Marketing budgets are usually tight. To maximize profitability, every dollar must be allocated effectively. Here are five strategies that can be implemented instantly to get the most out of marketing budgets.
1. Focus on what works best.
Set up goals in Google Analytics to effectively measure the source and quantity of leads or sales. By comparing sources such as paid campaigns, organic traffic and social media channels, you can apply the Pareto Principle, also known as the 80/20 rule.
You are going to find out what sources generate the majority of sales to later tune up your budget allocation. Use the Pareto Principle and identify the top 20 percent of your traffic sources that generate 80 percent of good results. Focus your budget on that. Especially for smaller budgets, it is often times more effective to allocate it on the 10 percent that is generating 90 percent of results…
