Deciding the right amount to pay for marketing is among the most complicated duties of a business owner. Marketing is essential but it’s important to be realistic about your return on investment. Don’t settle for mediocre marketing firms or employees, your business should make a return that is worth the continued cost of marketing your business. Here are 5 signs you might be overpaying your marketing team.
Hiring professionals with minimal experience can be a very inexpensive investment. However, they often require more time and guidance to be as effective as their experienced counterparts. Therefore, they usually don’t add as much value to the business compared to those who are more experienced. Take the time to vet your marketing team. Ask about past successes or real-world data that proves they have the ability to bring success. That’s not to say that inexperienced marketers are incapable of bringing results, they are just less likely.
2. No Clear Goal
Excessive ad campaign changes can lead to overspending and generally provides little to no results. Your marketing team should have a clear and concise marketing plan that brings results to your business. If your marketing team makes little effort to plan or review past performances with you, you may be overspending.
3. Low Engagement
From the average revenue generated from a customer to the type of coffee your customers like the most, your marketing team should know everything about your business. Marketing is a team effort. Your team should be constantly in contact with you to review the status of your marketing efforts.
4. No Results
Sometimes, people produce poor results. It’s understandable at first, but improvement is going to be required at some point. When business owners hire, they expect a decent return on their investment. If marketing firms can’t make themselves useful for the company, there is simply no good reason for them to collaborate.
5. Late Responses
Your marketing team should be comprised of people you can trust to deliver the pertinent information in a timely manner. Regular communication is essential because many opportunities are time-sensitive. Therefore, those who fail to remain in close contact will impede progress for everyone else. You certainly don’t want to overpay someone who is unreliable.
Business leaders must be careful not to allow their company’s funds to be wasted. No partners should feel entitled to future cooperation. If you’re disappointed with your current results, consider working with a different team.
KC Vision Media is a digital marketing agency that markets for businesses of all sizes. We specialize in web design and Facebook ads. Consider hiring us for your next project.