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The Most Effective Way to Manage Your Marketing Budget

To introduce a product into a new market, a mountain of work must be completed, necessitating a larger budget. Here’s a rundown of the most common no-nos and how to avoid them so that budgets can be used effectively from the start.

1. Delaying the hiring of a growth marketing agency

Most businesses will not engage a growth marketing partner until all marketing setup, such as branding and website, is complete. This leads to a disjointed relationship because the marketing agency must quickly adjust to what has already been completed, potentially slowing down the process.

They can be involved in the process to help make things run more smoothly by bringing them in earlier – perhaps a few months after the process begins – for example, they can help support the website set-up with their knowledge of SEO and proper business site architecture.

A growth marketing agency can help you determine which channels you need to cover for branding. While you may believe you have covered all of the bases, we guarantee you have overlooked something. Rather than redesigning assets once they are on board, a growth marketing agency can assist in refining the exact brief to ensure the creative can be easily deployed across channels.

This will not only waste money but also valuable time.

2. Assuming that a visually appealing website will result in sales

Another common marketing myth is that creating a visually appealing website will automatically attract the right customers to your business. While we would like to say that is true, it is not.

In reality, the website is only the beginning, facilitating and creating a landing page for your customers to visit once they’ve discovered your brand. It is far more complex than that. It is critical to comprehend the ecosystem that comprises growth marketing, as well as how various channels are implemented; what their place and purpose are within that overall journey.

Hundreds of startups believe that investing in a website will generate growth on its own, when in fact it is a foundation for initiating and kicking off that growth. This is a setup piece, and the emphasis should be increased later on – the majority of the money is typically spent during the setup stage, and clients have few options for further development.

Begin with a low-cost website to create your designated landing page, then progress to a more expensive one later.

3. Expecting everything to be perfect.

A little-known fact is that perfectionism is overrated.

Nothing is ever perfect in business, especially in the early stages. Stop attempting to accomplish it.

Consider developing an MVP that can be used to collect feedback from a large number of early adopters to help with scaling-up. This will provide you with valuable insight into your products or services, which will help you develop new ones in the future.

This will save you time and money because you will be able to scale from this MVP rather than having everything done and perfect before the launch. It will also relieve a lot of stress during these early stages.

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