How do you spend your marketing budget? Are you sending money to areas that serve you, or is half your budget wasted on methods that aren’t working?
Today’s marketing landscape offers almost too many options, and only some of them will become your top performers. That’s what it’s as important to optimize your marketing budget as it is to have one at all.
Making the most of your marketing budget with marketing expenditure optimization will change not only your marketing budget but your entire practice. Here’s how and why it works.
What is Marketing Expenditure Optimization?
Marketing expenditure optimization is a multi-step process that allows you to improve the return-on-investment of your marketing campaigns.
The steps include:
- Locating your biggest expenditures
- Identifying the ratio between marketing costs and demand
- Aligning your sales and marketing with the demand ratio
By choosing marketing optimization, you commit to no longer throwing money at the wall to see where it sticks.
Instead, you budget the cost of a marketing method against the cost of your demand generation to see what the ROI on your investment is. Doing so allows you to identify your most significant opportunities and tweak your marketing campaigns to not only generate more leads but convert more sales.
Optimization isn’t a general task. It takes place at every level of your budget and methodology, and it offers real benefits.
3 Benefits of Marketing Optimization
Almost half of CMOs and marketing teams use last year’s budget for this year’s financial period. They ‘optimize’ based on organizational goals, but not on what works.
What are the benefits of optimizing your market?
1. Agility
Rolling over your marketing budget is outdated because it isn’t agile enough to keep up with today’s marketing mentality.
More importantly, it ignores your investment in analytics and keeps a rigid budget that may not reflect the reality presented by your data.
Adjusting your budget according to optimization practices allows you to be more agile than ever before.
2. Find Wins Faster
Quick wins are those that achieve optimal outcomes with relatively little effort. By using an optimized marketing plan, you can identify those wins and act on them so that you never miss out on an opportunity again.
3. Growth
Are you using marketing because you have to, or are you marketing for growth?
You can run dozens or hundreds of ads, but only a few of them offer ROI. By identifying performance and marketing for ROI, you’ll be marketing for the growth of your ads and your practice.
Grow Faster than You Ever Thought Possible
Do your marketing practices reflect a business that uses marketing because it has to or a business ready for growth?
Marketing expenditure optimization allows you to grow like never before without spending any more money. Instead of rolling over your budget, you’ll see where your greatest opportunities are and where you can get the most ROI.
Are you ready to take your healthcare business to the next level? Get in touch to learn more about our marketing services.
