Those in the marketing business are aware of how costly it can be. According to Chron, the average marketing budget is about 5%-7% of you’re a business’ annual projected sales. For some businesses, this is an achievable budget, especially if the company is earning additional revenue on the side. On the other hand, for other brands that are just starting out, then this number can still be high.
Rather than put your company through a financial burden, it may be best to implement a more financially savvy marketing strategy. Staying within a proposed and workable budget is the best way to maintain a strong marketing campaign without damaging your business in the long run.
To help you maintain strong finances during marketing, below are a few main money matters that you should know about. The following money matters are recommendations on how to ease the financial struggle what can accompany a great marketing campaign.
The Focus on Customer Service
There are many different ways to market your brand, but the best brands are aware that one of the most effective and least costly methods is to put some extra emphasis on the customer service that your company provides. There are a number of ways that customer service is good for your budget.
First and foremost, it is one of the least costly forms of marketing. Those who strengthen their customer service are essentially attaining a free mode of marketing. For instance, employees who provide stellar customer service are able to ensure that customers are pleased with the brand and its service. The more pleased that customer are with service, the higher the chance they will recommend the brand to their friends and family. With that, you don’t need to pay a thing for word-of-mouth.
Another reason that you should put some more emphasis on customer service to lower your marketing costs is because it also helps your customer retention. Those who create marketing campaigns need to also find ways to retain current customers. Rather than spend money on this costly endeavor, brands can simply treat their existing customers with positive customer service, which will increase the brand’s chances of keeping those customer.
If you are struggling to find ways to enhance your customer service in a manner that will effectively reduce your marketing costs, there are a few suggestions that you can put to use. First, according to Brand Watch, customers are more likely to speak positive of a brand and recommend a brand when the customer has the problem solved swiftly.
Therefore, decreasing your problem resolution timeframe is an easy way to increase customer service and retention. Another option is to also implement customer service training problems that will teach employees how to treat customers well enough that they’ll want to stay with the brand for a long period of time.
Keep Good Marketing Campaigns and Reuse Them
Another great way to save money on marketing and to stay within your budget is to keep good marketing campaigns that have worked for your brand in the past. One of the biggest mistakes that brands make is spending money on new marketing campaigns when they have existing campaigns that get the job done.
If you’re believe that you must create something “new,” then an alternative to using your existing marketing campaign is to revamp the existing marketing campaign by updating is just enough to look new without tweaking the elements that are what make it successful.
The main factors that you should update when using an older marketing campaign are those that concern factual information. In addition, if your older marketing campaign involved a video or poster, you can update the video or poster with newer and high-quality images. This will enhance the visual aspect of the campaign while still retaining the most important and effective parts.
The best part about this type of strategy is that you won’t need to waste money on developing an entirely new campaign. Using old content that works is something that you really should do if you are on a budget and want to save as much money as possible.
Never Over Market Your Brand
There are many ways where a brand can hurt its finances and one of those ways is marketing in a manner that over promotes the brand. Over promotion can come in many forms. For example, you could be printing too many newsletters and brochures or you can be producing commercials and buying up ad space at a high rate that places you in many places throughout the web.
While in theory these may seem like good ways to attract more customers and to make sure that your marketing campaign is successful, the truth is, this type of strategy can easily backfire and not produce the results that you are looking for. At the end of the day, you’ll be spending a great deal of money on a marketing campaign that fails you.
Instead of over marketing your brand, the healthiest and most successful thing to do is to find a safe medium. Also, if you can avoid it, when you do figure out how much you want to market your brand, you should also put a great deal into what types of materials you want to market.
For example, according to Forbes, the type of marketing method that costs the most and has the least return are brochures. The reason behind this is that these modes of marketing are too word intensive, inaccessible, difficult for potential customers to relate to.
If you are trying to find a least costly solution, then you should consider online content, websites, and maybe even starting a blog for your brand. You won’t need to spend a lot of ad space or the content itself because there are plenty of writers out there who can do a good job at presenting your brand to the public in a manner that is going to be very effective.
Analyze and Analyze Some More
An additional reason that marketing campaigns are cost and ineffective is because there are plenty of brands out there who fail to do their due diligence and continuously research the most important factors involved in marketing. These factors include target market, best products, marketing mediums, and more.
When setting up a marketing campaign, the best thing that a brand can do to save money is to research the target market and to adjust the campaign once a brand figures out that the target marketing is changing. If a brand fails to account for a shift in a target market, then any marketing that the brand does is essentially going to be ineffective because it isn’t going to reach the right group out there.
Furthermore, there are other things that should be analyzed aside from target market. Brands can save more money in their marketing strategies by taking advantages of up and coming media. For instance, the types of technologies that consumers are using to get in touch with brands are always evolving.
One day, consumers can be using the web to get their information and other time, they could be accessing media through their cell phone and tablets. Taking this into consideration, understanding these shifts can ensure that you are marketing through the best channel possible, thus saving the brand money and increasing the potential that the campaign is going to work.
Use Social Media as Much as Possible
Finally, brands who want to save money and increase the effectiveness of their marketing efforts should market online through social media as much as possible. In general, social media is completely free. There is nothing that your brand is going to need to pay for when it advertises on Facebook, Pinterest, and other websites.
Not only can your brand advertise on these sites for free, but it can also increase its customer engagement easily and also at a low cost. To highlight how important social media is, you can also have your fans conduct your social media work for you.
For instance, many large brands will invite customers to explain what they like most about the brand by featuring comments and other forms of media. This type of strategy is one of the best ways to engage your customers and to also save money. Furthermore, there are also many social media websites that you have to choose from. Just don’t forget to update regularly and to engage as much as possible.
Overall, marketing does not need to be as expensive and frivolous as you think. There are a myriad of ways to reduce your marketing budget and to increase how effective your marketing campaign is. The above recommendations are prime ways to make sure that your brand isn’t being too costly when it comes to marketing and that it will attain the full benefit of a strong campaign. At the end of the day, it just takes some extra work on behalf of the brand.