So let me ask you a question – if you could get more mileage out of your existing car – would you do it? Of course you would! So if I could show you how to improve the “gas mileage of your existing marketing budget – would you do it? Same dollars just more effective. Of course you would!
Years ago John Wanamaker once said – 50% of my marketing budget is wasted I just don’t know which 50% – I would argue that right now that dynamic is even worse – with the fragmentation and choices available in media these days that has to be more like 75% of my budget is wasted!
So how do you make a marketing budget more effective without changing the dollar amount, it sounds almost like a magic trick. Well you take the program budget (non compensation dollars) and you rank order them by spending level. What you get is a list of media type, sponsorships, and events.
The kingpin of the spend is usually some sort of TV ad spend (if you are B2C) and print/online media spend (if you are B2B). It’s easy to see how social media data can be used to optimize major media spending like TV ad for B2C by aligning the shows you buy with the best fit for the audience you are trying to reach. Easily done now with the mounds of social data out there.
For B2B you certainly can use social data to optimize the effectiveness of your search spending by mining what words your ideal customers use to describe your products or services. Again easily done now with the reams of social data out there. You can also look at what sites your ideal customers go to online to better inform where you deploy your display ad budget and perhaps even what sites and events you sponsor.
With all this great data on what your ideal customer are actually doing online, saying online and spending time online, you can make better more informed and more effective decisions on ad spending. Now that’s how to make a Small Budget have Big Impact!