Thinking through tradeoffs to create the optimal marketing strategy.
Very few of us have unlimited marketing budgets, so the trick to creating the best marketing strategy lies in making the best choices given your constraints. Given all the different ways you can invest your marketing budget, it’s worth taking time to think carefully about the tradeoffs you have to make to move your company forward. Here are some of our thoughts to help you as you try to make the most of your marketing opportunities.
Optimize your marketing opportunities for the future.
The way you spend your marketing budget now doesn’t just affect your company in the present moment. It also influences your ability to take advantage of unknown marketing opportunities that may present themselves further down the road. Essentially, you are trying to choose your tradeoffs to gain the most advantageous position for the future.
Think about how your current plan might limit you in the future, or ways in which action now might build upon itself. SEO and content marketing are excellent examples of how to invest budget now in ways that pay off later. While they may not seem as exciting as a creative ad campaign, they will certainly last longer and are usually a more affordable option.
What could you gain from this marketing opportunity?
What’s your biggest struggle in your company right now? Lack of new leads? Low brand awareness? Needing to break into a new market? Does your current marketing strategy address these concerns? Or is it misdirecting your resources toward a channel with a low likelihood of achieving your ultimate goals?
Before you launch a new marketing initiative, think about where you are and where you want to be. If your new project doesn’t strengthen your current position or help you move toward your end goal, don’t invest in it.
On the other hand, if your new marketing opportunity fits in with your strategy, then it’s time to look at your budget.
What do you have to give up to make the most of this marketing opportunity?
Even when a marketing opportunity fits in with your overarching strategy, it may not be as effective as other options. For instance, email newsletters and social media feeds can help you accomplish similar but different goals. To choose between the two, return to your overall goal.
Do you want to nurture leads? An email newsletter allows for a more personal connection and gives you more information about how specific subscribers interact with your content.
Do you want to expand your brand recognition? Social media keeps your content public and shareable.
Tradeoffs are opportunities.
It may sound backward to think of limitations as opportunities, but this often proves to be the case. For instance, if you’re wanting to improve your social media, honing in on just two or three channels that you can run super efficiently will get you farther than a mediocre effort invested in six channels or more. As you made tradeoffs, think about how your decisions will allow you to run your business more efficiently.
Approach your marketing opportunities with a keen sense of the tradeoffs involved. Pay attention to your data, and make smart decisions.