The cursed year of 2020 is about to get over and we hope the coming year is filled with a lot of happiness and prosperity for all of us. But then, we still have a month to go and business can accomplish around one-third of the total yearly sales that most of them missed this year in the coming holiday season. It is not going to be easy, but it is not impossible as well.
Overcoming all the grief, consumers are gearing up to celebrate the holiday season, and business can make the most of it. Brands are already gearing up and crafting compelling holiday marketing campaigns to finish the year on a higher note of sales. If you want your business to be successful amidst this excessive competition, you need to prepare compelling marketing campaigns across multiple channels and platforms.
You also need to make sure that you prepare the right marketing budget plans and execute it in the best possible way to make the most of the marketing budget. After all, the goal is to increase your ROI from the holiday marketing budget. Thus, we have highlighted and described the three golden rules of increasing ROI from your holiday marketing budget:
Analyze the holiday marketing budget
How much budget is too much or just right for your holiday marketing efforts? Well, to understand this, you first need to perform a thorough analysis of your marketing budget and the remaining amount of the yearly budget which can be used in your holiday marketing campaigns. You can use Google Analytics to understand the performance and revenue yielded from previous and on-going marketing campaigns. “Marketers need to follow what the U.S. Small Business Administration recommends in terms of holiday marketing investment; organizations should ideally invest around 7% of their total revenue on marketing campaigns when they are making less than $5 million in revenue,” states Marrina Decisions.
Understand how much you should invest in holiday marketing compared to standard marketing spend
Marketers often end up spending excessively in their holiday campaigns to gain higher customer outreach and better engagement than their competitors. But you need to understand the ideal percentage of your standard marketing budget that you should increase for your holiday marketing budget. Industry marketing experts recommend that marketers can invest somewhere around two to five times more than their usual year-around investment in marketing campaigns.
Invest more in email campaigns
Email marketing is one of the most effective marketing channels to increase ROI from your marketing budget during the holiday season. Thus, you need to strategize, design, and develop flawless email marketing campaigns by A/B testing.
Moreover, you need to continue testing your holiday marketing emails even after the launch of the holiday campaign to see which group of audience is responding and how they are responding to your holiday campaigns. Based on the insights you can segment and personalize prospects and customers of your holiday email list to target them more strategically and effectively.
Following these three golden rules will help you keep your holiday marketing objectives on point and increase ROI from the holiday marketing budget by taking into account all the costs, branding, and sales goals.
