If you want to cut costs and improve your company’s operational efficiency, you should consider taking a good, hard look at your marketing waste.
In an average mid-to-large-size B2B firm, $0.25 of every dollar spent on content marketing is wasted on inefficient marketing operations.
That’s one-fourth of your resources being wasted.
Want to know how to maximize your operational efficiency by minimizing marketing inefficiencies? Keep reading!
What is Marketing Waste?
The term “marketing waste” refers to inefficient marketing strategies and tactics that are costing your company money.
Marketing waste can be found everywhere, from your lead acquisition processes to simple communication problems.
How Marketing Waste Affects Your Company
Did you know that content marketing inefficiencies alone cost mid-to-large B2B companies 958 million dollars per year?
Inefficient marketing strategies keep you from reaching your company’s true revenue potential and significantly slow your business growth.
Here’s are 7 types of marketing waste you need to watch out for!
7 Types of Marketing Waste
1. Too much activity
Firstly, producing lots of new content can be a waste of time if you do not have a solid strategy behind it.
Before investing time and resources in a new piece of content, consider how it helps you achieve your overall business goals.
2. Too many people
Having too many cooks in the kitchen always leads to marketing waste.
3. Overly complicated processes
The inefficiencies found in the systems and processes surrounding your marketing activities can be a huge resource suck.
Map out your processes to eliminate useless steps, then assign someone to oversee your marketing workflow to keep further inefficiencies from arising.
4. Poor communication
A communication structure that’s too hierarchical reduces flexibility and makes it difficult to take action quickly.
Therefore, changing your communication policy to give your marketing team more decision-making power can help combat that problem.
5. Excessive communication costs
Traditional methods of communication, like phone conversations, are not very cost-effective.
Moreover, reducing communication costs can be as simple as adding an FAQ page to your website.
Consequently, it will improve your site’s conversion potential and free up your team’s time for more productive tasks.
6. Too much trial and error
The marketing landscape is always changing. Thus, it can be difficult for in-house teams to keep up with it.
While finding what works and what doesn’t is an inevitable part of creating a successful marketing strategy, relying too much on trial and error means you are wasting resources and need to seek expert advice.
7. Excessive lead generation costs
Is every step of your current lead acquisition process really necessary?
Consider ways you could you streamline your lead generation by automating some of these steps.
Reducing lead generation cost can also be accomplished by focusing more on building customer loyalty and promoting referral programs to existing customers.
How Handmade SEO Can Help
If you want to cut costs and improve operational efficiency, becoming more strategic about your marketing and eliminating sources of marketing waste should be your number one priority.
Here at Handmade SEO, we don’t just grow traffic.
We bring you road-tested marketing strategies that are designed to eliminate waste and help you make the most out of your marketing budget.
Want to see how we can work together?