Cost-effective marketing strategies

According to the Oxford Languages dictionary, the meaning of profitable is that it produces a profit that compensates for the investment or effort that has been made. Therefore, profitability is the relationship between the benefits obtained and the investment (whether money, time or work) made. Profitable is not synonymous with free.

To ensure that the marketing we design is profitable, it is necessary to take care of the balance of this benefit/cost ratio. The strategy must be defined: What goal do we want to achieve? Will it be aimed at growth, positioning, competition or some other advantage? What objectives do we propose? Objectives should be specific, measurable, achievable, relevant and time-bound (SMART).

Through a consistent marketing strategy we can concentrate our resources and budget, putting them where they are most needed in the best possible way.

Traditional marketing VS digital marketing

Choosing the most cost-effective communication channel that responds to your strategy, whether it is promotion and advertising or content distribution, is not an easy task. It is not about following fashion or the latest trend but about creatively exploiting the relationship between the customer, your product/service and your brand.

This can be done in a traditional way or by making full use of the possibilities offered by digital marketing. It all depends on the type of business you are, your budget and where your customers are located.

Among the traditional avenues (outside the digital realm) are:

• Media.

• Direct mail.

• Cold calling.

• Event marketing.

• Print advertising.

• Referrals.

Among the most popular ways of digital marketing are:

• Attraction marketing (Inbound marketing)

• Content marketing

• Email marketing

• Social media marketing

• Search Engine Optimization (SEO)

• Search Engine Marketing (SEM)

• Influencer marketing

• Storytelling

There are advantages and disadvantages in both forms.

In traditional marketing, the product and its features are shown more (in a way it is more aggressive), the audience has no choice in what is shown, the return on investment (ROI) is delayed because you have to wait for the campaign to conclude to measure the result. It also tends to be more expensive (if you use mass media, for example), especially if it is a business that is just starting. However, its strengths are a greater impact at local or community level and its ability to be remembered by consumers because they are not distracted by the volume of advertising, which is usually much lower than on the Internet.

In digital marketing, the audience is the one who decides what to see and what to look for, so it must go beyond the product and focus on the person. Interaction is its strong point. Its reach is far superior because there are no limits of any kind, neither demographic nor geographic. Its results are measured instantly and can be tracked throughout the experience.

The strategy can be corrected in time if any error is found. But not everything is positive; you have to compete strongly with all types of content and the visibility time is usually very short.

Digital marketing and traditional marketing do not have to be mutually exclusive. You can take elements from both to implement your strategy, make them complement each other and enjoy their benefits while minimizing their shortcomings.

Most used strategies in digital marketing

Among the most used and most effective digital marketing strategies today are:

• Email marketing

• Attraction marketing

• Social media marketing

• SEO and SEM

Email marketing: It is a very versatile and effective strategy. Through this channel we can establish direct communication with the person throughout their buying experience, from the moment they reach us until they become a customer. Your messages can be massive and at the same time personalized. It is necessary to take into account that it must be configured for mobile format.

Attraction marketing (Inbound marketing): Customers come on their own because they need the information we offer them. Different resources are made available to them: tutorials, manuals, videos, infographics, books, etc., that solve a specific situation. It is a way to work on the visibility of your brand and capture leads (consumers who show interest and leave it registered, sharing their information with the company). Content marketing plays a fundamental role here, developing and sharing valuable and quality content that is relevant according to the stage the consumer is in. For example, a video designed to attract interest is not the same as one designed to give a sense of authority on the subject. In the first case, perhaps a storytelling that connects with their needs and emotions is a good option, while in the second case it can be a tutorial, a review of a professional or a blog.

Social media marketing: We exploit the social networks most used by our potential customers. It's about being present in the consumer's daily life. Finding a way to position your brand in their mind and bring them closer to the company. Its strengths are:

• Interact with the public in a pleasant and informal way.

• Increase the traffic of people to your websites.

• Create a community and follow it up.

You have to know very well the profile of your potential customer and adapt the content to the social network you choose because each one has its particularities and its target audience. In addition, be updated on changes in algorithms to redirect the actions that are made in time.

It is best to invest in paid ads as otherwise the reach may be limited. Another tip is to organize or create a publication plan to better visualize the content, take care not to repeat content unnecessarily and ensure the frequency of publications. Finally, as in all other strategies, measure your performance. Fortunately, there are countless metrics that you can evaluate on social networks.

Study each social network and its possibilities, advantages and disadvantages in depth before carrying out any marketing action on them, remember that you are going to invest time, effort and money. You don't have to be in all of them.

Search Engine Optimization (SEO): It focuses on web positioning in search engines through techniques that make it possible to give precise answers to users' doubts. The better our SEO strategy is, the more our content will be prioritized in search engines. With so many options on the Internet, if we are not visible it is as if we do not exist; so this becomes an indispensable tool to direct to our company a continuous traffic of people interested in our product/services. We have to be on the first page of search results. Users trust this type of positioning because they relate it with a positive validation from other users.

Some factors to take into account to develop SEO, for example for the Google search engine (which is the most used):

• Index your site

• Align quality content with keywords.

• Take care of the architecture and usability of the site.

• Consistent use of keywords and tags

• Consistent use of internal and external links

• Ensure visibility from different devices

• Keeping up to date with algorithm changes

Among many other content and form factors. By implementing this strategy well you will be able to see benefits in a very short term but it is best to invest in hiring an SEO specialist to develop it correctly.

Search Engine Marketing (SEM): It is based on advertising your company or brand through paid ads on search engines, its results are very fast. They direct traffic by attraction from different channels to your site through advertising campaigns, it is known as PPC (pay per click). Its main advantage is the level of segmentation you can obtain. There is a great variety of SEM campaigns available: search, shopping, remarketing, video, etc. Among the most used tools are Google Ads, Bing Ads and Facebook Ads.

The ideal is to use these two strategies together. SEM can complement SEO.

Converting a user into a lead, a lead into a customer and a customer into a representative of your company requires the combined use of several strategies and actions, you must be sure to apply the right tools and channel at all times.

In the next chapter we will go into more strategies related to promotion, both traditional and digital.