Advertising - Electronics Design & Manufacturing Business
Discussion
Hi chaps,
I'm currently in the process of evaluating how we may make best use of our marketing spend.
Currently we are spending approximately £1000/month using Google Ads (95% of our budget) and Bing (5% of our budget).
Should we be considering others?
We're on a big growth drive at the moment and the bulk of that is going to come from new business. As per the title, we are an electronics design and manufacturing business with a T/O of approximately £3M.
Are we spending enough?
Any other ideas?
I'm currently in the process of evaluating how we may make best use of our marketing spend.
Currently we are spending approximately £1000/month using Google Ads (95% of our budget) and Bing (5% of our budget).
Should we be considering others?
We're on a big growth drive at the moment and the bulk of that is going to come from new business. As per the title, we are an electronics design and manufacturing business with a T/O of approximately £3M.
Are we spending enough?
Any other ideas?
Need a bit more info really.
What level of profit are you running?
Who are you selling to?
Are trades one-off or do you get repeat orders?
Are you working locally or nationally (or globally)?
What's the competition like and what are they doing?
Have you done any proper assessment of your current advertising?
What level of profit are you running?
Who are you selling to?
Are trades one-off or do you get repeat orders?
Are you working locally or nationally (or globally)?
What's the competition like and what are they doing?
Have you done any proper assessment of your current advertising?
Original Poster said:
Currently we are spending approximately £1000/month using Google Ads (95% of our budget) and Bing (5% of our budget).
Should we be considering others?
No but are you 100% sure you've maximised your ROI on this with the best PPC agency and best converting landing pages?Should we be considering others?
Frimley111R said:
Original Poster said:
Currently we are spending approximately £1000/month using Google Ads (95% of our budget) and Bing (5% of our budget).
Should we be considering others?
No but are you 100% sure you've maximised your ROI on this with the best PPC agency and best converting landing pages?Should we be considering others?
StevieBee said:
Need a bit more info really.
What level of profit are you running?
Who are you selling to?
Are trades one-off or do you get repeat orders?
Are you working locally or nationally (or globally)?
What's the competition like and what are they doing?
Have you done any proper assessment of your current advertising?
Profit tends to be around the 30-40% mark. We typically work nationally the vast majority of the time although we do work in the States and Europe but, as I said, the vast majority is within the UK.What level of profit are you running?
Who are you selling to?
Are trades one-off or do you get repeat orders?
Are you working locally or nationally (or globally)?
What's the competition like and what are they doing?
Have you done any proper assessment of your current advertising?
In terms of who we're selling to, typically companies with £1M+ turnover, often far more than that. Average is perhaps £10-30M annually.
Competition is absolutely there however we are renowned as one of the best, we've been trading for 27 years and have built up a very solid reputation in the industry. The majority of our competition relies predominantly on Google Ads and Bing.
I've started to properly assess our current advertising however we had an awful salesman looking after the leads for the best part of 2 years so it's really hard to gauge how the advertising has really performed in honesty.
OK then. Well, that sounds to me like a nice business you have there. It also sounds like your current advertising is working - but you don't fully know why plus the issue (historically) seems not to be the advertising but the means with which interest was converted to a sale.
I would invest time / money in analysing your current advertising. What messages generate the greatest interest? What happens when a prospect clicks an ad?....and so on. Try to build a detailed understanding of how your prospects are engaging with the advertising. Do more of works well. As for what works less well, see if you can fix this or stop doing it and concentrate on what does.
I'm surprised at the mention of Bing. Is there really sufficient interest and use of this to warrant investment?
On top of this, you might want to consider a few 'integrated campaigns'. Promote the business through different media - trade magazines, trade shows, social (maybe), PR, etc.. These might only run over a few months but can boost awareness of your business and its offer.
I would invest time / money in analysing your current advertising. What messages generate the greatest interest? What happens when a prospect clicks an ad?....and so on. Try to build a detailed understanding of how your prospects are engaging with the advertising. Do more of works well. As for what works less well, see if you can fix this or stop doing it and concentrate on what does.
I'm surprised at the mention of Bing. Is there really sufficient interest and use of this to warrant investment?
On top of this, you might want to consider a few 'integrated campaigns'. Promote the business through different media - trade magazines, trade shows, social (maybe), PR, etc.. These might only run over a few months but can boost awareness of your business and its offer.
You need to be able to work out the average cost of aquiring a new customer through each channel versus the profit each one brings. Then dig into the conversion points and see if you can do things better at each one.
For example, is your ad getting the expected click through? Is the landing page converting as well as it should? When you receive an enquiry, how many answer the phone? How many contacts turn to appointments? How many appointments to business?
Ultimately you want to be able to say 'x' number of clicks will produce 'y' number of clients at 'z' cost per client. Then you can plan your spending accordingly.
Bing is more useful than you think. In my industry it produces about 25% of the traffic of Google, but it is lower cost per click and the conversion rate is higher than Google. In other words it is good for reducing the overall average cost per acquisition and there is a decent uplift in volume over and above Google. This is B2C, B2B may be different.
For example, is your ad getting the expected click through? Is the landing page converting as well as it should? When you receive an enquiry, how many answer the phone? How many contacts turn to appointments? How many appointments to business?
Ultimately you want to be able to say 'x' number of clicks will produce 'y' number of clients at 'z' cost per client. Then you can plan your spending accordingly.
Bing is more useful than you think. In my industry it produces about 25% of the traffic of Google, but it is lower cost per click and the conversion rate is higher than Google. In other words it is good for reducing the overall average cost per acquisition and there is a decent uplift in volume over and above Google. This is B2C, B2B may be different.
Thanks all, very informative.
JPJPJP said:
Have you done any work on linkedin - connecting & communicating prospects in a structured way?
Absolutely! I have a Sales Navigator account and a premium account which provides me with 60 InMail's per month. LinkedIn is a key tool for us in terms of lead generation for outbound cold calling as well as social selling Gassing Station | Business | Top of Page | What's New | My Stuff