What was the ROI of your last marketing campaign? If you’re like many small businesses, you could be wasting 25% of your budget. Are your ads worth the money you’re spending on them?
Ready to aim for exceptional? The best way to raise that ROI is to save on your marketing costs. Here are five ways you can cut down your advertising costs!
1. Target Your Ads
Showing your ads to anyone and everyone isn’t the best way to make a sale or save money. Instead, show your ads to people who are already interested in or looking for what you offer. In practice, this means bidding on the best keywords on sites like Google and Facebook.
The broader the better, right? Wrong—make them as specific as you can. Not as many advertisers will bid on more specific keywords, and that keeps the price—and the overall cost of Facebook advertising—much lower.
You can learn more about the cost of ad targeting from this Facebook Ads post by The Hoth.
2. Repurpose Your Ads
You’ve already invested in your advertising content. You may not be able to avoid the Facebook advertising cost, but you don’t have to hire a new designer every time.
You can get more out of your investment by repurposing and refreshing ads rather than starting from scratch.
3. Use Analytics
Marketing costs are only worth it if your ads succeed. Success looks different for every campaign. You may be pushing for more sales or trying to gain more brand recognition and followers, but always start with a clear goal.
How can you tell if your ad was effective? That’s where analytics come in; they can tell you how many clicks you earned or how many sales you made.
And how does that help you save money on advertising? You know what they say—time is money. Knowing what works saves you time and effort, and boosts the effectiveness of the campaigns you do invest in.
4. Remember Social Media
To display your ads on the top social media, you might pay a hefty Instagram advertising cost—but remember that posting is free! Even while you pay to promote your ads, don’t forget to support them with original posts.
Be sure to use relevant keywords in your tags! In addition, search your tags before you use them, and don’t try to start your own trends. Many sites will show how many people follow specific tags, and you can cash in on their popularity without paying a cent.
5. Focus on Referrals
Instead of funding a brand new campaign to bring in new customers, offer a referral incentive so that people invite their interested friends.
The most common reward is a coupon code for a discount on a future purchase. Make sure this incentive depends on new customers making a purchase as well. Not only will you bring in a new customer, but you will also have made two more sales!
Start Saving on Advertising Costs
It’s time to start getting the most out of your advertising budget. If you want to raise your ROI, use these simple tips to cut down advertising costs without sacrificing your marketing goals.
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