EMBiz: Marketing Myth: Mo' Money, Mo' Results
Laurel Mintz, CEO & Founder
Marketing Myth: Mo Money, Mo Results
Hey guys, Laurel Mintz here with Elevate My Brand. On today’s episode of Marketing MythBusters we’re going to talk about the myth of “If I spend more money, I will get more results”. You know the old saying “More money, more problems?” Sometimes that’s the case with marketing, and ultimately the takeaway is that you need to be super data driven. So while it could result in more for you if you’re spending more money, the truth is that you have to spend smart money and the best way to do that is to make sure you’re iterating in smaller increments until you’ve really nailed your audience, your message and your creative.
So I think you guys know at Elevate we do high velocity AB testing across pretty much every channel to make sure that before you spend broadly with your budget, that you know you’re going to be nailing it and that that spend is going to be extremely useful. So while it certainly is possible that if you spend more money, you will get more results, it’s also possible that if you spend more money, you won’t get more results. So instead of thinking about it from a budget standpoint, think about it from an optimization standpoint. How can I test in smaller increments to really realize the value and the opportunity I have in terms of advertising. And only then is it a good opportunity for you to expand your budget to go a bit broader and wider to capture more eyeballs.
So that is today’s myth busted! If you spend more money, you may get more eyeballs but you have to make sure you’re doing it in the most efficient way possible. That’s all for now. Stay tuned for more from Elevate My Brand.