Owning a business is a costly undertaking in many ways. When you own a business, you aren’t only spending on cultivating your product and paying employees, but you also need add marketing to your expense list.
Marketing is perhaps one of the costliest expenses that you have. There are few reasons for this. Quality marketing requires your business to generate quality content, outreach programs, advertisements, and sales tracking.
The higher quality you expect these elements to be, the more that you can expect to pay. For many business owners though, the central question is whether spending such an exorbitant expense on marketing is a must.
Fortunately, the answer is no. There are ways to pay less for marketing will still maintaining quality output. Below are a number of tips on how to save on your upcoming marketing campaign.
Some marketing moves are expensive and some are not. But the true test of a marketing scheme’s quality is not only the cost, but also the outcome. One of the least costly marketing solutions that generates beneficial outcome is social media marketing.
Social media marketing isn’t costly because there is no cost to using social media accounts like Twitter and Facebook. Therefore, the best thing to do in this case it to figure out what social media marketing campaign you want to implement and to do so.
Creating a strong and wide-reaching social media campaign by determining your target market, deciphering what they look for in social media posts, and research how to get their attention is to key to a strong social media campaign.
If you do spend anything on a social media campaign, it should be in creating quality advertisements and community outreach strategy. With these elements, you can expect to have a low cost and high return for this marketing strategy.
Enhance Your Customer Service
Right next to social media, customer service is another inconspicuous marketing strategy that you must consider implementing. Also like social media marketing, it is essentially costless.
Enhancing your customer service is more than just recommending to your company’s employees to smile more to be friendlier to customers. Those moves are the obvious. What you really need to do is speak to brand employees and discuss how imperative their customer service efforts are.
According to one recent study, 81% of customers are more likely to repeat their business with your brand if they receive good customer service. In addition this, these individuals are also more likely to recommend your brand to their friends and family.
Therefore, it is clear that customer service is an easy and low cost way to market your product. When you speak to the brand employees, suggest frequently asking customers if they need help, try getting feedback about how service can be improved, and always ask if a customer has enjoyed their experience or if subsequent service is needed.
Diversify Your Content Generation
When your brand produces advertisements, consumers are able to quickly recognize whether the content is unique. The less unique the content is, the more likely it is that the content is going to be ineffective. Thus, rather than choosing one individual to manage your content, the best thing to do is to get your content from a number of services.
The great thing about contracting your advertisements is that independent contractors aren’t always expensive, their content generation varies, and you’ll appeal to different audiences with every type of content generated.
Before you decide upon a fixed price with your contractors, discuss what each content piece is going to cost, how that cost can be minimized, and what elements they feel are going to be the most effective in producing a high-quality marketing strategy. You want to choose contractors that know as much about brand marketing as a marketing specialist it.
Ads are expensive to generate, especially the good ones. One of the most wasteful things that you can do with your ads is to market them to only one source. The beauty about ads that most businesses don’t realize is that ads can be duplicated and their marketing reach can go far beyond what one would normally think.
For example, instead of only posting your ad at your business space or at one online source, you should choose a number of online sources that will host your ad. In addition, when you send your product to your customer, include an ad with it regarding what else your business has to offer.
Customers are bound to read the ads and possibly hand them to friends and family. This effortless expands your marketing reach and generates more business for you in a very low-cost manner.
Recycle Your Campaigns
One of the most wasteful things that brands do is to constantly recreate marketing campaigns without giving thought to how effective a marketing campaign was. The point is, rather than spend money on a new marketing campaign needlessly, you should realize what works and stick with it.
If you can find a number of marketing campaigns that have worked for you in the past, then gather them together and reuse them. They’ll still be as effective as always and you won’t need to spend money on generating new content.
If you think that your old marketing campaign is boring, then you can also tweak it a bit in a low cost manner so that you’ll still get a strong return on the campaign. Also, in order to make sure that any new marketing campaigns you undertake will be effective, learn from your scraped campaigns about what was not effective.
In House PR
Some business’s believe that the key to good and effective PR is the type that is generated by a third party. In reality, third parties are highly expensive and they can do the same job that one of your in house staff can do.
Your business team is most likely already able to create a quick and effective press release for your product. All that is required is some creativity, following a template, and some time. By having one of your in house staff generate your next press release, you can get effective marketing for much less than it would cost you to do so from a third party source.
Many business’s don’t realize it, but another very costly element of marketing is not paying invoices on time, incurring late fees, and not taking advantage of discounts by vendors.
By paying your vendors on time for marketing work, you can ensure that you’ll get content in a timely manner and you’ll also build a strong relationship with your vendors that can lead to discussions about possible discounts during certain times of the year.
The more discounts you can get for your marketing content generation, the more money you’ll save while increasing business.
While you don’t need to find the most expensive experts in the field, you should choose experts that do know what they are doing and have experience with business marketing.
While it may seem that choosing experts to get the job done is a costly undertaking, the truth of the matter is that quality experts are what will generate more business and ensure that you get a return on your investment.
Therefore, while the initial cost of a marketing expert can be high, the return is even better and you’ll save money in the long run. You can determine whether someone is an expert based on their past marketing experience, successful campaigns, and business practices.
So don’t forget to ask about these qualities when you choose a marketing expert.
Follow New Technology
Marketing is constantly changing and the most successful businesses are able to adapt to the new technology and to market the brand using the new technology.
By constantly keeping up with new technology, you’ll be able to profit from using it when it comes out and you’ll also be able to discontinue your outdated marketing strategies for something better and more useful.
The Pareto Principle
Lastly, another low cost and effective marketing strategy is going to adhere to the Pareto Principle. The Pareto Principle is an 80/20 rule that states that 80 percent of your results come from 20 percent of your efforts.
Your efforts include cost of marketing, your marketing strategies, and marketing campaigns. While you don’t need to strictly adhere to the principle, following it and keeping it in mind is going to save you money in the long run and it is going to ensure that you aren’t putting too much money on a marketing strategy that is not going to provide you with the return that you are looking for.
Overall, marketing your brand does not need to break your budget and exhaust your business. The above methods are easy and nearly effortless ways to market your brand in a low cost manner. While you don’t need to undertake each strategy, just implementing a few can be a great way to save and increase business.