of experts would love to help you with your winning integrated marketing solution – visit www.penquin.co.za