How to Turn Marketing Campaign Challenges into Business
How to turn marketing campaign challenges into business
- Reduce the risk to buy your product, service, or program
- Make it easy to buy your product, service, or program
- Add value to your product, service, or program by adding more of what they’ll receive
Imagine how easy it would be to market your startup with an unlimited budget.
It’s a nice dream, but unfortunately, it’s far from reality.
Most startups operate under tight budgets, which makes it almost impossible for them to invest large sums in advertising.
So, if you must stretch your dollars as far as they can go, you need to be very careful and knowledgeable when creating your marketing budget to get your finances streamlined and your financing running.
However, knowing how much your marketing costs should be isn’t the only challenge you need to face.
Once you’ve determined your budget, you need to decide the right investments to make. For example, should you focus more on bringing organic traffic or attracting customers from paid ads?
How to overcome the challenge: While there’s no magic one-size-fits-all formula to determine your marketing budget, considering the following factors may help you throughout the process:
Growth goals – If your marketing strategy generates lots of leads, will you be able to fulfil that demand?
Cost per lead – How many people do you need to reach to convert them into customers?
Price of products – For example, if you’ve implemented a premium pricing strategy, you will be able to invest more in marketing as each sale could be worth thousands of dollars.
Annual revenue – To make your marketing budget a percentage of revenue, you need to know your estimated or gross annual revenue.
Startup stage – Some suggest that fresh-faced startups should invest more in marketing to speed up growth (for example, WordStream suggests that new companies should allocate at least 12%-20% of their gross revenue to marketing). Get in touch with Acclime’s company registration consultant today if you need help setting up your business in Vietnam.
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