Fullscreen Menu - Background

Subscribe to SME News Search for an article Our amazing team

Ground Floor, Suites B-D, The Maltsters,
1-2 Wetmore Road, Burton upon Trent
Staffordshire, DE14 1LS

Background
Posted 24th November 2022

How to Maximise Your Marketing Budget

SME owners could easily be excused for feeling envious of people running much larger firms. According to statistics shared by Website Magazine, while the average larger business pours about 9-12% of its revenue back into marketing, the average small business can end up spending just 2% on marketing.

Mouse Scroll AnimationScroll to keep reading
Fixed Badge - Right
how to maximise your marketing budget.


How to Maximise Your Marketing Budget

SME owners could easily be excused for feeling envious of people running much larger firms. According to statistics shared by Website Magazine, while the average larger business pours about 9-12% of its revenue back into marketing, the average small business can end up spending just 2% on marketing.

However, while your SME might be at a financial disadvantage straight away, you can still utilise various clever tips and tricks for making the most of your marketing budget.

Make sure you have both data and goals 

If you fail to set specific corporate goals, your financial expenditure could turn out to be rather inefficient. However, before you do set goals, you should be careful to define your target audience lest you market in a manner that doesn’t reach or resonate with your prospects.

While it would bode well for your business to be data-driven or at least data-informed, no amount of data will be useful for you if you are unsure how to use it wisely.

The professionals from the Hook Agency know how important it is to harness data effectively to drive smart marketing decisions. By analyzing key metrics and trends, they help businesses turn raw data into actionable strategies that boost visibility and conversions.

Make social media a key part of your promotional drive 

The idea of engaging heavily in social media marketing is immediately attractive on the basis that social media can be used without requiring any upfront fee. You can also use social to post marketing content instantaneously, mine significant amounts of data, and generate leads. 

Indeed, in a 2017 survey of marketers, 92% said that they deemed social media important to their business. Meanwhile, 78% revealed that, by using social media, they had increased traffic for their business.

Collaborate with other brands complementary to your own 

The genius of this particular strategy is that it would enable you to offload at least some of the financial burden inevitably incurred with a marketing campaign for your business.

You also might not struggle to find willing would-be collaborators, as your brand isn’t just about your own company’s offerings — it’s also about the broader ecosystem surrounding them. This ecosystem will include products or services offered by companies other than your own.

Apply the Pareto Principle 

As explained in an Entrepreneur article, the above is “also known as the 80/20 rule”, and is where you would “identify the top 20% of your traffic sources that generate 80% of good results”. You would then focus your budget on those most lucrative sources.

As further explained in the article: “Especially for smaller budgets, it is often times more effective to allocate it on the 10% that is generating 90% of results.” 

Keep your brand seamless across various marketing channels 

You might already be accustomed to delivering an ‘omnichannel’ experience, where you interact with customers via multiple channels. These can include a website, social media accounts, and physical stores run by your company.

As revealed by McKinsey research findings shared in a LinkedIn article, omnichannel shoppers buy 70% more frequently and spend 34% more compared to people shopping in stores.

However, you should make sure that your marketing messages are consistent across all promotional channels used by your business — as, otherwise, your brand value could be needlessly hampered.

Categories: Finance


You might also like...
Risk-Free Business Management Tips for the Careful EntrepreneurBusiness Advice15th June 2022Risk-Free Business Management Tips for the Careful Entrepreneur

There's no denying that running a business can be an unpredictable process, especially if your company is yet to be tried and tested in your chosen industry. So here are some risk-free business management tips for the careful entrepreneur.

Marketers: It’s Time to Turn the Mirror Back On YourselfNews9th May 2024Marketers: It’s Time to Turn the Mirror Back On Yourself

We are all biased, and this isn’t a good thing for marketers. As humans, we are creatures of our evolution, life history and current environment, and therefore prone to subconscious assumptions and biases. Biases that risk harming our marketing results.

SME News Media Pack

Every quarter we offer a new issue of SME News which is published on our website, shared to our social media following and circulated to our opt-in subscribers from various sectors across the UK SME marketplace.

  • TickExpand your reach.
  • TickGrow your enterprise.
  • TickSecure new clients.
View Media Pack
Media Pack - Bottom Slant Gradient
we are sme.
Arrow