Business leaders worldwide agree that marketing plays an integral role in company growth and longevity. Your marketing efforts can result in customer loyalty, better brand awareness, increased profits, and a favorable business reputation.
But company leaders also agree that it can be challenging to gauge how successful each method in their overall marketing strategy really is. And because of that inability to pinpoint where their marketing budget is going and if their efforts are worth it, many companies cannot take full advantage of the power of marketing.
Fortunately, taking an in-depth look at the details of some critical marketing business investments and how to get the most out of them to propel your business forward will help. So, here are three marketing investments and how to get the most return on them.
Hiring People for Much More Than Their Expertise
Your marketing team matters, whether it’s a one-person show or an entire department. Achieving the desired results from your marketing efforts is incredibly dependent on the individuals leading those efforts. So, it’s wise to allocate a portion of your marketing budget to bringing the right people on board to help you execute your strategy.
But many companies make the mistake of bringing team members on board solely for their expertise, without ever considering whether they’ll mesh well with others, have other skillsets to offer, contribute to a positive work environment, or whether they’re in it for the long run. Not thoroughly vetting candidates can result in a high turnover rate. And that negatively affects your business finances and makes it harder to justify investing in future marketing associates.
So, be sure to hire people for much more than their expertise when building your marketing team to get the best return on this investment. Look to invest in individuals with varying specialties and levels of expertise to help you tackle even the most minor marketing details.
For example, hire experts with varying educational backgrounds. For example, a team member with an MBA in marketing can specialize in data-driven marketing and analytics, improving your subscription model with permission marketing or creating the ideal consumer experience with your brand.
While a team member without a traditional educational background but real-world experience running a business can lead branding campaigns, customer service initiatives and specialize in behind-the-scenes marketing tasks.
All in all, ensure your team is made up of individuals with diverse backgrounds and expertise to get the most out of this investment. Additionally, the right team can help you implement productive systems for a considerable part of your marketing strategy, data collection.
Leaving Data to Automated Systems
Marketing is becoming more and more data-driven. From collecting data on how your marketing team is performing to tracking the ROI of particular marketing methods, there’s a wealth of information and insights to gather from data analytics. But, unfortunately, many businesses rely entirely on humans for data collection and analysis and open themselves up to spreadsheet risk.
Spreadsheet risk is defined as “the liability businesses assume when they manually gather, track and store critical data in simple spreadsheets.” Many marketers spend way too much time manually collecting, processing, and organizing data on their target audience, strategies, market, and so forth. And to make matters worse, they don’t have a proper place to house the data they collect. So, their efforts become inefficient and costly because they cannot track what’s working and what’s not and make adjustments to get better results.
So, get the most return on your investment in data analytics by implementing automated data systems. Having the right data collection processes in place allows you to mitigate common manual data collection errors like putting your data’s integrity at risk with inaccurate inputs. You’ll be able to collect accurate data, analyze it against your marketing goals, and make adjustments that improve your marketing ROI faster than a manual approach to data collection.
Another marketing investment you’re likely to consider is outsourcing your software needs.
Outsourcing Your Software Needs
As shown in the chart above, sales and marketing roles are regularly outsourced global jobs. Implementing, managing, and maintaining particular software is one marketing task outsourced often to achieve optimal marketing results. By outsourcing your software needs, you’re able to choose from top-tier marketing software that helps you:
- Manage marketing content
- Monitor customer engagement
- Collect key customer data
- Track the performance of your marketing methods
- Keep your marketing team on the same page
- Create consistent marketing campaigns across platforms
But many marketers outsource their software needs to companies that don’t offer them the flexibility, customization, or guidance they need to fully leverage their marketing software. This often results in lots of wasted time and money learning a new system that ends up being axed sooner than later.
Instead, outsource your software needs to companies that use an agile methodology. An agile methodology is customer-focused, goal-centric, all about adjusting priorities as new details arise, and working iteratively. Software companies that employ an agile methodology in their products will allow strategy changes to be made seamlessly and keep you focused on your customers. This will ensure your software grows with your company, and that, in turn, helps you get the most return on this marketing investment.
Conclusion
Ultimately, getting the most return on your marketing investments depends on your ability to take a fine-tooth comb through your marketing goals and choose strategies that help you achieve them in the most efficient, budget-friendly way.
Hiring people for more than their expertise, leaving data to automated systems, and outsourcing your software needs may be the right fit for your marketing goals. But don’t shy away from exploring other marketing investments that could result in high returns.