As a digital marketer, there’s no better time than the present to return to the basics of marketing. This entails identifying which of your actions garner leads for your clients most effectively so that you can direct more budget that way, eliminate some of the more frivolous or high-level awareness actions, and transition into hard and fast action (such as direct response marketing, which enables you to measure leads). The bottom line is that marketing is a function that should be geared towards increasing revenue. Here, we discuss how to deliver on the bottom line for your agency’s clients.
An Example Of Trading High-Level Marketing For Direct Response Marketing
As digital marketing companies, we also need to market our products and services to potential clients. One of the things we have often done in the past is that we would sponsor other people’s events. The aim would be to position ourselves as industry authorities in front of our prospective audience, with the hope that through that visibility, we get customers down the track. This is an example of high-level brand awareness marketing.
Now, let’s say that one of those sponsorships is $10 000. With Facebook Advertising, we are able to get leads for less than $10 per lead. This means that sponsoring an event might not be as lucrative in comparison. The high-level stuff is great if the cash flow’s there, but if it’s not, the alternative option of securing 100 leads by using the same amount of money in Facebook Ads makes more sense.
Build A Case For Any Marketing Campaigns Or Action Before Backing It With Budget
You need to be able to justify why certain types of spend are necessary, especially if your clients’ purse strings are tight. If you have lined up marketing that isn’t a direct measure for sourcing new leads, create a culture of formulating business cases around whether spending on that marketing is smart or not. That’s one of the changes that the Globital team has recently introduced. Any of those sponsorships or other people’s events or high-level branding exercises or awareness exercises, we now run a business case before we commit those dollars.
Spend More To Buffer The Effects Of Dropping Conversions
In times of economic uncertainty, people are less confident about spending money. As a marketing agency, you can compensate for this hesitance by bumping up your lead spend. Remember that if under normal circumstances it costs you 3 leads to convert, it may start costing 5 or more at this stage. Pay for those 5 leads to maintain throughput, attract new clients and ensure continued growth.
These are scary times for all of us. A pandemic of these proportions is unheard of in our lifetime, so it’s measures like the ones discussed in this blog that can foster a business environment characterised by hope. As Globital’s Managing Director, Damian Papworth says:
“We go through this process during an economic downturn, what happens is that we make our businesses stronger … having the fundamentals done much better, having our communication done much better, being more cost-effective, being more flexible by transitioning fixed expenses into variable expenses and putting up processes around that, doing better, more effective direct-response marketing … we have such a stronger foundation, and we’re already running. Our businesses just take off as the economy takes off.”