There comes a period in every business where it is time to invest in marketing. Whether this means a new product is launched or simply that the social media pages need a boost in viewers. Regardless of the reason you are ready to pay for marketing, one thing is for sure, you want to be able to see the return on your investment. Not all paid marketing shows an immediate return. Some methods are slower than others and some methods are more rewarding than others. Before any money is spent there is one thing that should be in absolute order, YOUR MARKETING BUDGET. You need to have a marketing budget written down! The budget does not have to be complicated. Simply list the ways you would like to market, for which products or services will be the focus and what costs you are willing to spend. Only you know how much money you have, to dedicate towards marketing so every budget will be different. These parameters are set up to protect your bottom line expenses and will help you be strategic when choosing which methods to use for a maximum return. A few ways to invest in paid marketing are via Instagram/Facebook ads, Business to business ads, Giveaways, and Lead purchases.
Facebook purchasing Instagram forever changed the way entrepreneurs use the platform. A few years back when Facebook first went live with the ability for businesses to run paid ads, not many people knew how to work the system. Eventually, people caught on and Facebook ads showed big returns for not only increased website views but for actual conversion. Conversion is the rate at which a “viewing” customer becomes a “paying” customer. Facebook later installed “Buy Now” buttons directly on to business pages and upped the ante of paid marketing with the ability to be location specific with ads and include details like age and interests. Once the purchase of Instagram was solidified, IG entered the realm of offering paid ads to entrepreneurs as well. Whether IG or FB has the better conversion rate is an argument that could go on for days, both have proven themselves as worth the money. Whether you choose to run your ads on the social media channel with fewer views to gain more followers or the channel with more followers to gain more purchases you are bound to benefit.
Business to business ads is also one of the newer features of paid marketing. Business to business ads is considered when you pay another business with a larger audience money to market your business. These situations usually occur on social media channels like Instagram, where you can gain hundreds of new followers from a paid ad to another IG user. The great thing about this method of paid marketing is that if you do your research and find IG users with big followings of similar audiences to your ideal clients you stand to gain a lot of business.
Giveaways are seldom considered paid marketing, but if you factor in the costs it takes to purchase the items and ship them to your winners for free then it’s not free to you as an entrepreneur. Giveaways are also some of the best marketing methods because they help you gain followers overnight and show your customers that you appreciate them. These can also be done in partnership with other business owners which benefits both parties.
This last method of lead purchases works best for entrepreneurs that are in real estate, business to business niches and certain freelancers. There are websites like Lime leads, OSP and probate websites that will sell quality leads to entrepreneurs. If you are great at closing sales when put in front of the right person, this method is for you. Leads usually include a person’s name, contact information and their area of interests. With this information, you can contact the person via email, phone or direct mail. Although many people are reluctant to use this method because it seems like you are imposing, but if you choose to do business with an authentic leads company, the leads you receive will be of consumers looking to have their needs serviced with what you do and willing to purchase products like yours.
Paid marketing can bring a big return on investment. When used wisely and within budget, your paid marketing methods can increase your audience and sales. The key is to make a budget, stay with it and be consistent with your methods. Sales do not always happen overnight, but if you put in the work you will see the result!