As per Gartner research,
companies globally kept aside 12% of their total revenue on their marketing budgets in 2016. If you consider the trend, the numbers are all set to increase incrementally in the coming years.
If you don’t have the biggest marketing budget, you are sure to struggle against the big fishes in your industry. Yes, I’m talking about global conglomerates like Google, Amazon, Expedia, E bay etc.
In this place, you should have a solid strategy to reach out and engage with your core audience. Otherwise, you will simply end up being overwhelmed by your market circumstances.
The marketing automation system benefits you by gaining the best market visibility by combining the right marketing processes. You can also easily track and modify your individual marketing campaigns.
The marketing automation system will help you achieve the required marketing leverage within the present constraints. It helps you build the right strategy to solidify your market position.
In this blog, we will discuss ways that your teeny marketing budget may have a deciding impact on your marketing space. We will also discuss ways to cut through the market overgrowth and reach your target audience.
Focus your Targeting through Customer Understanding
The 21st-century marketing is built on understanding and connecting with your target audience. This requires the marketer to understand and connect with the audience requirement.
This requires you to ask ”How can I define my customer?”
This enables you to reach a better customer understanding and audience targeting.
You can define your customer by defining the right customer parameter.
This can include age group, sex or any other numerous parameters. Further, you utilize these parameters to target the right audience group.
A marketing automation platform lets you conglomerate all customer data in an easily accessible location. This delivers you the right data to be used in your marketing processes.
This data collecting method also allows you to identify the chief characteristics of your customer base.
This helps you identify and improve the determining characteristic of each customer.
It also allows you to run targeted Facebook campaigns within your targeted demographics. This enables you to identify and appeal to the preferences of each customer.
Create the Right Audience Segmentation
At present, you need to reach a diverse audience to generate a positive ROI. This requires combining dozens of digital and offline channels to execute the marketing campaign.
The actions of each of these segments will be different on each channel. This means that your marketing effort needs to be suiting the mood of that specific marketing channel.
In the current marketing landscape, your chief challenge is to reach the right audience with the best possible message.
This requires you to understand the customers and their online behavior.
If you can’t focus on specific audience demographics and tastes, you would end-up with mixed results at the end.
The following demographic classification represents the gender classification in online media.
An audience segmentation based on marketing automation helps you identify the marketing approach that yields the best result.
It also helps you build an accurate audience persona.
This helps you maintain the maximum effectiveness of each marketing activity. This will prevent the gradual dilution of each particular marketing campaign.
Manage your Expenditure and Budget
As we have already discussed, the current marketing landscape has numerous channels and platforms. As you run multiple campaigns, you may struggle to keep tabs on the individual campaigns. This will mean that your budgets are getting expanded without your actual knowledge.
The marketing automation platform will enable you to manage your multiple campaigns from a single dashboard.
This enables you to keep track of your individual campaign outcomes on a single dashboard. This helps you oversee individual campaign expenditure and lead acquisition (it lets you keep track of your lead acquisition cost or CPC).
This also enables you to take effective decisions to iterate and diversify your marketing channels. It helps you generate maximum possible ROI.
Find and Fix the Money-leaking Activities
Once there was a popular adage that half of the marketing investment gets lost. The increasing workload of the average marketer makes this job much harder.
At present, most businesses are failing to identify the activities that cost them money and that bring them ROI.
A marketing automation platform helps you follow each marketing activity through accurate attribution.
For example, you can attribute leads acquired from a particular marketing channel to a single dashboard.
This allows you to systematically eliminate activities that cost you money and improve results on the right channels.
In the current market, marketing channels have a dictating role in acquiring and retaining customers.
The marketing automation process helps you streamline and maximize your customer management process. A marketing platform benefits you through reaching your audience in the most economical ways.