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.
If you want to begin the process of making your marketing budget stretch, then start with a complete review of your previous year's marketing spend. You need to account for each campaign and each component within the campaign. For example, if you take a direct marketing piece that you may have sent to a target group, what was involved? Printing? Paper? Distribution? Are you using a single vendor or multiple vendors? If you were to do the same campaign today, which vendors would be willing to lower their prices? Map out your campaigns and resources then begin the negotiation process.
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.
After a thorough review of your marketing expenses, your are in a much better position for determining how you can group promotions to lower costs and improve sell through. Consider how you might take advantage of your current campaigns. Do you ask customers to forward a promotion to a friend? Are you communicating to your mailing list on a regular basis? Are you collecting information about your consumers that can help you customize your campaigns and improve conversion rates? Think through each touch point and how you might improve your sales.
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.
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