Are you burning money on your small business marketing? Jo Macdermott from Next Marketing agency in Melbourne explains the 5 basic mistakes that could eat into your budget and reduce your return on investment.

1. Insufficient marketing budget combined with unrealistic expectations

A single low budget advertising campaign can’t be expected to have the same impact as a measured campaign that has the strength of a well-planned marketing strategy behind it. Remember, you’ll pay the same for your advertising space whether your campaign is a disaster or an outstanding success. Money initially spent developing a good marketing plan and identifying the best strategies for your business can make a massive difference to the ROI of every campaign you undertake.

2. Providing unclear instructions or briefs

Unless you set a clear direction for your marketing team, the chances are you’ll waste time and money. Whether your marketing is done in-house or with the assistance of a marketing agency, if the team is attempting to guess your preferences as they go you’ll be paying for the additional time involved – in addition to the revenue lost caused by delays in launching your marketing project.

3. Delays in approving marketing projects

A good marketing campaign can have dramatic results for a business – improved cash flow, an increase in the client base, and an elevation in brand recognition. Why would you want to delay? The interest and momentum in new projects often generates great creativity and enthusiasm – it may be a less tangible factor, but there’s no doubt that an enthusiastic and inspired marketing team contributes to an excellent outcome.

4. Making significant changes to your campaign at the last minute

Much of the time involved in developing a marketing campaign is spent on idea generation and planning. Different aspects of the campaign will be designed to tie in the others. A change at the last minute might not seem that significant, but the fact is that it often sends your marketing team back towards square one. The result can be increased expenditure on time and materials, and of course, the delay of revenue the campaign is expected to generate.

5. Changing service providers or suppliers without a plan

It is sometimes necessary to make changes of this nature, but it’s not something you should do on a whim. Before you take the decision, be clear on why you’re making the decision, identify the prospective new suppliers and be sure they can deliver to your expectations and within the required time frame.

Often a small marketing budget results in business owners running a series of barely successful advertising campaigns on the basis of what they can afford – yet one well planned and highly successful campaign might well end up costing less and returning much more than several mediocre campaigns run throughout the year.

Next Marketing is a marketing agency in Melbourne. Visit the website for a treat – you’ll find some great free eBooks and an excellent blog with tips on everything from creating a marketing plan to using social media for business.