Some say that to make money, you need to spend money. This is true, but how much money? The truth is that is not the amount you are willing to spend, but how smart you are in doing so.
During the growth of the digital world, it’s easiest to reach out to your real consumers and leave behind expensive and overkill ads that might not even reach your target. But yes, if you want to sell, you’ll need a strategy and start spending money on the web.
You can use a working capital loan from Camino Financial to fund this endeavor or cut back on other expenses inside your company. You’ll have a budget to rely on this way, and you can start playing with it.
How to spend correctly?
We live in a multichannel world now. A regular consumer sees a product on social media, checks out prices, goes to a store to be sure of the purchase, and then decides.
As you can see, there are many channels where you can reach your customers. Here are some ways to make your money worth.
Figure out where your target is
Would you buy a new eyeliner on LinkedIn? Definitely not. So, understand your product and the person you want to sell it to, what they want, and where they nest in the digital world. This way, you can focus your advertisement spending in the right place and reinforce it free of charge in the other channels.
Establish a goal
Campaigns have different goals, from awareness to let people know you exist, engagement to create a community and be more visible, to a conversion one, where you want to close the hook and sell. Every single one is important and has different kinds of spending, but they all will have a return on investment; it all depends on the strategy you want to follow. You can even have multiple ones at the same time. The idea is that you are very much aware of the investment you want in each and what you expect to have in return.
Experiment with budgets
No one can know without a doubt (so far) how people react to ads. That is why every platform that allows paid campaigns has an approximate reach and, because of that, they normally charge by results. That is, if you want people to SEE you, then you’ll be charged for the number of times your ad appeared in someone’s browser. The beauty of this is that you can see how your ad is working out and adjust budgets, segmentation, or even put a final stop to the campaign to start a whole new one. Do this once or as many times as you need to see the results you are expecting. For this, you can use that working capital loan.
Use email marketing the right way
Very few people read all the ads and promotional emails that land in their inboxes because they normally want to scream BUY NOW. Stop this idea and start making people want to give you their email addresses with useful and informative emails that will provide the reader a tip, advice, or even a discount for opening, ready, and clicking on your “finish purchase” button. This way, you’ll have an engaged database of loyal and returning clients who enjoy your brand, smile when they see your name in their inbox, and have you on the top of their minds.
Use pixels
Most online ad platforms can be embedded with a pixel that will track down your buyers and show them what they were looking at on your website, remind them that you are there, and help them come back with a single click. Partner with a web developer to install those pixels in your channels and make good use of them.
None of the above is for free, the platforms will give you many freebies to reach out to your audience, but you’ll have to learn how to use their paid platforms and invest time and money into making more results. Use that working capital loan and start multiplying your income in a smart and focused way.
Additionally, using techniques like marketing data attribution in your marketing plan should also help create an efficient strategy.
