You’ve Been Trashing Your Marketing Budget For Years.


marketing budget
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What is marketing?

Marketing is namely as long as the entity carries out its specific activities for the purpose of material profit. These activities may be products or services. In other words, if we say marketing strategy from production to distribution and distribution to the strategy followed up to delivery to the end consumer, it would not be a wrong definition.

Wrong marketing activities cause many businesses to waste their marketing budgets. As a result of interviews with small and medium business owners, it is possible to make the following inference: most of these businesses are throwing their marketing budgets away with the wrong strategies and the wrong tools.

Considering that the marketing budgets of small businesses are already limited, no one should have time or money to spare for the wrong marketing activities.

Here are 8 most common behaviors that show that marketing budgets are not being used correctly:

1. Using social media improperly

Social media today is at the heart of some marketing actions. But a lot of small businesses can’t go beyond trying to gain followers when they’re building their social media strategy.

This strategy could have worked at a very high level of Facebook access, but these days small businesses are aware of this: they have to pay for something they have already spent too much time and effort. After Facebook changed its algorithm, only a small fraction of your followers see your content in the News Feed. Page owners have to pay for Facebook ads to make their content more visible.

Solution:

Social media advertising prices are no exaggeration, but some platforms are beginning to shift to a location-oriented payment model. This means that if you want your content to be visible, you will be able to exceed the advertising budget you plan. In this case, we suggest that you use your investment in social media platforms to create an e-mail list. Start collecting your followers ‘ e-mail addresses so you can contact them directly.

You've Been Trashing Your Marketing Budget For Years.

2. To have great expectations for a short period of time and to give up immediately

According to a survey, 30% of small businesses fail within the first 2 years. In the first 5 years, the proportion of enterprises that have failed and closed is 50%. So small businesses are entering the market quickly and then sinking in quickly.

So what’s the problem? Of course, exaggerated expectations.

Almost all of them expect to be successful in a few months. In fact, they have to get results in a few months, but that doesn’t mean they have to give up where they don’t get results.

Solution:

Prepare a 2-year growth plan.

If this seems to be possible, start with a careful advertising plan to warm yourself up about marketing. Then create as many contents as possible and distribute it through the appropriate channels.

3. Not recognizing the target audience

If you still don’t know your potential customers, consider giving your marketing budget to charity organizations.

Get started by working on your target audience’s behavior, ideas, and habits. Try to recognize your audience in the finest detail before identifying your strategy, selecting ad channels, paying, and generating targeted content. Then decide what, how and where to tell them.

The basic action of your marketing strategy should be to reach your target audience. To understand who they are.

You can also read “8 ways to get to know your target audience better”.

4. Not knowing how big customers are affected

Call them big customers or mega customers. You need to know which marketing tactics or content bring you the most valuable customer base. Because these customers will probably provide at least 50% of your income, and if you don’t know how to turn them into customers, you may have trouble winning such customers again.

5. Make a one-time big ad campaign

There are many good marketing tactics that can be tried in the developing marketing world. Some of them work really well, but much more of the — actions, especially if you have a chance to run them — usually don’t work well.

Small businesses with limited marketing budget should not be under 5-digit cost for marketing activities that they are not sure will work well. What they have to do;

Try a marketing activity with a budget of $ 1,000 or lower. If it doesn’t work well with this budget, it won’t work well for higher budgets. With a higher budget, but imagine what will happen if it worked well!

6. Not following marketing activities adequately

You probably have a Google Analytics setup. And do you actually use it? What outputs do you get?

I’m guessing that many companies won’t be able to answer these questions clearly because they don’t know exactly what Google Analytics is capable of. You can find many documents and free training videos on the internet. It’s a good idea to take your time.

Google’s pay-per-click advertising platform also has a huge lack of information about AdWords. Adwords, a really effective marketing tool, is being used by most business owners incorrectly. Because there is a lack of information about how these ad platforms work, and people are not taking action against this deficiency.

For a good start, you can::

Set up conversion tracking for your ad campaigns. The AdWords system allows you to easily track how many people your ads have been shown, how many people clicked, and how many conversions they have received. .So you can clearly see which campaign is successful, which campaign is unsuccessful, and you can understand that you should not allocate more budgets for a campaign that isn’t working well.

7. Trying to do too much

Small businesses, unfortunately, have limited resources. It’s not just for marketing professionals. As the marketing department, he usually works for 1-3 people.

So there’s no way they can do it all at once. They can’t take part in every social platform efficiently, publish content everywhere, or try every good-looking marketing tactic.

8. Not making marketing strategy annual

Marketing becomes different every year, evolving. As I mentioned in the previous sections, you should try a few new marketing tactics each year, as well as going on top of the good work. Just as marketing evolves every year, you must evolve the same way.

Maybe the next year’s trend will be an ad campaign where you get very good results from the previous year.

 

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