We all want to get the most for our money, particularly in the world of business.
So, when it comes to optimising your marketing budget and getting the best return on investment (ROI), it’s important that you clarify your budget strategy early on and invest wisely.
Your marketing budget is core to the success of your venue and should be spent in a way that will not only boost sales but will also optimise footfall, maximise awareness, inspire action of course, allow you to connect and engage with your target market in a way that will truly resonate with them.
Whether you’re planning an event, in the process of creating an all singing, all dancing entertainment programme, or simply trying to position your venue at the forefront of your customers’ minds, you should always keep ROI in mind.
So, before you start spending your marketing budget, think about how your money can be best spent for optimum returns.
First and foremost, the key to any successful marketing campaign is to set specific goals. This will keep you focused and, most importantly, ensure that you spend your money in the right way. This also means that you can track your spending and the impact it’s having.
The key to optimising footfall and maximising a return on investment is to make your venue as appealing as possible. After all, a venue that is unique, offers a new and exciting experience or stands out from the crowd aesthetically, is more likely to attract visitors. And, once you’ve made the initial, memorable impression, your customers are more likely to come back time and time again.
There’s no denying that social media is now the world’s most powerful communication tool. Allowing you to connect and engage with your target market, 24 hours a day, 7 days a week, 365 days a year, social selling is a great way to optimise ROI.
From sharing engaging content, creating events, sharing videos and photographs or past events, through to connecting with relevant parties to promote your event, and homing in on those all-important hashtags, social media is a sure-fire way to boost any marketing campaign.
Referral marketing is incredibly popular. Allowing your customers to become your company’s advocates by recommending your brand to their friends and family in return for an incentive such as a voucher or money off their next purchase, referrals can really help to boost footfall and sales.
Signing up to a flat fee listing membership site such as Canvas offers a fantastic return on investment, especially as you pay absolutely no commission. This means that all of the revenue that you earn is yours to keep.
Unlike agencies who will keep charging you at least 10% commission on bookings with a return client, Canvas only charges a flat fee per year. Of course, this also means that you have full ownership over the client so you can generate upsells and sales without the need to discount your service.
Feedback and reviews can instantly inspire action and sway people’s opinion to visit your venue! Proven to build trust and optimise conversion rates, using a review platform such as Trust Pilot or simply sharing feedback on your social media platforms and website can help to boost ROI.