There are too many factors about your marketing campaign that no one can control. Among them, there is the behavior of the overall market, competitive pricing, demand for offers like yours, current events, and others.
It would be anti-ethical for any marketing agency or freelancer to guarantee ABC results if you invest XYZ amount of money. But it does not mean that there are not ways to get the most out of your marketing budget (according to the circumstances).
Here are seven ways you can maximize your marketing efforts – whether we are in a recession or a booming period.
Do Not Confuse Marketing with Networking
If you are marketing your business, you need to understand the difference between connecting and communicating with your community and sharing / promoting your business.
Do not take to social media or networking events to present your sales pitch right away. People do not like it when you sell stuff to them. Instead, connect first by hearing about their problems, and communicate with them in ways they can solve those problems.
There will be time for you to promote and share on social media and at networking events. But you need to build a relationship first. That way, your audience would not feel like you are selling to them, but that they are taking advice. Because they trust you.
I am a firm believer in A/B testing. It is the best way to keep your marketing campaigns rolling and not waste your budget.
You do not want to throw money away with marketing that is not appealing to your market. That is why it is imperative that you constantly test your letters, ads, and emails to see what is getting the attention of the market, and what is persuading them into buying.
Cut What Does Not Work
Once you start testing your marketing efforts, you will know what to keep and what to drop.
You do not need to be everywhere at once. You need to be where your market wants you to be.
Do not waste your time on Facebook if the people are not responding. Stop sending letters if there are no sales coming from them. And please, do not waste two million dollars on a TV spot that won’t produce any ROI.
Inbound Marketing vs Outbound Marketing
I believe both inbound and outbound marketing have a place and are beneficial to every business. But they have their place in the marketing process.
Outbound marketing should be the focus when you are starting out. You need to let people know that you are there to help them. Thus, you should be sending emails, making phone calls, and making the first step to connect with the market.
Once you have set up a reputation for your business, then inbound marketing takes over. Because people will be looking for you. They will look at your website, your blog, and your social media channels.
So, do not disregard either marketing strategy. Just place them correctly according to the level of growth of your business. Outbound marketing when you are looking to prove yourself, and inbound marketing when you have an established name in the market.
Cold Calling as a Marketing Tactic
Most people are afraid of cold calling. Honestly, I believe “terrified” is a more proper term.
That is the reason many dismiss this tactic from their marketing strategy. But I think cold calling is as practical a marketing tactic as any of the others.
You need to make that first connection. And if the market is not coming to you, you might as well go to them.