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5 ways to optimize your marketing spend | Sponsored Content

This article was contributed by Wunderkind.

As the threat of recession drags on, marketers everywhere are sharing the same thought: How do we stretch our dollars? 

“Across industries, we’re experiencing the intersection of increased scrutiny on spend, potentially [fewer] resources, and the need to still produce highly impactful marketing experiences,” says Maddie Zingeser, senior director of field marketing at Wunderkind. “Staying laser focused on customer acquisition and meeting your audience where they are is the best way to ensure you’re aligning your budget to meet your goals.”

Here are our top five tips for getting the most bang for your buck this year:

1. Align your marketing goals 

Step one is frequently meeting with your fellow marketing leaders—and working cross-functionally with leaders across the business—to ensure everyone is on the same page. Whether you’re focusing on growing your first-party data, expanding to text message marketing, or moving into a new market, be clear on the tangible goals your team can all work and put budget toward.

2. Use guaranteed performance marketing channels 

Many brands are turning to solutions that give them a guaranteed return on their investment rather than guaranteed clicks or site visits). Consider investing in revenue as a service, which is elbowing its way into the software as a service (SaaS) market in 2023.

3. Update your tech stack 

Often the culprit of wasted marketing dollars is legacy SaaS tech. Get this: Wunderkind research shows that only 9% of CMOs believe that their tech strategy greatly enables marketing performance. Go back to the drawing board to see which of your platforms are actually producing results, and which are just there because they’ve always been there. 

4. Segment your audiences 

HubSpot research from 2022 found that subscriber segmentation (78%) and message personalization (72%) are the most effective strategies for email marketing campaigns. Segment your target audiences for email, text, and paid social by factors such as intent to purchase, prior behaviors, and demographics, and tailor your message accordingly. While more granular targeting can be pricier, the payoff is significantly higher.

5. Boost customer loyalty 

Data from Accenture cited by Forbes in 2020 reported that 57% of consumers spend more on brands to which they are loyal, while Harvard Business Review found that “loyalty leaders” grow revenues roughly 2.5 times faster than other companies in their industry. Boost your number of repeat customers with personalized communications, discounts, and granular targeting.

Start spending wisely

Check out Wunderkind’s webinar to watch Richard Jones, chief revenue officer at Wunderkind, and guest speaker, Rusty Warner, vice president and principal analyst at Forrester, discuss the current marketing landscape and how marketers can prepare for the year ahead. You’ll gain insight on:

  • How marketers can thrive in uncertain economic conditions
  • The shift to performance marketing and the decline of traditional marketing channels
  • Where marketers should prioritize their efforts in 2023 

Watch the on-demand webinar here.