Marketing On A Smaller Budget
As the economy continues to shrink, marketing budgets get smaller and smaller. In tough times, marketing budgets should actually be getting bigger not smaller. Why? Because there are many bargains to be had. Now is the time to negotiate with vendors who are losing business due to the economy. Things are tough all over. That gives you a chance get more for less and enhance value you get for each dollar spent.
The good news is that as the economy struggles, advertising, direct marketing, and other forms of promotion can be negotiated. Long gone are the days of $20 CPM’s. Keep in mind that everyone is struggling and as a result, you can often get a better price on what you’ve been purchasing.
Take stock of all of your marketing spend. Whether it’s for online advertising or simply direct mail, get a good understanding of all the costs involved in your project. Perhaps you’ve been sending post cards to your target prospects. Speak with your printer or mail house and see how they might be able to improve their pricing. With direct mail you have numerous options. Don’t be afraid to negotiate the cost of supplies.
The next step is to focus on your Internet marketing budget. We all know that online marketing is a fantastic way to measure results and control marketing spend. Review your campaigns and determine where you can eliminate wasteful spend. Do you have campaigns that have been running forever that are just breaking even? Forgo the revenue in exchange for a larger spend on profitable campaigns. Review your metrics and make wise decisions. If you do not have tracking software in place, invest in some. It will make your ROI easier to comprehend and give you specific information on where to invest in the future.
When evaluating your marketing expenses, consider how you might be able to group marketing efforts, campaigns, or costs. There is a lot to be said for bundling. This is true when it comes to running your business and controlling expenses as much as it is to drive consumer sales. Can you do more with your current campaigns? Specifically, have you considered using each touch point to drive more business? A great example is the guy who printed a special offer on the back of his business card. With each purchase, he dropped the card in a shoppers bag and focused on brand building and driving direct sales. Consider how you can leverage what you already do. This drives down costs and improves results.
In order to survive during this difficult time and still be successful with a smaller budget, you really need to consider how you can manage the balance between a smaller marketing spend and the need for increased results. Sticking with the marketing basics is paramount. Focus on the needs of your market and offers that get people to respond.
A complete review of your marketing expenses can go a long way. When considering the initiatives you have underway and what you have planned for the remainder of the year, focus on those marketing methods that have generated positive returns for you in the past. Also, think about how you can get more from what you already have. Referral campaigns, loyalty programs and so on can help you get more from your existing customers. If new client acquisition is expensive, then ask you customer base to help you. Ask for referrals and recommendations. Applying these methods cost less and can improve the overall effectiveness of your marketing regardless of budget size.
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