The end of the year is approaching fast, and it’s time to start thinking about next year—if you haven’t already. Among the many things you have to plan out, the most important one should be maximizing your budget with efficient spending (and increased revenue, too, ideally). A healthy budget will give you more room to run and grow your business.
In order to do that, you have to be able to cut costs in one way or another. While it’s easier said than done, it’s not necessarily hard to do. You just have to look in the right places and cut the right corners.
One of the best places to start, though, is somewhere we know best: refining your marketing ad-spend budget. No, we won’t tell you to stop advertising. We will tell you that there are more efficient ways to advertise than you probably realize. Let’s take a look at some tips we rounded up.
Marketing Ad-Spend Savings Tips
With paid advertising, you (generally) pay for every single click on your ad. As such, you only want people who are interested in buying your product to click your ad. You don’t want to pay for 1,000 clicks that never had any intention of buying your product.
Whether you’re advertising on Google, the Meta family (Facebook, Instagram, et al.), or any other social media or search engine platform, you can take a few different routes to trim your ad spend.
Know your audience
If you’ve done your marketing homework, you should have established buyer personas for your products and demographics for your website visitors. Appeal to those users on the right platforms, and you’ll get more conversions—and revenue—per click.
Know your product
You don’t just need to know your audience. You need to know how your product appeals to that audience—and more importantly, how it appeals differently to the different segments of that audience.
Whatever your widget is, it’s probably got multiple uses or features. Figure those uses out, and feature them in different ways to reach the most buyers. Did the creators of duct tape realize its near-infinite uses at first? We’d be surprised. That just means you could still be the next duct tape.
Most shoppers don’t buy something after the first ad they see. In fact, the average buyer needs to see a brand or product 7 times in an ad before they make the purchase. This pattern is known as the Marketing Rule of 7, and it is ironclad.
Retargeting allows you to show ads to users who’ve already interacted with your business in some way. You can retarget based on many things, but we have some examples of popular methods. You can target anyone who has…
- Clicked one of your ads
- Visited your website or a specific page within any set time period
- Watched a video for specified time lengths (e.g., 10 seconds or 25% of the duration)
- Completed any designated conversion, like a purchase or contact form submission
Users who’ve interacted with you are at least a little bit interested. You’ve got 1 ad impression down with 6 more to go. Retargeting helps you hit them with the right ads at the right time. You can even chain the retargets, so that users get even more relevant ads as they keep clicking on the next ad, and down the sales funnel they go.
Observe, report, and adjust regularly
Throughout this process, and forever after, you need to track your efforts and progress. Keep an eye on your impressions, clicks, ad spend, cost per click (CPC), and cost per 1k impressions (CPI). If one ad is getting more clicks on fewer impressions, decrease spending in other ads, and reallocate them to the more successful ads.
Once you’ve identified your more successful ads and most fruitful ad platforms, you can start to replicate them with different wording and graphic design, further dialing in on what your audience is really looking for.
Barge Marketing Is Here to Help
The time is now to get our financial ducks in a row. Don’t let an overinflated ad budget weigh your business down next year. With these cost-saving tips, you’re free to spend that otherwise-wasted money on more important matters.
If you need help paring down your ad spend, well then you’ve come to the right place. All it takes is a meeting to get started and learn what Barge Marketing can do for you. Drop us a message here or call us at 614-907-7577.