Do you really have to spend money to make money in the world of modern marketing?
When trying to figure out the elusive question of “how much” a new startup should allocate toward Internet marketing, today’s businesses are stuck between two polarizing extremes.
On one side of the fence are the critics that insist that “free is fluff” and content marketing is overrated. Such marketers thrive on paid channels including social ads, funnel-building software and aggressive email campaigns.
On the flip side, you have marketers who would rather lose a limb than spend a dime on paid ads. These sorts of growth hackers cite examples such as Tesla’s $0 marketing budget as a model example for modern startups, relying on free content and PR to get the word out.
So, are modern businesses expected to choose between “go big” or “go broke” in regard to their marketing spend?
How Modern Business Should Think About Marketing
Perhaps the ideal marketing strategy is somewhere in-between: that is, marketers should be willing to splash some cash but only when deemed absolutely necessary.
The concept of “the lean startup” has been around for years now and centers around the concepts of building, learning and measuring in order to make decisions:
Applicable to a variety of startup ideas, the benefits of running a disciplined, experiment-driven business are crystal clear when applied to Internet marketing.
By taking a three-pronged approach of building, learning, and measuring, you can establish the foundation of a robust marketing strategy that won’t blow out your budget. Rather than constantly second guess your marketing campaigns, keep the following six principles of lean startups in mind that’ll help grow your bottom line regardless of your industry.
1. Your Bottom Line Comes First
While not all marketing directly results in dollars and cents overnight, every marketer should be able to answer one simple question:
“How is this going to make money?”
If you find yourself unable to come up with a suitable answer, you may want to rethink your strategy.
Probably the most notable conflict faced by modern marketers is the curious case of content marketing ROI. After all, you can produce blog posts, videos and social media messages all day and never see a cent for your hard work. Producing content for the sake of content marketing doesn’t answer the aforementioned question, does it?
However, content marketing is noted to result in six times higher conversion rates against brands who don’t create content. As displayed by marketer Robbie Richards who increased his on-site traffic by 272% in one month through content marketing, effective content can result in a boatload of new leads.
And that’s how content contributes to your bottom line.
Remember: every piece of your marketing needs to have some sort of financial incentive at the end of the day.
2. Time is Money
It may be tempting to take a “me against the world” approach to marketing by trying to juggle everything yourself.
But don’t forget that time is indeed money. Every minute you spend trying to wrangle Go to the full article.
Source:: Business 2 Community