Getting the most outof your marketing spend

Businesses place great importance on their marketing solutions, and rightly so, as they can make or break your brand and the relationship you have with consumers.

We recently spoke to BQ, to explain how technology can support a much more efficient and effective approach to marketing.

We explained that a business’ marketing doesn’t become more successful simply because it has more money thrown at it. It’s key that you have a suitable plan in place that looks at the bigger picture. At Razor, we help businesses to fine-tune their processes, become more efficient and effective, and make their technology work for them. This helps to prevent the loss of money, resources, or even worse, customers.

A common mistake we see is that if their solution isn’t having the desired effect, businesses funnel more money in to it, rather than addressing the problems.

Every business needs to ask:

• Is our software effective? It’s crucial that a business’ website, app and other software perform consistently, to ensure a positive and reliable customer experience. A long wait for a website alone can be catastrophic, with 40% of people abandoning a page that takes longer than three seconds to load. Businesses can’t afford to get this wrong.

• Are we collecting the right data, and analysing it effectively? The truth is, data collection is only worthwhile if it’s refined into actionable insights. Businesses need to ensure that their target market is seeing things that are relevant to them, and this means personalising your approach through a data-driven strategy. This will also help you to get the most value out of data collection.

• Are our systems integrated? Ensuring your systems and software are fully integrated, and working together is vital to reducing unnecessary spend, increasing efficiency and preventing gaps where inefficiencies can cause problems.

• When did we last review our systems? If your business is running efficiently, and your tech is up to date and fit for purpose, that’s great, but that might not be the case in 6months time. It’s key that what is in place is revisited and evaluated frequently, to ensure that it’s up to date.

By taking a few simple steps to evaluate and fine-tune the technology you have in place, you can create a truly effective solution, while streamlining your marketing spend in the process, not only reaping benefits for your business, but for your customers too.

The rise of technology has opened our collective eyes to just what an enabler it is, but we have to remember that it’s only truly valuable when done the right way. To read more about what we had to say, you can find the full article on BQ.