The power of setting goals for marketing spend optimization couldn’t be overstated. Once you‘re there! it’s time to see if you’ve done your homework on market and audience research.
These eight free budget templates business sale lead for Excel and Google Sheets can help you set those goals and track everything from branding to events.
2. Target the right audiences.
Targeting high-value audiences means you’re putting your budget on the people who’ll actually convert! not throwing money at broad! random campaigns.
Plus! high-value audiences tend to bring long-term benefits (high LTVs). These are the customers who stick around! spend more! and are easier to retain.
Dan Bowen! founder of Bowen Media! told me how they use performance analytics to optimize marketing budgets by focusing on high-value audiences. For one e-commerce client! they identified a specific demographic that was driving the most conversions and decided to shift resources to that group.
Here’s what they did exactly:
“We moved 20% of the budget from underperforming demographics to this high-performing audience through Google Ads and Meta Ads. The client saw a 37% increase in ROI within a month. This way! every dollar was being spent on the most india cell phone number list conversion-ready audience!” Bowen says.
This approach ensured their budget was optimized for maximum impact! delivering impressive results in a short time.
The next step in optimizing your marketing spend is to review where your current budget is going.
This includes analyzing every channel! campaign! and resource used.
Understanding what delivers the best ROI will help guide decisions on where to reduce spending or where to invest more.
Source
Marketing analytics is a long topic for another article! but I’ll leave you with practical resources:
- Marketing Analytics Courses & Certificates from Semrush Academy
- Marketing analytics: A guide to improve your skills
- HubSpot for Marketing Analytics: Training
Expert tip: “Always monitor Lifetime Value (LTV) against your CPA. In one campaign! we identified a product with a high LTV and focused our spend on upselling and retargeting existing customers! resulting in a 60% increase in revenue without increasing the overall budget!” said Oscar Diaz! co-founder and CTO at Sobefy eCommerce.
HubSpot’s Marketing Analytics & Dashboard Software lets you measure performance! track customer journeys! and analyze all your analyze your marketing spend campaigns in one place. Make smarter! data-driven decisions and see the impact of your efforts.
4. Reallocate funds based on performance.
Continuously test and adjust campaigns based on real-time performance.
According to Diaz! his team kicked off the task with Google Analytics and Facebook Ads Manager. These tools were used to track campaign performance in real time. They could then pause underperforming campaigns to reallocate funds to top-performing ones.
