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Three Marketing Budget Wasters To Avoid

Three Marketing Budget Wasters To Avoid

Marketing is an integral part of any business, no doubt! But it can also be a costly investment. Considering the growing number of marketing channels and tactics, it takes ample time and effort to determine which strategies will yield the best return on investment. This article explores three marketing budget wasters and provides insights from public relations and marketing experts on how to avoid them.

1. “Stop Targeting Everyone.

Olaotan Fawehinmi, Associate Director, Mediacraft Associates.
Olaotan Fawehinmi, Associate Director, Mediacraft Associates.

“I once asked a potential client who he was targeting, and he replied, ‘Everyone!’ Everyone cannot be your target audience. Identifying the demographics, age groups, and regions that need your product and tailoring your marketing efforts, messaging, and product development to meet their needs and preferences is crucial for success.

Casting a wide net and trying to appeal to everyone may seem appealing, but this approach is often ineffective and inefficient. Defining a specific target audience is essential to create a more focused and cost-effective marketing strategy. With a clear understanding and segmenting of who needs what you sell, your marketing efforts will resonate with your intended audience, leading to better use of time and resources.

Conduct market research to identify your target audience before you start any marketing campaign, develop buyer personas that represent your ideal customers and segment your audience based on shared characteristics. Clarity about who you want to speak to prevents wasting your marketing budget on ineffective campaigns and helps you focus on reaching the right people with the right message at the right time.

2. “Goal-less Marketing Is A Budget Mess.”

Berlinda Adebanwo, Account Director, Mediacraft Associates.
Berlinda Adebanwo, Account Director, Mediacraft Associates.

The essence of running a marketing campaign with an assigned budget is to utilise marketing activities to effectively achieve specific goals and objectives within the budget.

However, it is common for clients to overlook the importance of stating specific business and communication objectives for their campaigns.

A client once shared a brief without stating his business and communication objectives, so I asked him: “What do we want to achieve with this campaign?” and “What message do you want to convey to your audience?”. His response was vague. He just wanted to do it and tick off his to-do list. The lack of specific goals and objectives can lead to a waste of resources and a failed campaign.

Setting clear goals and objectives before launching any marketing campaign is vital to connect it to the brand’s bottom line. Failure to do so can result in ineffective marketing tactics and channels, leading to budget wastage.

To avoid this budget waster, develop a comprehensive, data-driven marketing plan with clear goals, objectives, and metrics for measuring success.

3. Avoid The ”We Too” Syndrome.

Melvin Awolowo, Associate Director, Mediacraft Associates
Melvin Awolowo, Associate Director, Mediacraft Associates.

An unstructured marketing budgeting regime is one of the most significant issues for most businesses. Some organisations allocate budgets to activities and line items on a whim because they see other companies doing stuff like digital, SEO, influencer marketing, telemarketing, etc. They feel all these items are fantastic and must always be done in every campaign, so they spend heavily on them.

They engage a firm to design a 3D logo and branding, build a robust website, print fancy call cards, employ a fantastic sales team, etc., when these activities may differ from what they need.

The “We Too” syndrome of copying what others are doing without a clear understanding of why and how it aligns with your business goals is a dangerous game to play. It can lead to an unproductive marketing budget that does not yield the desired results. Instead, develop a well-thought-out marketing plan and execute activities that align with your business objectives and within your budget. Understand your target audience, unique selling proposition, and the most effective marketing channels for your business. By avoiding the “We Too” syndrome and taking a strategic marketing approach, companies can maximise their resources, achieve their goals, and ultimately grow their bottom line.

About Mediacraft Associates Limited

Mediacraft is a leading one-stop shop for PR and Integrated Brand Communication consultancy firm that helps businesses build their brand and reputation through effective communication strategies.

As the exclusive Nigeria affiliate of Fleishman Hillard Global PR Network, the organisation stays in tune with global trends to deliver optimal and relevant client services. For two decades, they have worked on over 1000 completed projects with over 50 clients, both locally and internationally.

Putting their creativity to work in telling Clients’ stories, they turn campaigns into experiences, businesses into brands and customers into fans.

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