How To Make Your Smaller Marketing Budget Work Harder

July 4th, 2009 | by Michael Fleischner | 25 views

by Michael Fleischner

When times get tough, marketing budgets seem to be the first thing to be impacted. This is generally the case because upper management doesn’t see a direct return for the dollars being spent. This is unfortunate but the fact of the matter is that many marketing professionals have not done a good job of measuring the effectiveness of their marketing results. And as a result, their marketing dollars are seen as unnecessary.

Keep in mind that you’re not the only company facing a smaller marketing budget. In fact, recent studies show that almost all businesses have been impacted in the marketing area. One thing to note is that your vendors for online and offline marketing are feeling the strain. With smaller budgets, many companies are cutting back on their traditional advertising. This creates a tremendous opportunity for you to get more of what you need at a reduced cost.

One of the easiest ways to evaluate where you can improve your marketing value is by evaluating each campaign you plan to do in the coming year. When considering these campaigns, what are their components? As you break down each campaign, you may find that you are working with one vendor or multiple vendors. Essentially, you want to identify the vendors you do the most business with and then negotiate with them for a more favorable rate. Trust me, they don’t want to lose your business. As a result, they will be willing to lower their costs and save you money.

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.

As you review all of your marketing expenses, consider how you can group promotions together, saving you money and improving effectiveness. During difficult times, its best to focus on leveraging all of your marketing touch points. For example, when you send an email, do you make it easy for others to forward to others who may be interested in a particular offer? Do you ask for referrals after each sale? Consider which touch points lend themselves to viral marketing and leverage them.

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.

Once you have found the campaigns that really produce positive results, consider how you can make them even more effective. Viral and social media, encouraging others to take advantage of your offers, is a great method for generating results and doesn’t cost a lot. When marketers see something that’s working, they often leave it alone. If you have specific campaigns that produce results, focus on expanding the campaigns and scaling them. This ensure that you are creating a sustainable campaign that gives you what you’re looking for in difficult times – greater results with a smaller budget.

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