When it comes to marketing, businesses often face a dilemma: how much should they spend on marketing activities, and how can they ensure that they will get great value for their money?
On one hand, businesses naturally want to keep their costs low, but on the other, they also want to achieve results and see a return for their investment. In this article, we'll explore the concept of value for money in marketing, and why it's important to remember that, whatever that rock-bottom price or special offer tells you, nine times out of ten, you get what you pay for.
Value for money in marketing is about getting the best possible outcome for your investment, i.e. a return that’s proportional to the amount of money you spend. To achieve this, businesses need to carefully consider their marketing strategy and tactics, and ensure that they’re targeting the right audience with the right message. If they don’t have this pinned down beforehand, it doesn’t matter how much they spend on their marketing, they’ll be throwing their money away.
However, it's important to remember that value for money when it comes to your marketing is not just about spending as little money as possible. In fact, if you focus solely on cost, you may end up sacrificing quality and effectiveness. Instead, it's about finding the right balance between cost and results.
One of the reasons why businesses should be wary of cutting costs too much is that you often get what you pay for. This means that if you are paying a low price for a marketing service or product, you may not get the same level of expertise and experience as you would if you paid more. For example, if you hire a freelance copywriter who charges a very low rate, you may end up with sub-par content that doesn't resonate with your audience. In comparison, if you hire an experienced copywriter at a higher rate, you will be more likely to receive content that is engaging, persuasive, and effective, and which results in more enquiries and sales.
Another important factor to consider is that you are paying for a person's experience just as much as the time they spend on your project. For example, if you hire a marketing agency to run a social media campaign for you, you are not just paying for the time spent creating the campaign. You are also paying for the agency's expertise, its knowledge, and its collective and time-gathered experience in social media marketing. You’re therefore getting a lot more value for your money than if you were to try and run the campaign yourself.
It's also worth noting that when it comes to marketing, the cheapest option can sometimes become more expensive in the long run than the more expensive quotes you’ve binned. For example, if you hire a low-cost SEO provider who uses spammy tactics to try and get your website to rank higher in search engines, you may end up with a penalty from Google. This can be costly to fix and can damage your online reputation. On the other hand, if you hire a reputable SEO agency that uses ethical tactics, you will be more likely to see long-term benefits and avoid any penalties.
When investing in quality marketing services and products, businesses can achieve better results and get a higher return on their investment.
If you would like Novus’s help with video creation, content strategy, podcasting or website design, get in touch with us for an informal, no-obligation chat on 07983 575934.
