Any owner of a small-to-medium enterprise (SME), startup, family company, or similar growing business likely knows the pains of cost cutting. In the interest of saving every last dollar and dedicating valuable hours to moneymaking, the company’s leadership ends up having to revisit the budget often, and consequently find ways to eliminate so-called “superfluous” spending.
On the one hand, being very conscientious with the company’s budget is generally good for its cash flow. This approach curbs careless spending, mitigates the risk of landing in the red, and allows a company more breathing room to take care of everyday operational necessities. But on the other hand, if a company sports an overly bare-boned perspective on spending, it may be eliminating future possibilities for revenue.
Luckily, marketing is a field that’s constantly on the brink of evolution, and there are now myriad opportunities to reach one’s target audience without spending the same way as a large conglomerate. If you’re in the position to spearhead a marketing campaign for your company, you’d do well to acknowledge how the landscape has changed. This acknowledgment can be the start of a successful, targeted, and income-generating marketing approach that saves you money instead of draining you of it.
Are you curious about how to jumpstart such a campaign? Here’s a list of action points that will get you on track with your target market, maximize the labor allocation for your campaign, and net you major savings for your company budget.
- When buying promotional materials, buy in bulk. Don’t discount the potential that promotional materials still have on the public. People appreciate things that they can wear or use, and you can boost their awareness of the company’s branding and information by subtly advertising it on such an item. This is a relatively low-cost approach that can engage many would-be customers, and therefore become a good justification for buying promotional materials like lanyards in bulk.
- Designate staff to do the marketing in-house. If you know you can’t afford it, then don’t bother allotting a large portion of your budget to external marketing services. When you’re drafting a marketing strategy, make adjustments based on how feasible it will be for team members to carry out. It may be best to concentrate on one campaign message at a time, so that your staff members don’t spread their efforts too thin and they can maximize the campaign’s gains on one particular business area.
- Take advantage of cross-marketing opportunities. In other words, sign up to go places where you know large crowds will be congregating. They’ll be there precisely to discover new products, partake in specialized services, or do some old-fashioned networking. Trade fairs, seminars, and networking conventions are all good choices. Such events pose the perfect opportunity to market to a large demographic in person, all for the price of registration and booth rental.
- Cull from the power of social media. When in doubt, go digital and do a chunk of your marketing campaign on social media. Most platforms are free to use, have excellent infrastructure for advertising products, and can amass a huge contact base. Though you can set up shop on a social media page, focus your strategy on sharing quality content such as photos, videos, and appealing infographics. These are inexpensive, if not totally free, resources to draw customers to your business.
- Target your campaign toward loyal customers. There’s a good rationale for directing your marketing efforts toward the customers you’ve previously entertained. For one, you don’t need to expend extra time, labor, or money to orient them about your brand; for another, you can see them as brand ambassadors and integrate them into the marketing campaign itself. One innovative way to do this is to give out incentives for referrals. Not only will this bring in fresh cash from new customers, it will also rekindle the repeat customers’ interest and level of investment in the company.
- Personalize your customer interactions. Good feedback from customers is free to obtain, and may create significant value to the company in the future. Part of your marketing campaign can be as simple as reaching out to individual customers who have done business with you, thanking them, asking them about their experience, and requesting a quick testimonial for your web page. Just like that, you will have built credibility and trust without having to shell out for it.
It is often not the cost, but the quality of the marketing strategy that matters. That said, these six budget saving tactics should go a long way in focusing your campaign goals and generating revenues that are worth such an investment in marketing!