Marketing On A Smaller Budget
When marketing budgets get smaller, most marketing professionals start to panic. Fewer dollars may mean fewer campaigns and less than optimal results. Getting more from your marketing dollars should be on top of everyone’s mind. Even though smaller marketing budgets appear to be the norm, don’t assume that it will negatively impact your marketing results.
Keep in mind that you’re not the only company facing a smaller marketing budget. In fact, recent studies show that almost all businesses have been impacted in the marketing area. One thing to note is that your vendors for online and offline marketing are feeling the strain. With smaller budgets, many companies are cutting back on their traditional advertising. This creates a tremendous opportunity for you to get more of what you need at a reduced cost.
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.
Another area that marketers are reviewing more closely is their online budget. Even though Google Adwords and other sites remain competitive in your pricing, now’s a good time to evaluate what aspects of your online spend are most profitable. If you’re not sure, use a free resource like Google analytics to better understand where your money is best spent.
As you review all of your marketing expenses, consider how you can group promotions together, saving you money and improving effectiveness. During difficult times, its best to focus on leveraging all of your marketing touch points. For example, when you send an email, do you make it easy for others to forward to others who may be interested in a particular offer? Do you ask for referrals after each sale? Consider which touch points lend themselves to viral marketing and leverage them.
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.
There are a number of ways to impact your marketing success regardless of budget size. Improving your results requires an in-depth review of your previous marketing efforts and a full understanding of what has worked for you in the past and what is likely to work for you in the future. Focus on leveraging your existing campaigns by asking for referrals and marketing in a viral way. By doing so, you can have others market for you. This eliminates significant costs and can certainly help you grow your business. Improving results with a smaller marketing budget is more than possible. Just give it some thought, apply what you know works and eliminate the rest.
Are you prepared to take your marketing to the next level? Learn from the Internet marketing experts at MarketingScoop who can guide you on your path to marketing enlightenment. Ask our marketing experts any marketing related concern and access FREE marketing help.
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