For businesses to make a profit, they need to entice outsiders and convert them into customers. This requires some effective marketing, which will most likely require money. As economists are still debating the direction of the current global recession, one thing is clear, many businesses are already cutting down on their spending, especially on marketing items that may be easier to cut. However, before businesses pull the plug further, there are a few things they should consider:
• New customers will have a harder time finding your brand.
• Competition will easily overshadow you.
• Potentially a large drop in the overall business.
• This will come across as a lack of corporate stability.
What businesses need to do is evaluate their previous year’s marketing plan and reconsider how to reuse the marketing budget wisely to reach their target audience. Here are 4 ways to save money on marketing.
Save Time and Money by Targeting the Right Audience
Data is key for a successful marketing strategy and massively impacts marketers when making decisions. That’s because CRM databases include in-depth information about your users or customers, such as the frequency of the social media user, email addresses, web browsing patterns, and purchase histories. The gathered details are beneficial for pushing the right content and products to your customers based on segmentation and hence saving time and money when marketing to the masses.
Furthermore, nurturing customer relations is a process that needs to be cultivated with the help of multiple departments; sales and marketing teams often contact customers at a much higher rate. Maintaining a robust database can ensure a single source of truth and improve business efficiency through a better sales process, more targeted marketing campaigns and overall customer satisfaction.
Reduce Your Media Expenditure
Marketers often feel like they are shouting into the void when trying to catch a customer’s attention. It has become much harder these days with so many channels to compete against, not to mention the skyrocketing media costs. An alternative way to easily reach your target audiences is by utilizing instant messengers such as WhatsApp or WeChat.
Broadcasted messages through instant messengers will pop up onto the recipient’s mobile phone instantly and customers can immediately see the message rather than having to deliberately check new emails. WhatsApp offers different types of templates for marketers to choose from and with the integration of your preferred CRM system through imBee, you can tailor your broadcast messages based on seasonal promotions, customer loyalty status or product preferences. Best of all, the broadcast messaging fee to reach 10,000 customers is around HK$0.58, significantly less when compared to an average cost-per-click (CPC) of HK$7.7-15.5 for Google Search Network and less than $7.7 for Google Display Network.
Justify Your Media Spending by Having a Real-Time Conversation
Placing ads on leading social media platforms are among the best tools for attracting leads, growing sales, and reinforcing digital presence. According to Social Insider, Facebook boasts an average click-through rate (CTR) of 3.06% and Instagram has an average CTR of 0.68%. In addition, Facebook ads also have one of the highest conversion rates at 9.21%, which is higher than Google ads at 3.75% and Instagram ads at 1.08% (WebFX).
So what if there is a way to turn these high conversion rates into a real-time conversation for a greater chance to complete the buying process? With imBee’s platform, ads placed on Facebook and Instagram can evolve into real-time conversions in Messenger or Instagram Direct. Users can complete their journey from viewing the ad to talking with a sales or CS representative all within their mobile phone.
Convert Leads into Sales
During times of high inflation, potential customers require a lot more persuasion and higher discounts. But if businesses don’t talk to the customer at the right time or share the discount properly, they will miss out on opportunities or even end up losing money down the line.
One way to help close the deal is to chat with customers live on instant messaging platforms when they express interest in your product or services. With the help of imBee, businesses can not only reply to customers instantly but also generate exclusive QR code coupons to be shared during the conversations. This will greatly increase the chance to turn the lead into a sale and shorten the overall sales cycle. Best of all, it will also increase customer loyalty by providing a bespoke experience.
Learn how imBee can help marketers maximize their marketing budget while generating more leads, conversions and higher revenue.