- On March 5, 2020
B2B SaaS Marketing: How is Your Marketing Budget Spent?
Many SaaS businesses try to cut spending on marketing in an effort to save money, but investing in marketing activities is essential to increasing revenue. To ensure your marketing budget is being properly spent, you need to determine which channels are right for your SaaS business and the best way to invest in them. Don’t make the mistake of not exploring all of your channel options, even ones that seem obscure. So, how do you find out which marketing channel is best for you?
You know the importance of measuring and tracking marketing activity in all of the channels; this is how you figure out which channel is best for you to spend a little more of your marketing budget. Using your analytics, you can best determine which channels are generating the most leads. Try measuring a mixture of different channels and see which ones are performing the best for you. Work out the numbers by calculating how much it costs to acquire leads for each channel. Divide the amount of funds invested in the channel by the number of leads you gained within a specific time period. This will allow you to determine if it is worth spending extra money or not.
Once you have determined that, take the time to look at some channel options you may or may not have thought about.
Social influencers are big right now! Traffic that is generated through earned marketing is more beneficial than content that you post yourself. People want to hear about your products and services from other people – not from you. For example, if an influencer has used your product and had a great experience, they are going to post about it and recommend you on their blog, social media, etc. Their followers are now more interested in what you have to offer. It might be hard getting to top influencers but don’t fret, you can still utilize other brand advocates who actively post on social media.
Paid ads on social media can provide great leads but overall can get pretty expensive. It can provide you with quick short term traction. Now, if you budget correctly and target appropriately – you can pinpoint exactly where you want your ads showing and to whom. Most social media ad platforms allow you to insert a budget and will not go over that said budget – so you can spend as much or as little as you want with your ads. Just be cautious, these ads are not as effective at producing brand engagement as other channels because customers know that they are paid ads. Test your ads out with a small amount of your marketing budget such as $20 and go from there. Get creative with your ads. Right now, video ads are a hot thing. Customers are very visual and videos grab your attention way more than a regular picture and some words.
In conclusion, you now know that the best B2B SaaS marketing channel that is right for you is the channel(s) that are bringing in the most leads right now. Build a strong presence on competitive channels in your industry and trial newer marketing methods to gain an advantage over your competition. Be bold. Your efforts are sure to pay off in the end. And if you so happen to need assistance in finding the right marketing channel for you or help analyzing your channel data, give us a call. We can help!