The best way to manage your marketing budget?
To introduce a product to a new market, there is a mountain of work to be done, which requires a bigger budget. Here’s an overview of the most common no-no’s and how to avoid them so budgets can be used effectively from the start.
- Delay the intervention of a growth marketing agency.
Most companies won’t engage with a growth marketing partner until all of the marketing setup is complete, such as branding and website. This results in a disjointed relationship as the marketing agency will have to quickly adapt to what has already been achieved, which could slow down the process.
By bringing them in earlier – perhaps a few months into the process – they can be involved in the process to help make things smoother – for example, they can help support website setup with their knowledge referencing and appropriate architectural business of the site.
A growth marketing agency can help determine which channels should be covered for branding. While you may think you’ve covered all the bases, we guarantee there’s something you haven’t considered. Instead of redesigning assets once they’re onboarded, a growth marketing agency can help refine the exact brief to ensure the creative can easily be rolled out across all channels.
This will waste not only money but also valuable time.
2: Assuming a beautiful website will translate into sales.
Another common marketing myth is that designing and building a beautiful website will automatically attract the right customers to your business. Although we would like to say that it is correct, it is far from it.
In fact, the website is just the starting point, facilitating and creating a landing page for your customers to visit once they discover your brand. It’s much more complicated than that. It is important to understand the ecosystem that makes up growth marketing and how the different channels are implemented; what is their place and purpose in this global journey?
According to hundreds of startups, the misconception is that investing in a website will generate growth on its own, when it’s a base to initiate and jump-start that growth. This is a configuration item, and the focus should be amplified later – expenses are usually placed in the configuration phase, and customers have limited options for further development.
Start with a simple website to create your designated landing page, then upgrade to a more expensive page later.
3: Believing that everything must be perfect.
Here’s a little-known fact: perfectionism is overrated.
Nothing in business is ever perfect, especially in the beginning. Stop trying to achieve it.
Consider creating an MVP that can be used to gather feedback from a large number of early adopters to help with the scaling process. This will give you valuable insight into your products or services, which will help you in your future product development.
This will save you valuable time and money as you can scale from that MVP rather than having everything done and perfect before launch. Not only that, but it will relieve a lot of stress during those early stages.
