Right now, for many businesses, the ROI for online spending just can’t be effectively and consistently measured. Which means when it comes to resource allocation, it just isn’t a value proposition. Here are 9 specific ways businesses are wasting their marketing budget.
1. Please stop paying people to create simple web sites for you. It is so easy to build your own web site–and you’re getting taken to the cleaners by web developers who don’t tell you the truth about how simple it is to have an online presence.
2.PPC is great, but running a pay per click campaign depends on knowing how to manage it effectively. Otherwise your dollars are just getting flushed into the giant black hole of the internet. Again, if you don’t have the expertise, don’t worry about it.
3. Email lists…please just stop! How annoying is unsolicited email? And it’s always so obvious that someone who was supposed to be your “friend” decided they wanted to make a quick buck and pass along their email list. Besides–most purchased lists are unverified full.
4. Smart businesses know that it’s essentially impossible to measure performance most Marketing and Advertising efforts, and they create their marketing budgets accordingly. They don’t throw good money after bad just because the bright shiny internet is so fun and cool to play with. No. They pay attention to money in, money out.
5. Everyone knows that you can buy followers, but for some reason high numbers are still super impressive to so many businesses. Companies spend too much time chasing the illusion that social media is an easy way to get more revenue. Social media is nothing more than a highly-efficient, cost effective marketing vehicle. Too many companies spend time and money chasing the social media dream only to realize it’s an endless money pit with very little pay-off. Just because people are watching you does not mean they have any intention of buying your product or service–people watching online is just as entertaining as it is in public–but are you going to invite that random guy doing strange things with his nose hair to your house for dinner? Nope.
6. SEO…is just…a…boondoggle. Sure, it works if all you want is more traffic. But every business owner knows traffic does not equal transactions. The smart way to spend your resources is easiest thing to do is just create good content, focus on providing value, and use SEO to understand better ways to accomplish those first two goals.
7. So many digital experts will gladly take your money for the fool’s errand of trying to outsmart Google. Adwords, SEO–without large budgets and highly targeted campaigns, the value just isn’t there for small shops. Much more effective–blogging, organic marketing, and customer engagement.
8. You may feel like you’re behind the ball when it comes to technology adoption, but the really most companies are over-invested in technology and digital trends. Focus on your core business, and use technology to augment your evergreen strategy.
9. There are tons of way you can spend lots of money on advertising. But for most small businesses, without keeping an eye on response rates, purchase rates, margin per order–you have no idea how much ROI you’re getting on your efforts.