Budgeting your marketing dollars is a critical part of a successful business plan. With so many mediums competing for your money, it’s important to be diligent and disciplined with your marketing spend. That’s why you should determine which marketing platform will provide the highest return on your dollar. Unfortunately, there’s not a clear winner, especially when it comes to digital marketing. However, there are some important considerations that will help you maximize the ROI of your marketing expenditures:
- Don’t spread yourself too thin. Select only a few platforms.
- Compare and contrast. Commit to using a few platforms for a set period, then use the same marketing dollars for another two platforms. This will allow you to compare the performance of each and guide you to what’s working best.
- Keep it relevant. Select a specific target audience and produce an ad specific to that audience. You want to connect and engage with one specific audience as that performs much better than trying to appease multiple audiences at once.
- Research pays off. Research which platforms are working the best for the target audience you would like to reach. In some instances, social media advertising might work better than search engine marketing and vice versa.
Finally, remember to track quality leads generated by each medium used. The ultimate litmus test that will determine which platform is the most successful for your brokerage is the number of quality leads.