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How to Rally Around ROI & Prioritize Your Digital Marketing Efforts in the Face of Budget Cuts

Prioritizing After Marketing Budget Cuts

Prioritizing After Marketing Budget Cuts Ask any marketer if they’ve ever had to contend with the shrinking or deep cutting of their budgets, odds are you’ll get a deep sigh and a “more than once” response. Organizations are always looking for efficiencies and ways to tighten their financial belt, and marketing departments are among the first to be placed on the chopping block because it all comes down to ROI—something many modern marketers find hard to prove In fact, according to a recent report from Demand Gen Report and BrightFunnel, 58% of B2B organizations surveyed said their current ability to measure and analyze marketing performance “needs improvement” or worse. So, if you’re staring down a budget reduction, don’t panic. This is the time to evaluate and prioritize your efforts so you can revamp your integrated digital marketing strategy to include a tactical mix that will not only refocus your strategy to reach your objectives, but also improve how you measure and achieve ROI. [bctt tweet=”If you’re staring down a #marketing budget reduction, don’t panic. This is the time evaluate, prioritize, and focus. – @Alexis5484″ username=”toprank”] Here are four key actions you’ll want to take:

#1 – Evaluate your existing data against your goals.

While it may seem obvious, the first step is to evaluate how you’re performing against your objectives; what’s working and what’s not. However, you can’t rely solely on high-level or vanity metrics like overall traffic. In order to really dig into what’s working, you need to map each of your tactics and/or channels to closed business—and total revenue numbers if you can. Not only will this help you focus on where to revamp and hone your strategy, but also put you in a better position to consistently measure as you move forward. So, when the next budget cut comes along, you can better prove the ROI of your marketing activities and make a stronger case for keeping your budget.

#2 – Narrow your targeting.

Every marketer knows that understanding your audience is key to developing and executing a strategy with impact. But audience characteristics, preferences, and habits—as well as the market you operate within—can change overtime. As a result, you may be wasting precious marketing dollars on the “wrong” people. So, it’s time to redefine and zero-in on who your ideal customer or buyer is and who are most likely to convert. With the budget and resources you do have, it may be worth investing time and money in a survey or analysis of your existing client or prospects to better understand their preferences and pain points. This will not only give you a clearer picture of what channels or tactics are working—but which may have the most potential based on who your customer is, where they’re interacting with your brand or other brands, what they’re interested in, and what moves them to a conversation. [bctt tweet=”If you’re facing #marketing budget cuts, it may be worth using the resources you do have to analyze your customers and prospects to hone in on their needs, preferences, and paint points. – @Alexis5484″ username=”toprank”]

#3 – Place safe bets if your data is limited.

Effective measurement is a problem that’s plagued marketers for years. As a result, you may not have all the data to inform your decision making. In this case, we’d suggest making some “safe marketing bets” based on tried-and-true tactics. For example, email marketing. Email marketing is perhaps the oldest digital marketing tactic around, but still one of the most effective. Not only does it deliver helpful information to your clients and prospects, when segmented and constructed correctly, it helps nurture them toward the sale. In fact, three-quarters of companies say email offers “good” or “excellent” ROI. In addition, SEO and content marketing are consistently rated by marketers as top channels with the best ROI. That said, be careful not to stake your success on simply following what’s “always” worked. The safe bets you place should be a temporary strategic solution as you work to get better measurement and data practices in place so you can continuously optimize your strategy.

#4 – Invest in efficiency.

Efficiency isn’t about doing more in less time, but rather making the most of your time by doing the right things. As the old saying goes: Work smarter, not harder. From our perspective, there’s three core investments to consider:

1. Technology

Whether you want to optimize your workflow or automate time-consuming processes, investing in the right technology for your needs can make a major positive impact on efficiency.

2. Training

Your marketing spend is likely not the only item that took a hit. You may have also needed to cut internal resources. As a result, investing in training for the team you do have is a good play—whether you want someone to expand their skill set or level up his or her existing skills—to help your team work more efficiently and ultimately drive more ROI with less.

3. An agency partnership

Oftentimes, partnering with an agency can help you stretch your budget for maximum ROI. Rather than solely relying on your in-house team for expertise, execution, and strategy—an agency can be a robust extension. You get access to an entire team of digital marketing experts, made up of individuals with a range of skill sets—and often at a lower cost than having the equivalent depth of knowledge as internal hires. [bctt tweet=”Efficiency isn’t about doing more in less time, but rather making the most of your time by doing the right things. – @Alexis5484″ username=”toprank”]

Focus on the Opportunity, Not the Loss

Budget cuts are no fun. But they’re not the end of the world. After all, we marketers can be scrappy—and we live to innovate. So, use recent or near future cuts to redefine your marketing strategy from both a tactical and measurement standpoint, and work to put better measurement in place. Hopefully, this will not only help you avoid bumps in momentum as you deal with less financial resources, but also help you get better ROI data so you can defend against future cuts.   How can you prove the value of your content marketing efforts to your CMO? Check out our three steps to proving content marketing ROI.

The post How to Rally Around ROI & Prioritize Your Digital Marketing Efforts in the Face of Budget Cuts appeared first on Online Marketing Blog – TopRank®.

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About Daniel Rodgers

A lot of news that you will not see in the paper. A lot of technology that is coming out that will not see in the paper.

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Interactive Content Marketing: Why B2B Marketers Should Take Their Content from Boring to Bold

Why B2B Marketers Should Consider Interactive Content

Why B2B Marketers Should Consider Interactive Content

Show of hands, B2B marketers: How many of you know which Hogwarts house you belong in? Or which Disney princess best represents your personality and relationship ambitions?

via GIPHY

Don’t be shy. I’m a Gryffindor wizard through and through—and apparently, I’m more of a Jasmine than an Ariel. And I know all this thanks to the rise of interactive content.

