If you are going to engage in scent marketing, which can be a powerful addition to your marketing arsenal, then you will need to determine your scent marketing budget. When deployed correctly, scent marketing can have a significantly more potent effect on your customers’ hearts and minds than any other marketing medium.
Scent marketing can be used to enhance your brand’s image, retain customer loyalty, and attract new customers. However, you need to allocate a proper budget.
Determine Your Existing Budget
First, you need to determine your total marketing budget. This will tell you how much money you have to spend on all of your various marketing activities, ranging from advertising to customer relations and media events. Whatever it is that you have on your marketing roster should be included in your marketing budget.
Before you can allocate some of that budget to scent marketing, you need to have a very clear understanding of how your budget is made up.
Determine Which Marketing Platforms Are Essential
After determining your marketing budget, it is important to divide it up into its various components. An assessment should then be done to determine which marketing activities and platforms are absolutely critical to the success of your brand and your marketing efforts.
Those marketing strategies that have already been proven to work and are currently working should be continued. While these strategies can vary from industry to industry, they can include outdoor marketing, digital marketing, content marketing, or traditional media such as video advertisements or radio advertisements.
By determining which of these marketing strategies consistently yield a satisfactory return on investment (ROI), you can narrow down where your marketing budget can be cut to make room for something new.
When doing this assessment, you will, by necessity, discover which marketing tactics are not yielding a satisfactory ROI. This will allow you to eliminate these marketing strategies and experiment with something different, such as scent marketing. By swapping out traditional methods that aren’t working for something more innovative, such as scent marketing, you can reallocate your budget towards marketing strategies that are more likely to yield a result.
Consider Long-Term Versus Short-Term Costs
The short-term cost of a new marketing strategy may be high owing to the initial investment required to get a strategy off the ground.
For example, a new scent marketing strategy might require research and perhaps the development of a bespoke scent for your brand. These investments may initially be on the expensive side. However, it will not need to be done again later on. Moreover, higher upfront investment might yield a better long-term ROI.
Test Before Roll-Out
Lastly, consider starting small by rolling out a scent marketing campaign in a small, controlled test environment first. This can help avoid unnecessary wasteful expenditure by eliminating strategies that don’t work early on. Test the effectiveness of your chosen scent on a small test market before rolling it out to all of your branches and locations. By doing this, you might fine-tune your strategy before committing large sums.
If you are interested in scent marketing, we here at Scent.ology have a wide range of scents for you to choose from to establish your brand and make a mark in your customers’ minds. Contact us today for more!
