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How do savvy marketers know where to spend their money?

#Strategy, #MarketingProfs

Every marketer has money problems, even those that work in big, Fortune 500 companies. You would think that the bigger the budget, the better the result. But that’s not strictly true. Where you spend your budget matters just as much—if not more—than how.

If you want to be a savvy marketer, you have to know where your money will do the most good. But how do you get to that level? How can you be sure your campaign will make a difference?

1. Analyze Performance Statistics

The first step to knowing where your money will do the most good is knowing how you’re doing in the first place. Use tools like Google Analytics and email tracking to see which channels are getting the most attention.

You might discover that direct mail converts more customers than your website, or that your blog is getting more readers than your monthly newsletter. A performance analysis will direct you to invest in your strongest-performing marketing tools and take them to the next level.

2. Research Your Customers

Pay attention to your customers. It may sound basic, but you’d be surprised at how many companies don’t track and segment a customer’s vital information. Who buys more of your product: small businesses or enterprises? Is it the VPs that make the decision, or the IT manager? Each answer helps clarify where and how you should spend your budget.

3. Test Everything

If you’re on a limited budget (and most of us are), you don’t want to commit a huge amount on a single creative, only for it to fizzle. That’s why good marketers run A/B tests. Compare design options and run the better-performing one for more bang for your buck.

4. Repeat Steps 1-3

The very best marketers are always in a cycle of analyzing, researching, and testing; you should be, too. That way you can anticipate which tactics are going stale and where you should spend your money next. Follow these steps, and you’ll be able to get amazing value out of your marketing budget!

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