From quirky quizzes to ROI calculators to guided eBooks, interactive content is a rising content marketing star. BuzzFeed is perhaps the most prolific example, creating dozens of quizzes each week that are making their way into social feeds and search results. (And almost all users reportedly finish them).

But why should B2B marketers consider adding interactive content to their mix?

Because B2B is often pegged as bland and boring. And in a crowded content market, not to mention the fact that buyers' content preferences are turning increasingly visual, interactive content is the next evolution.

But if that doesn't convince you, read on for a few more reasons why its time for B2B to embrace interactive content.

#1 – Interactive content is more engaging than static content—for the long-term.

Interactive content may seem a little gimmicky for some marketers—especially those in the B2B space. But the vast majority of marketers who use interactive content agree that it not only grabs attention, but can also hold that attention beyond that initial view.

In fact, according to the Content Marketing Institute (CMI) and Ion Interactive 2017 Interactive Content Study:

  • 87% of marketers agree that interactive content grabs the attention of the reader more effectively than static content
  • 77% of marketers agree that interactive content has reusable value, resulting in repeat visitors and multiple exposures
  • 73% of marketers agree that interactive content, when combined with other more traditional content marketing tactics, enhances message retention among their audiences.

So, if you’re aiming for awareness, engagement, and attention, interactive content holds incredible potential. But I’d also add that this is only true if you deliver quality, relevant content in an interactive format.

As my colleague Josh Nite points out: “[Interactive content is] absolutely designed to grab attention. But if your content provides value—if it’s worth paying attention to—interactive elements can help you bring in an audience.”

[bctt tweet="#InteractiveContent is absolutely designed to grab attention. But if your content provides value—if it’s worth paying attention to—interactive elements can help you bring in an audience. - @NiteWrites" username="toprank"]

#2 – Interactive content can differentiate you from your competitors.

Content has always been a foundational element of B2B marketing. Buyers don’t make hard and fast decisions. Instead, they do their research, weigh their options, and have multiple engagements with sales reps before they sign on the dotted line. Interactive content can help you make an impression and stand out in a crowed, competitive content landscape.

In addition, according to the aforementioned report, just 46% of marketers report using interactive content right now—which was flat year-over-year. And if history is any indicator, I’d wager that interactive content adoption among B2B marketers is far lower since the industry is typically slower to adopt new tactics.

But that won’t always be the case. Harnessing the opportunity right now has the potential to differentiate your B2B brand from the competition early on, showcasing your commitment to innovation.

For example, Prophix, a leading provider of corporate performance management (CPM) software solutions in the FP&A industry, wanted to drive awareness in a unique way around its report on the evolution of financial planning and analysis, as well as its solutions.

By repurposing its original research and adding influencer perspectives, we created an interactive quiz to help empower their audience to "crush" their jobs to succeed now and into the future.

Prophix Crush It Interactive Quiz

This anchor asset, which was promoted using a supporting mix of blog content, social amplification, email, and more, saw a view rate 6-times higher than the benchmark for a similar resource. In addition, the page where it lived garnered 3-times the average share rate. This unique approach to interactive influencer content made Prophix stand out from the competition and deliver a great resource that performed.

#3 – Interactive tools can provide you with exclusive data and analytics.

Savvy marketers are driven by data insights. And many of the interactive content tools you’d leverage for an asset come with their own analytics dashboards, allowing you to get near real-time data on how your audience is interacting and absorbing your content.

For example, Ceros, an interactive content software that simplifies the creation process, provides all the basic KPIs such as visitors, opens, and pageviews, as well as engagement metrics like time spent and interaction clicks. But they also track inbound referrals, social shares, video plays, and outbound link clicks.

Oh, and that data is viewable in its Analytics Dashboard within second of it happening.

Ceros Interactive Content Tool

While traditional analytics platforms and the data within them is invaluable, from my perspective, this more niche data can help uncover some insights that can help you refine your asset on the fly or consider how to improve other content types moving forward.

#4 – Interactive content can drive results at every stage of the funnel.

From educating buyers to creating customer loyalty, interactive content can serve a purpose (and drive results) at every stage of the funnel. Interactive content users report using the tactic for lead generation, lead nurturing, customer retention, and the list goes on.

And interactive is especially powerful, when combined with other tried-and-true content marketing tactics.

To help promote the Influencer Marketing 2.0 report based on research conducted by Traackr, Altimeter Group and TopRank Marketing, we partnered with interactive content platform Ceros to produce an Influence 2.0 interactive infographic.

Influence 2.0

The infographic was promoted via blog posts, social channels, email, and through the influencers that contributed. With calls to action embedded within the interactive infographic, this content succeeded at attracting over 1,700 prospective customers to download the full report with a 43% conversion rate.

What Opportunity Does Interactive Content Hold for Your B2B Brand?

Interactive content is here to stay. But the real opportunity doesn’t lay in the interactivity itself. The real value creation is in the excitement or connection that you can make with your audience, as well as the potential to hold their attention for long enough to engrain your message or inspire action.

[bctt tweet="The real opportunity with #interactivecontent doesn’t lay in the interactivity itself. The real value creation is in the excitement or connection that you can make with your audience. - @CaitlinMBurgess" username="toprank"]

So, B2B marketers. If you’re ready to break away from boring and drive better engagement, interactive content deserves your consideration.

How can you leverage interactive content? Check out our post featuring five ways of making marketing magic with interactive content.

The post Interactive Content Marketing: Why B2B Marketers Should Take Their Content from Boring to Bold appeared first on Online Marketing Blog - TopRank®.

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