How to Spend a Budget Surplus on Marketing

Having a budget surplus is every marketer’s dream. There are so many options and avenues to spend marketing dollars on, that it’s incredibly easy for the whole budget to get eaten up quickly. If you have managed to end up with a budget surplus, there are some things that are worth considering when deciding what to spend it on.

Use Influencers

Using influencers as a part of your marketing strategy involves getting people who have a regular social media following to endorse your business and services on the platforms they use. It’s kind of like getting a celebrity endorsement, but without the traditional celebrity. You’ll need to choose the influencers you want to use and figure out how to compensate them. Some influencers may be content with receiving products in return for their services, while others prefer monetary compensation. Make sure you include the message you want to send to customers in the terms of your agreement in addition to the terms of compensation.

Create Compelling Content

Your own content could probably use a few of those extra marketing dollars too. There are many advantages to using content marketing as the focus of your marketing budget. Your visuals are what make that snappy first impression, but your content is a huge part of what keeps visitors on your site and coming back for more. To keep your content compelling, make sure it’s unique and interesting. Add variety to the types of content you have. Making interesting videos to add to your site might be a good use of that extra cash.

Data Analysis

When choosing where to spend your money, it makes sense to focus on those strategies that perform best and are most likely to accomplish your goals. If you aren’t sure what those are, you might be best served spending that extra money on some data analysis. You should be collecting data on your marketing strategies throughout your campaigns. Data analysis helps you turn that data into actionable information, helping you understand what is performing, what isn’t, and why. Once you have that information, you’ll have a better understanding of what strategies will offer you the best ROI.

With all the options available, it can be tough to decide what to spend extra marketing dollars on. Consider using it on influencers to help market your business and services, creating compelling content, and analyzing the effectiveness of your strategies. This will help you make sure your money is put to good use now and in the future.

Read this next: How to Invest Your Profits Back Into Your Business

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