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How to save money on your marketing

By November 22, 2022No Comments

image to support article on how to save money on your marketing

In times of economic uncertainty, marketing and training are the traditional areas where savings can be made. Here are some ideas on how to save money on your marketing.

1. Know what marketing is working

If you want to save money on your marketing, what’s the worst thing you can do? Cut spend on marketing that is working.

John Wanamaker famously said (roughly) “I know 50% of my advertising works, just not which 50%”. If you haven’t measure your marketing performance, how do you know where to save money?

There’s a great tool to help you do this here.

2. Train your staff to do some of the marketing

If you’re outsourcing some of your marketing, you may be able to save some money by getting your own staff to do some of it. Do you have anyone with good social media skills? Is anyone a decent writer? If you have, you may be able to cut some costs by using your staff instead. You may need to spend some money on training but you will cut your marketing spend in the long term.

Even if you keep your outsourced social media expert, getting your team involved will improve the performance of your social media marketing. Having them Share, Comment or even just Like, will increase your reach and get your posts in front of more people, ideally within your target audience.

3. Review your marketing suppliers

How much are you paying for various marketing activities? There may be opportunities to save some money by reviewing the market again.

You do need to be confident that any cheaper suppliers are as good. There is little point in saving money if performance suffers and you’re no longer getting the leads you were before.

4. Look at ROI, not spend

A previous client once asked us if stopping advertising in a particular magazine was a good idea. After all, they were spending £600 for each advert. Stopping this would save them £3600 a year. But, when asked, they said each advert generated nearly £3000 in revenue. Whilst the ROI could be improved, if they stopped running the adverts would save them money, they would lose that they saved in sales. (you can see more about the work we did with them here)

If you can think of ways you may be able to save money, consider the ROI first. Refer back to the 1st point.

5. Get better results

The reason for cutting marketing costs is that there isn’t enough money available within the business. So if you can get better marketing results, more money will start coming in and your problem goes away. Again, refer back to the 1st point.

6. Improve your website’s SEO performance

This is the first of a few things you can do with an investment in time, rather than money. With 1/3rd of the world’s websites running on WordPress, yours probably is too. Free SEO plugins (we recommend Yoast) can provide real improvements in your search engine performance. Use their traffic light system to edit your website, investing just a few minutes per page.

When you do start this process, make sure you are shaping the content to the keywords you are looking for traffic from, rather than choosing the most popular phrase on the page or post.

7. Consistent posting will improve your marketing

If you have a social media person (internal or external), chances are they are posting on your company feeds and possibly one, or two, of the senior managements’ personal feeds. There is no reason why the rest of your team cannot contribute too. Even posting 1-2 times a week can make a big difference. But make sure they are engaging (commenting on other peoples’ and replying to comments on theirs) too.

8. Better connections

In the small business world, networking is the No.1 source of new business. Prospects picked up from referrals and introductions are far easier to close, as they come with an endorsement. Take a look through that pile of business cards on your desk, and through your LinkedIn connections. Who haven’t you spoken to for a long time? Zoom calls cost nothing (not even a coffee) but allow you to catch up, reminding them what you do and how you help people. Again, just an investment in time.

 

Marketing should be one of the last areas to cut spending. We wrote about this in more detail recently (you can see the article here) but to put it simply, if you stop marketing, your target audience may forget you. If they forget you, they can’t buy from you when they finally decide they have a need you could have helped them with.

You are far better off improving your marketing performance than you are cutting your marketing budget. But there are times when it is necessary, so we hope these tips prove useful. Of course, if you would like to talk about any of this, give us a call: 020 8634 5911 or simply subscribe to our mailing list to ensure you never miss any of our articles.

 

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