Reduce Your Marketing Spend Without Reducing the Results
Your marketing spend is a vital part of business to understand and get under control.
If you are looking for ways to cut business costs, you may have identified your marketing campaign as one area where you seem to be overspending.
In fact, a lot of businesses could achieve the same marketing results while cutting back on their marketing spend.
So, how do you stretch your marketing spend budget without hurting your business? Let’s take a look…
Blog regularly – If you don’t blog regularly, now is a good time to start. It won’t take a lot of time to produce one blog per week, and it does not need to cost you any money either.
If you have someone capable of producing content in-house, great. If not, there are many cost efficient content writing services available today.
Blogging is beneficial because you provide your customers with helpful and free content, which can establish your company as an expert in your field.
Print marketing materials in-house – If you distribute posters, leaflets, and business cards on a regular basis, you should work out whether it would be cheaper to produce your marketing materials in-house. This can really impact your marketing spend.
Work out the expense of investing in all of the necessary printing equipment, as well as your ongoing expenses, such as printer cartridges.
If you search online, you will be able to find cheap printer cartridges, which can save you a good sum of money. You can then determine whether this is going to be more cost-efficient than your current approach.
Encourage word-of-mouth referrals – If you are trying to cut down on your marketing spend, you need to find free methods to replace the projects you have been paying for.
Focusing on word-of-mouth referrals come highly advised. But, how do you get your customers to spread the word about your business?
Well, if you focus on building a loyal relationship with them and you offer a great service, this will naturally happen. Why not offer discounts for referrals or create a loyalty program? This will create further incentive for customers to tell their family and friends about you.
Use the free features available on social media – While there are numerous paid social options, there are also some free features available on social media platforms too.
For example, one of the easiest and most effective ways to market your business is to schedule compelling social posts. You can ensure you share posts at times throughout the day whereby you are most likely to reach your target audience.
Create content that can be used again – One of the best ways to get the most out of your marketing spend is to create reusable content. You can do this by generating versatile content, which you can reuse for various projects or long periods.
Organise your marketing data – Now would be a good time to review your data, so you can make sure that everything is factual and up-to-date. This includes getting rid of lists that no longer exist or are no longer accurate, as well as updating contact information.
This will ensure you are not wasting your time or money by trying to communicate with old email addresses. Make sure you keep on top of data organisation going forward.
Stop contacting leads that are not interested – Although it is vital to follow up with leads that are yet to convert into customers, you should not spend too much effort on this group of people.
After all, you could end up wasting a lot of your time and your marketing spend. Instead, it is better to look for customers that match your ideal buyer persona, as these individuals are much more likely to end up being a loyal customer.
Focus on quality, rather than quantity – A lot of business owners assume that juggling a number of marketing initiatives is the best approach. However, the opposite could be true.
Don’t waste your money by dumping it into multiple average projects; instead focus on quality for the best results.
Start now, and start with easy cuts – Last but not least, get started with cutting your marketing spend today, and make sure you begin with easy cuts.
Most business owners will have a number of obvious cuts to make. For example, you may have a paid social media campaign that is not receiving any clicks.
If so, it’s obvious that it is time to ditch this campaign. It can be difficult admitting that something has gone wrong, but it is better to cut ties now, rather than continuing and allowing the campaign to drain your budget for nothing in return.
Insanely Clever Marketing 