It may seem impossible, but businesses sometimes end up with excess marketing budget at the end of a fiscal year. Surcharge of marketing budget may be due to various factors, but what’s important is that you didn’t go overboard.
So, what do you do with the additional marketing budget? Here are some ideas on how to effectively spend it:
Order corporate gifts.
Corporate gifts are branded merchandise you can either sell or give away to clients and customers. They can be as simple as pens, notebooks, mouse pads, mugs or more expensive items like high-quality USB, wine boxes and tea sets. Since the items bear the company logo and/or name, they can be effective marketing materials. You can work with a corporate gifts company in Australia to produce and/or design the right merchandise that complements your brand.
Improve digital advertising.
Getting targeted banner ads is better than the ‘spray and pray’ tactic. In the latter, marketers simply ‘spray’ the brand message through ads and other digital advertising formats and ‘pray’ that the message gets seen by the right target market. Targeted banner ads are better because you are deciding on where to place the ads based on analytics.
Hire a famous guest blogger.
Hiring an online influencer to write a guest blog post on the company website is a great lead generation effort. Other than taking advantage of the blogger’s huge following, you also help increase website traffic and improve your credibility.
Analyse your social media engagement.
Just because your post has 100 Facebook likes, it doesn’t mean your social media engagement is high. You have to go more than beyond the likes and see what your customers are saying about you across all platforms. Knowing your best social media works in the past year can help you prepare for the upcoming fiscal year. It can also help you realign campaigns to complement the evolving consumer behaviour.
When it comes to a surplus of marketing budget, there are more ways to milk it for all its worth. These suggestion help you convert your budget into lead generation efforts that benefit you in the long run.