How to Reduce Your Media Spend & Achieve Better Results

October 13, 2016 10:58 am

Digital marketing has changed the media landscape forever and marketing budgets are being spread across channels – mainly digital – that previously didn’t exist. The problem is that optimisation is not as simple as it was before; if you’re not careful, your spend can get out of hand.

Reduce Your Media SpendBy optimising each of your channels, you can reduce your media spend and achieve better results – all the while proving a positive return on investment (ROI) for every dollar you spend.

We have tips to help you optimise each of the most popular channels draining your media budget. One tip is important for all of them:

Stay in control of budgeting and targeting. If you’re new to a channel, keep watch on your audience and don’t scale until it’s profitable.

Here’s how you’re going to achieve better results without breaking the bank, and figure out the right time to scale for each campaign.

 
Search Engine Optimisation
Search engine optimisation (SEO) and Google Ads are considered a staple in the marketing world – simply because they work.

A recent study shows that integrating SEO efforts results in a 25% increase in clicks and a 27% increase in profits. Because of this, marketers are increasing their spend in SEO.

According to MarketingProfs, nearly half of digital marketing budgets are spent on search, with 31% on paid search and 18% on SEO. U.S. spend alone will top $45 billion by 2019.

If you’re one of those marketers spending nearly half of your budget optimising for search, measuring success by click isn’t going to be enough.

#1 SEO Tip – Always run campaigns with conversion tracking.
You’ve got to know what happened after a prospect clicks. If it led to a product purchase, then which keyword, ad group or campaign triggered the conversion? Conversion tracking will show you which ones are – and are not – worth bidding on.

 
Ad Retargeting
Search engine marketing (SEM) retargeting means targeting website visitors who did not convert yet, often through a third-party vendor. It’s effective, but is an area where media spend can get out of hand.

Research showed 56% of customers retargeted after visiting the cart, didn’t want to make an immediate purchase. Marketers then invest in bringing them back to the cart – what a waste.

In fact, over two-thirds of visitors who intend to make a purchase never make it to the checkout cart. This suggests that marketers are failing to create campaigns that are tailored to visitor intent.

# 1 Ad Retargeting Tip – Use conversion analytics to figure out customer intent – specifically, why some customers aren’t completing their checkout, or converting.
Once you identify the group that doesn’t have the intent to convert, you can stop spending your budget retargeting them, and reallocate to maximise results from those that do.

 
Content Syndication
Content syndication packages can be highly effective if you’re generating top-quality content, but are hard to pin down in a budget since pricing packages vary widely depending on the media outlet you’re syndicating with.

They’re very effective for generating leads, as according to Inc, 70% of people want to learn about products through content versus through traditional advertisements.

The trick to reducing your syndication spend is to be very picky when choosing media outlets.

#1 Content Syndication Tip – Focus on the right media outlets, and once you find them, don’t keep spending if you’ve stopped seeing a return.
Keep an eye on results from certain media outlets, and continue reallocating budget to those performing best.

 
Social Media Ads
In 2015, global analysts predicted a 33% increase in spending for social media ads. This is because over 50% of (business-to-business) B2B marketers rank social media as a “very” or “somewhat” low cost ad option.

Social media can be low cost, and can drive unprecedented amounts of engagement if targeted correctly. Avoid this one common mistake – spreading your budget across every social media channel out there.

#1 Social Media Ad Tip – Choose the right social media platform.
Which platform is converting the most leads? As an example, a bakery is going to perform much better on Pinterest than the latest cloud security software.

 
The key to reducing your media spend while increasing your results is to find where your audience wants to see you the most. With robust conversion tracking and by following industry best practices, you can make your marketing budget stretch farther than you ever thought you would.

 
Image: Shutterstock Australia
 

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