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| Getting More From Your Marketing Budget |
| Written by Michael Fleischner | |||
| Sunday, 12 July 2009 19:58 | |||
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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.
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. Now that things are difficult for online ad networks, magazines, and newspapers, it's a great time to negotiate rates. Are you still paying top dollar for ads? Due to the difficulty in measuring the impact of a particular advertisement, many companies are cutting back on traditional ad spend. This creates more inventory and with more inventory comes lower prices. It really is all about supply and demand. 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. 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. 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. About the Author: Are you ready to take your marketing to the next level? Learn from the Internet marketing experts at MarketingScoop who can direct you on your path to marketing enlightenment. Ask our marketing experts any marketing related concern and access FREE marketing resources.
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