When you’re running a business with limited resources, every dollar counts. This is especially true of your marketing budget: it’s important to figure out what will draw the largest amount of leads and revenue for the fewest amount of dollars.
Not every type of marketing works for every service, product or industry. Identifying the right marketing methods can help you get your desired results. So how can you make your marketing dollars count? Read more in this #CustomAdvice Q & A with Christine Ford, Co-Owner and Marketing Specialist at Custom Marketing Solutions.
Q: Do I need a large marketing budget to market effectively?
A: No. The reality is that most small companies can’t afford or don’t need a large budget, and you don’t need a huge budget to do simple things that have an impact. It comes down to strategy & technique – not just throwing your brand in the consumer’s face.
Q: Where should I spend the marketing dollars that I do have?
A: Years ago, there were only a few options available (newspaper, yellow pages). Now, there are literally hundreds – Google, social media, SEO, Yelp, reputation management – just to name a few. It is very important to know your industry, competition, what’s working to gain market share. Plus you always want to stay top of mind with your target audience.
An effective marketing strategy doesn’t need a huge budget. there are multiple channels you can take advantage of. Here 3 of my favorite tips:
- Focus on customer retention with Customer Loyalty programs, newsletters, and hand-written “thank you” cards. It costs 6-7x more money to acquire a new customer than it does to retain an existing customer.
- You will need to acquire new customers – focus on your ideal client using social media or targeted advertising. Ask yourself some questions such as do you know who your ideal customer is? Do you know what they like to do? Do you know how your product/service benefits them?
- Make your business an experience with customer appreciation lunches and events. Find a way to thank and appreciate your customers, and keep them coming back for more.
Q: How do I know if my marketing dollars are working for me?
A: It is important to remember that it takes time to see results and can depend on where a buyer is in the sales funnel (Awareness, Interest, Education, Consideration, Conversion). There needs to be a clear marketing plan with clear goals and realistic expectations. Marketing with no direction is like throwing your money away. You can set up codes and other ways of tracking conversions to see what strategies are working. We research our client’s industries and create marketing strategies that turn marketing money into revenue.
Ultimately, every business needs to customize its own marketing strategy and develop a plan best suited to its market. To maximize ROI and not waste precious time and finances, companies simply cannot afford to ignore the importance of proper marketing.
Are you struggling with creating a marketing plan? Christine can be reached at firstname.lastname@example.org or contact us here.