Ever heard of the term, “Survival of the fittest”? The economic crisis we all face today has defined this phrase. Businesses struggle to keep the doors of opportunities open and this has put budget lines under strict scrutiny. Some enterprises are faced with the challenge of putting the marketing budget to the optimum use. It is important because without marketing, one cannot attract the customer one needs to keep the business running. Below is a list of the top five tricks that will help you extend and manage your marketing budget efficiently and increase exposure for your business.
- Spend less on overhead and more on media
With the world becoming more and more digitized today, it is important to dedicate a substantial amount of your budget for online campaigns and other marketing strategies on the digital platform. Spending too much of your budget on overhead isn't going to earn revenue. However, cutting overhead out completely isn't going to get you the results you need either. It is important to maintain a balance between the two.
By having a CMS (content management system) installed on your website, enabling you to do updates in-house, you will save time and money in the long run. This way, updates can be weekly or even daily as needed. You should also track the customer behavior on social media as it is gaining huge popularity.
- Review your ROI
Asking new customers how they heard about you/your products/services/etc. or analysing your website statistics, lets you know what exactly works for you. It is recommended to install Google Analytics or any other web tracking solution that could offer a wealth of information. This can prove very beneficial for your business and lets you correct the little loopholes in your business, if any. It also gives you a chance to allocate your resources to the best possible stream that earns you the maximum returns.
- Market to your existing customers
Your best customers are the ones that keep coming back and refer others to you. It is, therefore, important to keep in touch with your existing customers so that they know you haven’t forgotten them.
Offering existing customers a special rate, coupons or a private sales event may give them the push they need to come back. Satisfied customers act as ambassadors for your brand as they go about telling your stories to others and thus, act as useful references.
- Media Releases
A well-written release will catch the attention of several media outlets, and is virtually free. Expanding your space, bringing in a unique line that no-one else carries, or forming a new partnership with another company are just some examples of good media release material.
A well placed ad beside the article allows you to include a call to action for interested readers. It is important to follow the readership trend before you proceed to making further media releases.
E-newsletters are the most cost effective way to keep in contact with customers. Most e-newsletter programs offer a form your customers can fill in that automatically puts their address into your subscriber list.
More and more people are turning to the internet to find businesses. It is very important to make sure you are listed in Google Maps and the most popular online business directories in your area. These are also much easier to track using your website stats.
It is important to spend wisely on getting information about your customer satisfaction. It is required to keep a tab on your customer behavior as they work as essential alerts for you to know what you need to do to keep the business running well.