Making the most out of your limited dispensary digital marketing budget is key to achieving lasting growth. However, with so many options, investing wisely can be tricky.
Allocating your budget and distributing funds correctly can be difficult, but rewarding. For instance, according to a recent survey, businesses made an average of $2 for every $1 they invested in Google Ads last year. Additionally, 37% of shoppers last year said that social media content inspired their purchases.
It is clear that digital messaging is effective, but how can that effectiveness be maximized? Here are 4 tips to help you get the most out of your dispensary digital marketing budget.
Know Your Target Audience
Your marketing plans will be more effective if they are targeted towards people who are likely to react to them. The best way to do that is to get a good understanding of your target audience.
While it may be tempting to spread your message to as many people as possible, targeting specific people is key to making the most of your limited budget. Shooting for audience quantity instead of quality is more expensive and less effective than appealing to a targeted demographic.
Your marketing team should know who your dispensary’s customers are and what drives them to visit your store. Using statistical data to create buyer personas is a great way to get an understanding of your average customer.
Manage Your Dispensary Digital Marketing Budget Carefully
Digital marketing should be thought of as an investment, rather than an expense. Manage your dispensary digital marketing budget wisely to maximize returns and minimize risk.
Cut your losses on campaigns that aren’t working. If data clearly indicates that a strategy isn’t working, throwing more money at it is likely not a good solution.
However, be careful not to pull the plug too early on long-term strategies. This is especially true when it comes to SEO. Otherwise, if a strategy is unable to consistently deliver positive results, it may be a good idea to cut your losses and go back to the drawing board.
Align Your Goals And Strategies
It is crucial to make sure that your strategies align with your goals. Progress towards specific goals (exposure, sales, leads, etc.) should be closely monitored with metrics.
Make sure you are using the right strategy for the right goal! For example, a social media campaign designed to primarily raise awareness should not be relied on to immediately boost sales.
Additionally, make sure to use complementary strategies whenever possible. For instance, investing in content marketing, brand development, and SEO simultaneously is a great way to quickly build a strong brand that can be found by potential customers. Utilizing strategies that naturally enhance each other will lead to quicker growth.
Many marketing experts advise to only invest in one or two strategies, to begin with. Spreading your budget out over several untested strategies that may or may not work is not advisable for a team working with a limited dispensary digital marketing budget.
Experiment With Different Strategies
The best way to optimize your budget is by experimenting with your campaigns.
Experimenting may seem risky at first, but the risk can be effectively managed by keeping things small. Moreover, testing and experimentation are integral parts of digital marketing that need to be budgeted for.
Even if you find something that works, don’t hesitate to try improving it. Keep trying different strategies and tweaking existing ones while measuring and comparing results.
Finding the right combination of messaging, platform, and audience is key to getting the most out of your dispensary digital marketing budget. Some examples of easy, cost-effective experiments include A/B testing individual ads and email marketing campaigns and platform testing them across multiple platforms.
At Footraffik, we’re all about results. We actively monitor our clients’ campaigns and work with them to achieve their goals. Contact us to learn more!