DSG understands that 2020 has not been an easy year for anyone. Many businesses are seeking to decrease costs wherever possible in order to stay afloat. Luckily, this week we’ve got 8 stellar tips for stretching your marketing budget to help you save your business money.
1. Free Media
You’ve heard us say it before and we’ll say it again; if you aren’t taking advantage of “free media” sites such as Yelp, Google My Business, and Facebook, you’re missing out on a major opportunity for reaching large audiences. These online directory or listing sites are great locations to host your business information at no cost to you, increasing your discoverability by pushing your business name to the public. To learn more about the many benefits of using free media for your business, read our blog on Why Free Media is Important.
2. Outsource your Marketing
If your internal marketing team isn’t meeting your needs, you may consider outsourcing your marketing to an agency. Studies show that the annual costs of utilizing an agency are far more affordable than costs associated with hiring, training, and sustaining an in-house marketing team. Many agencies like DSG work by partnering with your existing marketing team to collaboratively fulfill your listing management and marketing needs, so there is no need to fear eliminating your team entirely. But, before you hire additional marketers, consider weighing the pros and cons of outsourcing. An added benefit of collaborating with an agency is that you’re able to get the most competitive pricing on your technology solutions. To learn more about what partnering with an agency could mean for your business, check out our blog on Saving your Marketing Team Time.
3. Be Picky with Technology
If your monthly marketing budget isn’t lasting throughout the month, consider reevaluating what marketing technologies you are currently paying for. When marketing on a tight budget, it’s important to be very selective with the technology you utilize to ensure you’re only spending your budget on the most effective methods for your business. Your monthly reporting may help you to determine which campaigns provide the most value to your team.
4. Avoid Costly Marketing
Hone in on which avenues are using the largest portions of your marketing budget and examine where you can reduce and eliminate costs. DSG finds that many businesses are sinking unnecessary funds into their paid search or paid social strategies. While paid search and social can be effective, low-cost methods of reaching large audiences, it’s important to design your campaigns intelligently. Spend as much time as you can spare evaluating your keyword strategy; are you fully focusing in on your target audience? If not, your funds could be sending your messages to audiences who won’t convert. If you’ve optimized your campaigns and still need to save funds, consider trying out retargeting strategies. Many businesses find that retargeting is a highly effective form of marketing that often leads to high conversions and ROI.
5. Try Cheaper Methods
Marketing on social media is a free and effective way to push your content out to receptive audiences. Starting a social media strategy for your brand is as simple as setting up free profiles for your business on sites like Facebook, LinkedIn, Instagram, and Twitter. Better yet, encourage your audience to share your content as your following grows. Having your customers market for you is possibly the best way to save money and spread the word on your business. Another avenue to consider is refining your SEO strategy. SEO is one of the most cost-effective and influential things that you can do for your business. Check out more SEO tips from DSG in our blog, Leveraging SEO During Budgetary Challenges.
6. Ask Current Clients for Referrals
Another highly effective marketing method is asking your current customer base for referrals. This could be as simple as asking for a brief email introduction to a partner whom they think could benefit from your products or services. If you can manage, offer your customers an incentive to provide these referrals such as a small discount. You may be surprised to find how many of your customers are happy to help your business out at no cost to you!
7. Hone in your Reputation Management Strategy
Reputation management is a highly valuable marketing practice. In today’s digital world, consumers trust reviews over nearly anything else. If your business has very few reviews or a number of negative reviews, it could become hugely detrimental to your success. The best way to navigate reputation management is to keep a watchful eye on your online presence. Be sure to respond to any negative reviews you may receive, and consider reaching out to clients to request reviews. For more tips on reputation management, check out our blog on Dealing with Negative Reviews.
8. Most of all, Set a Budget and Stick to it!
The biggest mistake you could make is exceeding your budget. Even if you think that just a few dollars more on your campaign can’t possibly hurt, don’t let it happen! A few more dollars here and there can add up to large, unmanageable sums when the end of the month rolls around. The best thing you can do for yourself is to outline a very specific budget, and stick to it.
We hope you learned something new today. If you’re interested in partnering with DSG, send us a message – let’s discuss what we can offer!