With the emergence of digital marketing, for SMBs justifying the marketing investment and setting up a marketing team is an arduous task. This is because, most of companies have a limited marketing budget, in that hiring employees for all skillset and every aspect of digital marketing is quite tough. Today B2B digital marketing is content driven, hiving off a complete marketing department can backfire as a company you understand the solution, better than any agency.
One way to improve the situation is to seek a partner with specialized vendors specifically for non-strategic activities. Dedicated partners assume the responsibility of completing non-strategic tasks so that you can focus on what is more pressing and important. Let us look at six of these tips which will help you improve your marketing ROI.
You understand your product/services the best, and so it is essential that you take control of the strategic marketing activities. Prepare a detailed marketing strategy and execution plan, keep the 4 P's of marketing strategy, i.e., product, price, place, and promotion at the core and prepare a detailed plan.
Having a detailed strategy that takes every nuance into account, and involves partners for specific skill sets like SEO, Graphics designs, Set of SEM campaigns for tactical implementation. A dedicated partner ensures that you can get all the required skill sets and you can reach the Quarterly revenue goal without getting into hiring and other aspects of HR management.
Expert tip: Set up the marking objective, and focus on how to achieve it, without hiring skillsets. Wondering how to create an effective marketing plan? Look at this article for some tips.
Before you take up any projects, make sure that you have an adequate resource plan. An excellent resource plan should take every step required to reach the marketing goal and list all types of resources needed to finish the task. Most likely, your team will not have all required skillset. This is the time to shortlist partners who might be able to help you. External help can get you new perspectives, and help you fetch test results that are impartial, objective, and without bias and prejudice.
Expert tip: Expect to require help to finish projects. You cannot always hire full-time employees for all client requirements.This article explains how to create a great resource plan.
For tangible results, using proper tools is very important. Sure, you have a great creative head, amazing copywriters, talented sales professionals, and so on. However, do you have the right analytics tools to help you assist with data crunching? Do you have the necessary tools to predict future outcomes of campaigns? It is essential to invest in tools that help you in day-to-day marketing activities. Speak to consultants who can help you purchase the least expensive tools to help you digitally.
Expert tip: Marketing tools can kick-start your flagging projects like never. Consider investing in them.Here are 10 tools to consider if you are tight on budget.
Your internal teams cannot complete all activities, and you cannot hire a new employee for every new request. To fix this terminal issue that bothers most marketing head, you should consider delegating specific activities to a partner. However, make sure that you monitor strictly and have it all documented in a service level agreement. Delegating activities unburdens you so that you focus on your core strengths, which is more likely to bring you profits than tasks that are not strategic.
Expert tip: Do not delegate core and strategic tasks unless you need to. Learn to discern between strategic and non-strategic activities.Here are 8 tasks that you can delegate.
Of course, nothing is more important than finding the right partner to help fulfill your non-strategic tasks. Firstly, your partner needs to be cost-effective, so that you are not over-burdened. Secondly, your partner needs to have a basic understanding of what marketing is and needs to have the necessary certification. These certifications will help you to leave your worries behind about Google AdWords, Facebook Ads, and other such activities. Third, your partner should follow the best practices of project management. For instance, make sure they are into agile marketing and methodology. Finally, your partner should be able to scale on demand. Depending on your business requirements, they should be able to increase or decrease their bandwidth.
Expert tip: Partners who are willing to customize their solutions based on your requirements should be prioritized. Learn more about Agile marketing here.
To make sure you improve your ROI, you should always keep an eye on all kinds of parameters. Monitor your success by investing in campaign analysis software. Analyze and track your partners' productivity with tools that can help you do that. However, do not take metrics so seriously that you are caught up in the web of numbers. Maintain a healthy balance between analytics and cold strategy.
Expert tip: Metrics can often confuse marketing teams unless a creative strategy equally drives them.Here are some important metrics for marketing teams.
As you can see, marketing ROI depends on how you invest each penny and reach your quarterly and yearly goals; and keep the company on the path of persistent growth. Today marketing is a combination of various specialized skill sets, and at times even companies with large marketing budget outsource some of their activities because it gives the required bandwidth or access to specific skill-sets.
Seeking an external partner's helps you remain focused on essential business growth, eventually helping you to reach the goal.
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