Traditional marketing, like TVC, newspaper adverts, and hoardings has always been worth a king’s ransom. They are extremely expensive, and not all companies can afford them. The inception of digital marketing or paid media marketing has offered a superior alternative to the conventional model. Plus, you have a plethora of options to choose from, where you experiment, change, and optimise ads.
That being said, fear of forthcoming recession and fluctuating economic conditions have compelled companies to trim their paid marketing budgets (despite being cost-effective). But there are consequences to cutting down marketing budgets too. For instance, you might not reach your target audience, lose your digital identity in the highly competitive market, and so on. So, here are some smart tips on how to cut down your advertising budget by optimising paid marketing strategies without hampering your business and revenue generation.
1. Set clear goals and objectives:
Before spending money on paid marketing, you must know what you want to achieve. Are you looking to increase brand awareness, drive traffic to your website, or generate leads? Setting clear goals and objectives will help you determine how much to spend and where to allocate your budget.
2. Use data to inform your decisions:
Data is a powerful tool for paid marketing. Use tools like Google Analytics to track the performance of your campaigns and identify areas where you can improve. This will help you make more informed decisions about where to allocate your budget.
3. Test different campaigns and channels:
Don't be afraid to experiment with different campaigns and channels to find out what works best for your business. For example, you might try running a paid search campaign on Google, a social media ad campaign on Facebook, or a display ad campaign on a specific website. By testing different campaigns and channels, you can see which are most effective at driving conversions and allocate your budget accordingly.
4. Use negative keywords:
Negative keywords are words or phrases that you can use to exclude certain search terms from your paid search campaigns. For example, if you're selling shoes, you might use negative keywords like "free" or "cheap" to prevent your ads from showing up for people searching for those terms. This will help you avoid wasting your budget on clicks from people who are unlikely to convert.
5. Monitor your budget closely:
It's essential to keep an eye on your budget and ensure you're not overspending. Set alerts or use budget tracking tools to help you stay on top of your spending. If you notice a particular campaign or channel isn't performing well, don't be afraid to cut your losses and redirect your budget to more effective channels.
6. Optimise your landing pages:
Your landing pages are essential to your paid marketing strategy. Ensure they're optimised for conversions by including strong headlines, clear calls to action, and relevant images or videos. You should also test different versions of your landing pages to see which ones perform the best.
7. Use retargeting:
Retargeting is a powerful paid marketing technique that allows you to target ads to people who have already visited your website. This can be a highly effective way to bring visitors back to your site and increase conversions.
8. Use remarketing lists for search ads (RLSA):
RLSA is a feature of Google Ads that allows you to target people who have previously visited your website with specific ads when they search for related terms on Google. This can be a highly effective way to drive conversions from people who are already familiar with your brand.
9. Utilise automation:
Automation tools can save time and help you get the most out of your paid media marketing budget. For example, you can use tools like AdEspresso or Hootsuite to automate your social media ad campaigns or use Google's automated bid strategies to optimise your paid search campaigns.
10. Take advantage of special offers and discounts:
Keep an eye out for special offers and discounts from paid marketing platforms. For example, Facebook often runs promotions for new advertisers, and Google offers credits for new AdWords accounts. These promotions can help you save money and get more value for your budget.
Carefully crafting paid advertising budgets is essential when trimming down marketing expenditures. However, such drastic actions should not affect revenue generation and business growth.
We at Amura Marketing Technologies have been collaborating with B2B and B2C clients to help them achieve business targets cost-efficiently. Our growth marketing expertise has helped numerous organisations like CRI Pumps, Srijan, Castrol, Glenmark, and many more with our paid marketing services. Being a leading performance marketing agency in India, we are uniquely positioned to help your business grow and deliver success. Learn more about our services here.