Why You Need to Increase Your Online Campaign Budget
One of the questions that would constantly nudge you as a business owner or a brand custodian when staring at spikes and dips on your marketing dashboard is “Should I increase my campaign budget or not?” Regardless of the results you’re currently getting from your marketing efforts, it can be quite difficult to take the plunge when you’re not sure of what lies beneath the deep. Would spending more money lead to better results and increase ROI or would it just be a waste? Here are a few reasons why you should consider increasing your campaign budget.
One of the questions that would constantly nudge you as a business owner or a brand custodian when staring at spikes and dips on your marketing dashboard is “Should I increase my campaign budget or not?” Regardless of the results you’re currently getting from your marketing efforts, it can be quite difficult to take the plunge when you’re not sure of what lies beneath the deep. Would spending more money lead to better results and increase ROI or would it just be a waste? Here are a few reasons why you should consider increasing your campaign budget.
Chat AppsSince the rise of messenger applications in 2017, these platforms have become a goldmine of sort to marketers. Facebook, being owners of two messenger apps with the highest number of monthly active users – Whatsapp (1.6bn) and Messenger (1.3bn), and with plans underway to integrate them with Instagram, is showing clearly that there’s still a lot to play for in terms of getting your brand to the right audiences. Now, you won’t want an insufficient budget to stand in the way of that, would you?
Building Audience PersonasThe need to get the right message across to the right audience has necessitated a change in the way customers are viewed. Rather than building a campaign targeted at a faceless person based on some basic demographics and psychographic data that don’t have much meaningful context, brands now need to invest in the research and creation of actual buyer personas in the most realistic terms as possible, to aid the crafting of a visual and verbal identity for the right audience. The best practice is to do this exercise from time to time, so as to ensure that products designed and campaigns launched would resonate with the right audience.
Split TestsA/B testing, which is comparing how two versions of a single Ad performs, is a natural inclusion to this list because of the important role it plays. While brands shy away from committing a part of their budget for testing ads, it is necessary to experiment (with a goal in mind though) with ad contents to find out the one that resonates most with the audience in the target buyer persona that has already been created.
Influencer Marketing and UGCA recent survey by Centaur Media found that 79% of consumers prefer influencer content to celebrity endorsements. Increasing campaign budgets to accommodate these global shifts is definitely a no-brainer. It is said that throwing money at a problem doesn’t solve it. So, the goal is not necessarily to match your competition cash for cash. The point is that a steady incremental pattern of campaign budgets to get more results from what’s working and experiment with new features isn’t a bad idea after all.
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