Maximizing Your Marketing Budget and Making it Work for You
When it comes to marketing, it is often outlined in the business plan as an expense with a quarterly or yearly budget. With our world becoming more and more digital-centric, many big box companies or those newly in business are taking a different approach and structuring their marketing as a profit center. With a strong and clear plan, that’s exactly what marketing can and should be: a profit center for your company producing a steady stream of revenue and ideal customers for your club or golf property.
Well, as nice as that sounds on paper, this “marketing as a profit center approach” is not always realistic with current business structures and market conditions. The following are ideas you can take to maximize your marketing budget as the beginning to your “profit center”.
Tip #1: Own your creative and your brand
This doesn’t mean you have to do all the work and develop everything in-house on your own, but it does mean that you are involved and present in the process. When leadership or a key appointed person is involved in the strategy and creative process, goals are accomplished quicker and your story becomes consistent; saving you money and adding to your bottom line.
By owning and staying involved in your marketing, the message going out to your customers is driven by your specific objectives and not those of outside service or 3rd party providers. It allows you the ability to control your narrative, specifically online, which will impact the community’s perception of your company and do a better job of bringing ideal customers directly to you.
Tip #2: Define the top 3 to 5 things you want your marketing to accomplish in the current calendar year
It may sound counterintuitive, but it’s essential to keep these 3 to 5 objectives or goals simple, especially if you are working with a more conservative marketing budget. Simple does not mean less effective, but it does mean it’s something your team can most likely accomplish on their own. Be sure to ask for input from more than just your executive team during this process; hearing input from staff in different operational segments can be very enlightening and it helps to build team morale.
For example, the following are ideas of clear marketing goals:
Increasing member spend on Food & Beverage
Increasing the number of young executives members at your club
Better engagement at events being held at your golf course
Booking more tee times on Wednesday morning
The examples outlined can be the first four items your team focuses on, and once you reach the goals by actively reviewing KPI’s (key performance indicators), then you can launch the next tier of marketing. Don’t think you have to do everything all at once, trying to take on too much can become very cumbersome and confusing for the whole team.
Tip #3: Identify the digital media channel that will be the most impactful in reaching your target demographic
Where your course is located, the community you are in, who your target market is, and what you are trying to communicate will all have an impact on what media channel will provide the highest ROI (return on investment). Ideally, you would select the top 2-4 media channels to run all of your marketing. However, when optimizing a limited budget, selecting one channel and doing an incredible job will have the most impact for both your business and your customer.
Following are examples of how you could integrate a new media channel into your marketing strategy:
If you’re looking to better engage current members and grow family participation in certain events, then a dedicated email campaign would probably be most effective. This can easily be set up and managed by one person on your team.
If you’re want to connect and form stronger relationships with local businesses in your community, so they are more likely to book your course or venue for events, then a dedicated LinkedIn campaign may be the best option
Some of the higher converting digital marketing channels to consider are:
-Social Media Stories via Facebook, Instagram, Snapchat
Whatever your marketing budget, keep this key piece of information in mind: the millennial generation is the first digitally native group. Millennials grew up using technology and utilize the digital space to stay connected; researching companies before they make a decision, increasing efficiencies, and building their own businesses. With all of that said, they are still very conscious of regularly incorporating experiences and interactions with companies and people in the “real world.”
The Generation Z group, however, is more dependent on technology. If they are not introduced, connected, collaborating, or familiar with a brand or company in the digital space, they will likely not visit or spend money at said company. Remember, the older Generation Z-ers are starting to enter the workforce and have disposable income to spend.
The point is this: following the tips above and ensuring your marketing plan has a digital element will maximize your budget, increase your brand presence, and grow your business.
Check out our services and see how we can help maximize your budget at www.2ironmarketing.com
Golf Marketing for the Future of the Game!
By: Jacki Arnic