How to Get More Budget to Try New Marketing Channels

How do marketers determine the potential risk versus possible reward of experimenting with new marketing channels and tactics?

More importantly, how can you convince executives to invest in new technologies?

Showcase and follow proven strategies and case studies from hundreds of other small and medium-sized businesses (SMBs).

CallRail surveyed 601 SMB marketers to learn the challenges marketers face when looking to increase their budget for new marketing channels and tactics.

In this article, we’ll share some valuable insights from SMB marketers on investing in marketing experimentation across new channels.

Read on to explore highlights from this report, or download the full report here.

SMBs are ready to take their marketing to the next level and to the next channel

The majority of SMB marketers are willing to experiment to keep up or ahead of the competition.

If you’re not willing to experiment, your business may fall behind.

98% of respondents agree it is worth connecting with audiences on new channels.

88% of SMB marketers agree it’s worth keeping up with emerging trends. 86% find it worth running experimental marketing campaigns.

That makes sense, considering social networks like TikTok can go from launch to 1 billion users in just a few years. For SMBs targeting teens and young adults, this is a marketing trend that has helped many companies build brand awareness.

Why are SMB marketing departments so willing to experiment with new channels and tactics? 66% of SMB marketers find it very easy to compete with other SMBs on social media.

What’s more impressive is that 61% of SMB marketers find it very easy to compete with big brands on social media. Although big brands may have larger budgets, they are not always as agile as SMBs.

SMEs that take risks are rewarded

SMEs don’t just want to take risks – they have taken them and with profitable results.

91% of marketers surveyed have tested a new channel and 80% have run an experimental marketing campaign in the past 12 months.

Channels that have generated the most return on investment (ROI) for SMBs include:

  • TV.
  • Youtube.
  • Instagram.
  • Facebook.
  • Twitter.
  • ICT Tac.

Beyond an increase in revenue, 96% of SMB marketers have seen an increase in customers as a result of their efforts. 86% also saw an increase in subscribers, which could ultimately generate more revenue for your small business.

The disadvantages for prudent SMEs

What happens to marketers who err on the side of caution when choosing channels and campaigns to reach customers?

65% believed that their business would lose customers to competitors without an effective marketing strategy. Competitors who have the right strategies in place would be able to reach their target customers more effectively.

53% believed their business would lose customers to competitors if they didn’t have a brand presence in new channels. This can be especially true if a new social platform is extremely popular with your target demographic.

These marketers avoided new channels and experimental marketing campaigns due to unrealistic expectations (70%), complex social media algorithms (78%) and low staff bandwidth (69%) .

SMBs combine proven tactics and new channels

While SMBs invest more in sponsored content and influencer marketing than radio or outdoor advertising, most still invest in proven marketing strategies.

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