The goal of every marketer or business owner is to implement the most effective digital strategy without blowing their budget.
This is particularly important for startups and small businesses as they are unlikely to have an exceedingly large ad budget.
As a small business owner, you’ll probably not have money to throw at several campaigns to identify what works best. And with limited funds, it will be tough to elevate your brand above your competitors.
Fortunately, you can still maximize your ad budget and hit successful back-to-back digital ad campaigns with the right digital strategy.
These tips will show you how to achieve it.
1. Always have an ad budget
Sounds cliché, right? Especially since the title of this article is how to maximize your ad budget. However, for some reason, some businesses choose to allocate zero resources to marketing and it’s no surprise that they often perform poorly.
Last year, many companies had to cut their promotional budget because of the COVID-19 pandemic and the resulting lockdown that followed.
This might look like a smart move at the time but remember that it’s not the end of the world yet. The lockdown will be lifted and things will eventually go back to normal.
Thus, the companies who continued to promote their brand whilst on lockdown will get a massive advantage over those who decided to pause their ad spending.
This meant they spent less since their competitors aren’t running digital ads and more people would resonate with their brand since it never stopped running during the lockdown.
So, always make sure you have a budget for ads at all times even if the company’s outlook isn’t looking positive.
2. Identify and target your audience
You’ll need to spend some time to truly identify your audience before targeting your ads at them. It would immensely help your ad budget if you target the audience most interested in what you have to offer.
This is because they are most likely to transact with you since you probably have exactly what they want.
If you don’t plan on flushing your ad budget down the drain, first take some time to identify your audience and subsequently target your ads at them.
3. Pick a few social platforms to run ads on
One of the fastest ways to blow your ad budget is by running ads on every available social media platform – from Facebook to LinkedIn, Snapchat to TikTok.
If you have a limitless budget, then by all means go ahead and advertise your brand across all platforms. We won’t discourage you at all.
However, if you’re operating on a tight budget, then you should plan your campaigns around one or two (at most) social media platforms.
Aside from the fact that you’ll be spending a needless amount of cash on advertising on several platforms, you’d also find it difficult to manage all the social media business pages.
So, before you start, observe your resources and level with yourself. Would you really be able to get the results you want from social media if you try to be exceptionally good at all of them?
If your answer is “NO”, then there’s some good news for you.
We recommend choosing one or max, two social platforms and be really good at it/them. Focusing your time and money on a streamlined social strategy will let you concentrate all your resources within a more simplified strategy.
Although we can’t tell you which social network would work best for your business, however, what we do know is that most B2C businesses choose Facebook or Instagram or both.
B2B businesses, on the other hand, opt for LinkedIn, Twitter, and sometimes, Facebook when designing their digital strategy.
4. Be creative with visuals
Creativity is the backbone of any digital strategy. How well your ad performs will rely heavily on the kind of visual that accompanies it.
You’ll need some stunning graphics to pass your message across to your target audience and keep them engaged.
Unfortunately, not all of us are cut out for graphics designing so there’s nothing bad in hiring a graphic artist to implement your creatives for you.
Aside from still images, videos are also quite effective when it comes to running ads. The good part of it is that you don’t have to hire an entire Hollywood crew to bring your visuals to life.
Just make use of your smartphone’s camera and be creative with it. You can use it to capture customer testimonials, showcase what you do, record and show your customers a sneak peek into the workings of your business, do a live AMA, and have your customers ask you questions.
Post-production for videos can also be done without taking a chunk out of your budget. There are different photo and video editing apps (like Snapseed for Android or iPhone) you can download on your phone.
Apps like this can be used in editing your different video shots into a whole video ready for the world to see.
5. Preview your ad
It won’t be nice if after working painstakingly on your ad campaign you discover that your budget is being spent but you’re not getting any clicks or signups despite achieving loads of impressions because you mistakenly set the ad up using the wrong link or information.
That’s why it is imperative to go through your ad first before setting it live. Preview it and check that the details are correct including the target demographics, budget setting, and the call-to-action. You shouldn’t let one simple oversight cost you an entire marketing budget.
Not every company can afford to lavish on mega marketing campaigns but with the little you can pay for, it’d be wise to learn how to maximize it.
Remember, in order to get money, you have to spend money and that’s why you must always have an ad budget for your business.
Be sure to know your audience and target them accordingly. Also, run your ads on the number of social platforms you can conveniently manage.
Make your campaigns visually appealing with creativity and never forget to preview your ads before setting them live.