27 Oct Making the Most of a Limited Marketing Budget
As a small business, it can be easy to be intimidated by the huge dollar values that national corporations commit to their marketing budgets. But just because your marketing budget isn’t in the millions doesn’t mean that it can’t be effective for your company. You really don’t always need the big bucks as long as you are being smart and efficient with the budget you do have. Here are 5 ways to stretch your marketing budget as far as possible and make the most of it.
Focus targeted ads on a small group
Google and Facebook ads are a fantastic tool, but don’t fall into the trap of spending too much on them. You want to run ads as often as possible, but you really only need to target a focused audience of people who are most likely to become your customers. No need to create a huge audience with thousands upon thousands of people to see your ad. Instead, carefully craft the audience based on geography, demographics, interests, and purchasing history to really hit those who are most likely to purchase from you.
Put most of budget toward digital
Digital marketing in general is where you can get the most bang for your buck. That’s not to say you should not dedicate any of your budget to other areas – it is always good to have a wide range of advertisements and marketing campaigns. However, the bulk of your money should be focused on the digital realm. This is where you can expect to see the highest returns and reach the widest audience without breaking the bank.
Work with micro influencers or up-and-coming influencers
Within digital, one great niche to focus on is influencer marketing. While the top, most-famous influencers may charge a pretty penny for their promotion, there are tons of smaller influencers who charge much more affordable rates, and still have an impressive reach on their social channels. Focus on micro influencers and influencers who are still up-and-coming in their field. If you get to them before their rates skyrocket, you may even be able to strike a long-term deal that will continue to benefit you as their channels grow even larger.
Don’t throw money at things just because everyone else is
We’re going back to the old adage “If your friends were jumping off a cliff, would you?” here. Sometimes, new marketing trends gain popularity before their effectiveness is really proven. Just because it seems that every other company is employing a certain tactic doesn’t necessarily mean you should too. First of all, different techniques work well for different fields, so you may be seeing companies in different industries having great success with something that just would not work as well in your industry. But even if players within your field are trying a new technique, you don’t just want to follow blindly. If your only reasoning for trying a new technique or tactic is that “everyone else is doing it,” then you really need some better reasons.
Research as much as possible before investing
Going hand in hand with the previous point, you want to do all you can to ensure your marketing spends are likely to work well for you before you invest in them. Be thorough in your research and prep work before making a large marketing purchase. Look deeply into the technique, platform, or tool you are thinking about spending your budget on. Find analytics that can clue you in to what type of return you can expect to see. By the time you actually spend your money, you want to have a solid idea what type of return you can expect to see and really know what you are getting yourself into.
By employing the 5 tips above, you can take your marketing budget farther than you ever would have thought. It’s not always about spending more – sometimes it’s about spending smarter.