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Maximize Ad Budget Based on Trends
If you’re a small business owner, you know that being on top of where your money is going and what you are receiving in return is essential to creating a profitable and successful business. Ad Budgets are often seen as an expense but are closer to an investment because they bring potential clients and customers to you.
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The number of sales/revenue you receive from these clients is your ROI or return on investment. It may seem like an ad budget could be a “set it and forget it matter”--however, adjusting your advertising budget based on seasonality, trends, or other factors can help you get more leads for less.
Here at Hubsuite, we strive to help you get the most out of your advertising budget and maintain a very competitive ROI. Our average ROI for our clients is 18:1 vs the industry average of 5:1.
Cons of Increasing Ad Budget During Slow Seasons
Something we have seen among our clients is that they tend to increase their Ad Budgets in local ads or other areas when business is slow. That makes sense, right? If you need more leads, you spend a bit more to get business. However, that strategy has some major flaws. For one, customers aren’t biting at that time. That means you’re spending that precious budget when leads are expensive.
Pros of Increasing Ad Budget During Busy Seasons
On the flip side, some business owners will pull back on budget when leads are high. In a way, this makes sense for the short term. When busy, it’s easy to focus on the business already coming in. However, this is a valuable time to get leads while they are cheaper. A more cost-effective strategy is to raise your ad budget during these peaks. With this strategy, there are a lot of benefits. For one, you’re maintaining a competitive edge during the busy season. This also takes advantage of when competitors are ready to buy and maintain a better cost per lead. However, the main benefit is being able to book out and lower ad budget during your slow season.
Unfortunately, it can be difficult to determine seasonality and when to raise/lower the budget as a busy business owner. Thankfully here at Hubsuite, we have the data and expertise to determine when and how much to adjust your ad budget.
How to Take Advantage of This Information
If you’ve had a shift in perspective surrounding your ad spend or want to learn more, get in touch with one of us at our team at Hubsuite. We can show you where your business has the potential to adjust ad budget to maximize your leads and budget as well as manage those adjustments.
Would you love to set up a time to chat? Let us know if you're interested.
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