Stop Wasting Your Advertising Spend And Do More With Less.

Stop Wasting Your Advertising Spend And Do More With Less.

Bodie Czeladka
By Bodie Czeladka

Efficiency, my friend.

Feel like you're throwing your hard-earned Quan down the sink on marketing that just ain't delivering results? You're not alone my friend.  A recent survey showed that a whopping 26%—that’s nearly a QUARTER—of all marketing budgets are wasted on channels, strategies and tactics that just don’t cut the mustard. 

Activities that just aren’t showing a return. But don’t stress. We’ve got you covered. 

Improving the ROI on your marketing spend should be your number one priority; that’s a no-brainer.  Spending money without getting a viable return is a surefire way to flush money down the ‘loo. After all, marketing is supposed to create value and grow profit, not put holes and inefficiencies in your budget. So, what can you do to ensure you're getting bang for your buck? 

Many service-based business owners we work with have seen great success by reviewing their activities and re-allocating their budget strategically.  Take from Peter—who’s spending the money on beers (and promotional gimmicks)—and give it to Paul who’s nailing a Facebook Ads campaign with 10:1 ROI.

A word of caution; before making any drastic changes, I always recommend conducting a good ol' fashioned audit of your business.  You want to be 100% sure of what’s going on before making big decisions.  Running an audit also means you’ve got a detailed record of exactly where you started, so you can see if your changes worked.  Still on the quest for better return on your marketing spend?

Here are 7 ways to stop wasting your marketing budget:

7 Ways To Stop Wasting Your Marketing Budget

1. Website usability and conversion rate

You need to make sure your website is easy to navigate and purchase from, otherwise 88% of visitors ain't coming back (which is pretty generous, in my opinion).

Try doing some usability testing and invest in some conversion rate optimisation to get the most out of the traffic you already have.

2. Measure and track your marketing and media spend.

You NEED to know what's working and what ain't—or you're just throwing money away.

Keep a close eye on your media spend and paid marketing efforts, and ditch the channels that aren’t delivering results.

Dive deep into Google Analytics; if you’re not savvy in this area it’s a good idea to pay someone for an audit, and to make sure all the tracking is working as it should be.

4. Audience targeting.

Or rather, targeting the right audience. Advertising is all about the right message, to the right person, at the right time. Marketing is about knowing who that person is, where they’re going to be and what problems they’re struggling with.

Get it wrong, and you’re wasting everything. Time, money and brand equity. The wrong messaging and targeting can hurt your brand.

It’s not just specific to Facebook ads, either. You’ve got similar levels of audience targeting through the Google platform you need to be nailing, too.

Get specific about who you're serving those ads to and make sure you're targeting the right folks. Buyer personas and a brand workshop probably ain't a bad idea in 2023.

The more you know about your target demographics and where they hang out online, the easier and more efficiently you can reach them.

5. Reallocate budget from ineffective channels.

Again, for the people in the back, if something ain't working, and everything you’ve tried to get it working hasn’t worked… cut it loose and re-allocate that budget to something that does work.

You can do this on a granular level, (one keyword), or ad group basis in Google Ads, or on a channel basis; i.e. if your Linkedin ads are too expensive and don't convert move that budget to a channel that is more cost effective.

Don’t keep throwing money down a sink-hole. That’s called sunk-cost fallacy, and it’s been the death of more than one business.

6. Monitor your Lead to Sale Ratio.

Get a CRM (Customer Relationship Management) tool—or even a crude Excel sheet—but figure out how many of every 10, 100, or 1000 leads are closing to sales; and what those sales are worth to the business.

Then you can offset this against the spend it took to acquire them, and calculate an accurate cost per sale figure. If you know for every $1 you invest you are making $10—you know you can scale it up. On the flipside… refer to point 5.

7. Know what you know and know what you don't.

Sometimes it’s best to focus on what you rock at, and outsource the rest. If you're feeling overwhelmed, consider chatting to someone who can help.

Here are some tips for finding a solid provider to help with your marketing:

Tips For Finding a Solid Provider

  1. Check their reviews as a first step— Google Business Profile, Facebook, Trustpilot etc. 
  2. Check the work section of their website. See if it makes sense for your business to be among those successful case studies. If you can’t visualise it, maybe they’re not the one. 
  3. Check if they can walk the talk. If you’re looking to hire an SEO provider, make sure they rank!
  4. Meet them. If you go and sit in their office, see if you get to meet their actual team—not just sales staff.

Ask them to paint a picture of what the first 90 days look like and make sure they have a strong and clear onboarding process. You want to be confident they can deliver consistent success time and time again for their clients.

Most importantly make sure they have strong values, are good people and genuinely are in business to help 'create business' for their partners and clients.

I hope this list gets your brains ticking in 2023. If you want to know more on any of the points above, or have any Q’s—don't hesitate to get in touch! If you want to discuss your business’s growth in 2023, we’re here and ready whenever you need.

Stay awesome,

Bodie Czeladka

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