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.

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.

Once you’ve reviewed your marketing campaigns, take a closer look at your online spend. Any online marketing campaign has profitable and unprofitable aspects to it. As yourself where you spend has been most effective. Reallocate your budget to the successful campaigns or others like it. Now it the time to pause those campaigns that just haven’t proven themselves successful. This reduces your expense and improve the effectiveness of your marketing efforts.

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.

Being successful with a smaller marketing budget requires a dual approach. To get results, you need to focus on reducing your marketing expenses while improving conversions. Doing so may seem a bit unnerving but can certainly be done. Focus on what has worked in the past and eliminate projects that will be difficult to track or manage. The key is to go with the tried and true marketing methods that have produced results.

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.

Are you ready 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 question and access FREE marketing help.

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Post Author: Michael Fleischner

This entry was posted on Friday, December 11th, 2009 at 4:51 am and is filed under Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.