When it comes to marketing budgets, we all want to gain the best value for money. And with more and more companies investing in Inbound, it's one of the most cost-effective means of building their client base and brand. As per Hubspot in its report “The State of Inbound” companies who had experienced great success with inbound are now allocating more budget to scale up their efforts.
Here are 5 of our best ways to get more from the Inbound marketing budget.
1. Choose inbound over outbound marketing
As per Hubspot, 68% of inbound organizations believe their marketing strategy is effective. (HubSpot, 2017) (Source: https://www.hubspot.com/marketing-statistics)
Traditional outbound marketing is often a poor investment. Channels like cold-calling, paid branding and print advertising are notoriously expensive and eliminating their costs will provide more of your marketing budget for more effective and less expensive inbound methods.
In case your outbound marketing methods such as the television ads, print ads and cold calling are not working for your business it is time that you switch to inbound marketing. Inbound marketing can help attract more high-quality leads and further improve your sales for your business.
2. Prepare a comprehensive plan
Create a general outline of your inbound marketing strategy while you calculate your company’s incoming marketing budget. As you map out individual marketing components, you will have an idea of what your inbound budget will be later.
While making an inbound marketing plan make the following components a top priority
- Buyer Personas: Profiles of your target audience.
- Buyer Journey: The process buyers go through to become aware of, evaluate, and purchase a new product or service.
- Content strategy: A map of topics and content that will be for your target audience.
- Lead conversion and nurturing: Optimising your conversion rates and nurturing your leads and lead management.
3. Strategically look at your marketing budget
Have a look at your current marketing budget very strategically and find out where every amount is spent and what return that you are receiving from that investment. Once you have analysed your budget, you will find that some strategies which you thought were working really weren’t. That’s when you need to re-strategize your whole marketing plan. And if you want your marketing strategy to be effective, your prime focus should be on the marketing initiatives which are going to finally help you in reach your business goals. For that, you need to map each goal of yours which will finally help you in making the most of your budget while also producing the most targeted results.
4. Invest in technology
Time is money and the best way to save time is to automate all your manual tasks and improve your workflows. Marketing automation softwares are enabling marketers as never before to execute all the tasks from one platform. As per a popular study, 49% of companies are currently using marketing automation and in them over half are B2B companies.
Today, as there are a lot of options open for a marketing software, find a suitable marketing automation software which can help you save you time, streamline your lead nurturing, provide a detailed reporting and finally produce an ROI.
5. Track and prove your ROI
Return on Investment for inbound marketing is often complicated as it involves different factors, which includes the engagement levels to specific sales numbers.
Tracking the Return on Investment is not an one-time endeavour in inbound marketing as you need to measure the effectiveness of your inbound marketing initiative over the long haul. You also need to provide a monetary value to your metrics. You need to look at how many of your page views are leading to clicks on calls-to-action and finally to leads. Alongwith your sales data, find out how many of your leads are again converting to customers and further examine the lifetime value of your customers. In this manner, you are able to calculate the value of a page view.
In the Hubspot report State of Inbound 2016 organisations were enquired if they felt their inbound marketing strategies were effective depending on if they calculated ROI, their responses were drastically different.
- 72% were satisfied with their current marketing strategy when measuring ROI
- 49% were satisfied with their current marketing strategy when not measuring ROI
When you prove your Return on Investment (ROI), you really do the numbers talking and can actually earn more bucks for your marketing budget.
To conclude, traditional outbound marketing approach has died down since long as they are no longer cost effective nor effective for today’s audience. The existence of inbound has provided with a lot of options to run more effective campaigns and that too at lower cost, bringing benefits for business.