Where should you be investing your marketing budget?
If you’re running a growing business, you’re faced with the same challenges. Too many choices. Limited budget. And no idea what will actually deliver results.
Here’s what you need to know:
99% of marketing is throwing your money away. The other 1% is spent on tactics that bring in leads and customers year after year.
Customer testimonial marketing trends show social proof is one of the most powerful weapons in your marketing arsenal.
Ready to see what your marketing budget should be spending?
How to Spend Your Marketing Budget for Maximum ROI
- Why Most Marketing Spend Is Thrown Out the Window
- Why Customer Testimonials Are So Powerful Right Now
- Marketing Tactics That Still WORK!
- How Can I Improve My Marketing ROI?
Why Most Marketing Spend Is Thrown Out the Window
Let’s talk about modern marketing for a second…
It’s easy to get caught up in shiny new platforms and flashy trends. But if you look at your marketing spend, you’ll see businesses chucking money at anything and everything.
They invest in the “next big thing” without looking at actual results.
It should come as no surprise that only 36% of marketers can accurately quantify their ROI.
Can you guess how many businesses know what happens to the rest of their marketing budget?
Yup. Sit down for this one…
ZERO.
It’s a massive problem in our industry. Businesses are blindly throwing good money away.
The good news? You don’t have to.
Thankfully, some marketing channels continue to produce measurable results. And smart businesses are investing in them BIG TIME.
Why Customer Testimonials Are So Powerful Right Now
Customer testimonials are easily one of the most effective forms of marketing — especially right now.
Why are people plastering their happy customers all over their marketing?
Because other people tell you what a company is really like better than marketing copywriters.
Wait, what?
Let me explain…
Around 92% of consumers read reviews before making a purchase decision.
When was the last time you read 92% of anything?
People trust other people more than they trust brands. It’s human nature.
This explains why Video Testimonials are quickly becoming the go-to form of collecting social proof.
Video Testimonial Marketing Trends
Teraleap outlined these eyebrow-raising statistics in their review of customer testimonial marketing trends.
Video is powerful because…
- It’s more engaging than text-based testimonials
- Helps you build an emotional connection
- Allows your audience to see and hear real people
- Is MUCH harder to fake than a text testimonial
Businesses who add customer testimonials to their sales pages have seen conversions go up by 34%. Place those testimonials near high-ticket items and watch that number soar through the roof.
Amazing, right?
Alright. Now that we know testimonials are worthy of your marketing budget. Let’s dive into some channels that NEVER go out of style.
Marketing Tactics That Still WORK!
To be clear. There are plenty of dead giveaways when it comes to wasting money on marketing.
Facebook ads. Instagram ads. Snapchat ads. LinkedIn ads. TikTok ads.
The list goes on…
Does any of that marketing sound sustainable? Will you actually see a measurable return on your marketing investment?
If you’re like me, you threw up in your mouth a little bit reading that list.
Let’s take a look at marketing investments that you should be throwing your money at:
Email Marketing
The ROI on email marketing is unrivaled.
On average, businesses earn $36 – $42 for every $1 spent on email marketing.
Whoever said email was dying was flat-out wrong.
Small businesses even rank email as their #1 channel for highest return on investment.
And for good reason…
You own your email list. There will never be an algorithm change that takes your list away from you.
As long as you’re sending people quality, valuable content they asked to receive… you’ll keep reaping the rewards.
Search Engine Optimization
I can already hear you groaning…
SEO takes forever to show results. We get it.
Despite how long it takes, SEO produces long-term gains that compound over time.
In fact, organic search was ranked as the best channel for marketing ROI by 49% of businesses.
You’ll stop paying → traffic stops. It’s as simple as that.
Sure it takes time. But if you play your cards right, you should see results within 6-12 months.
Video Marketing
Video.
It’s pretty much considered a requirement these days.
Why? Because customers LOVE it.
Did you know that around 72% of small businesses plan to increase video spend this year?
People want to see video. Plain and simple.
Businesses who invest in video simply convert better than their competitors who don’t.
Try these forms of video marketing:
- Customer testimonials
- Product demos
- Behind-the-scenes footage
- How-to tutorials
Content Marketing
Consistent content marketing is KING.
Blogging, in particular, has been proven to bring in 55% more traffic to your website.
And when you have more traffic, you have more opportunities to convert website visitors into happy customers.
How do you create more blog content that actually sells?
Easy. You write for your audience. Not your business.
Sell less. Teach more.
Done correctly, content marketing can elevate your brand to new levels.
How Can I Improve My Marketing ROI?
Implementing a successful marketing strategy isn’t hard.
Sure, it takes consistency. But if you have the desire and stick to these principles, you’ll see your ROI skyrocket.
Here’s how to improve your marketing ROI:
Measure Everything
Want to improve?
Track everything. That means having analytics set up on EVERYTHING you put out into the world.
Google Analytics should be your best friend.
Know where your leads are coming from. Know where your sales are coming from.
This data is precious. Use it to your advantage when allocating money to your next marketing campaign.
Invest in What Works
Don’t put all your eggs in one basket.
Pick two or three channels you believe will work for your business. Master those channels.
Then add new channels once you’ve become a pro.
One of the reasons I preach testing ALL of your inbound channels is because you never know what will stick until you try.
Utilize Customer Testimonials
Buyers trust OTHER buyers.
Round file that away because it’ll help you remember where to spend your precious marketing dollars.
Tons of places. Include them on:
- Homepage
- Landing pages
- Email campaigns
- Social Media posts
Leave no stone unturned.
Collecting customer testimonials should be SYSTEMATIZED within your business. Make it easy for your customers to leave you a glowing review.
Always be Testing
Once you implement a successful marketing campaign, your work isn’t done.
Constantly run small tests.
See what sticks with your target audience. Then double down on your winners. Kill off your losers immediately.
Taking action > sitting around thinking about taking action.
Remember:
Don’t waste money trying to figure out what works.
Test. Test. Test. Then SCALE your winners.
Ready to get started today?
Where Should You Be Spending Your Marketing Budget?
There’s a common theme among every marketing channel I mention.
They allow you to build trust with your target audience.
Trust is the most important piece of the marketing puzzle.
When you provide value and build genuine relationships with your target audience, you set yourself up for HUGE growth.
There you have it.
You know where to spend your marketing dollars. Now go make it happen.
Your company depends on it.
