Marketing on a Small Budget
A major overhead of most many businesses are the costs of marketing and promotion.
These expenses can cover a wide range of different services from branding and web design to content and social media.
Sometimes a marketing budget won’t stretch to cover everything, and in many cases trying to do everything with limited funds means you aren’t using your budget effectively.
Marketing agency every1 explains how a business can make effective use of a smaller marketing budget.
The key to using a small budget properly is identifying the areas where it absolutely has to be used.
Begin by performing an audit of your current marketing plan. Identify all the areas where you promote your business and assess how much you spend in each area. Evaluate how effective each program is working for you now.
From there you can see where the strengths to your marketing plan are. Maybe you are producing fantastic content but your website has a range of issues that prevent it from ranking?
Maybe the brand you are trying to promote isn’t effectively telling potential customers what it is you actually do.
Initially you should look to solve any of the major problems in place that run the risk of hamstringing your marketing efforts.
Then, focus your budget into the areas you can do well and are the most cost effective. This could be your content, or it could be that your business sees most of its leads and traffic coming from PPC. Whatever it is, focus on it.
Focussing your efforts on already successful areas can help them to grow and maximise their effectiveness – as opposed to spreading your budget too thin in the name of trying to do everything.
You can’t just set it and forget it. The key to continuing to make a smaller budget work for your business is to constantly reassess your marketing. Keep looking for things that are working and work them harder. Also look for any problems that can be fixed and fix them.
Look at what you’ve done from month to month, what worked, what didn’t? Use this as a guide to refining your marketing efforts.
This might mean focussing more on a specific topic with content, either to promote a specific service or to maximise on current trending topics.
You might need to divert your social efforts into a particular platform, either to build upon existing success or because you are noticing an increase in the amount of tractions your posts are getting.
Diverting effort into areas that are working can help you to capitalise on momentum and build on previous successes. Refining your strategy based on trackable metrics such as engagement, conversions or even leads generated by a particular marketing piece can help you to decide where and how to spend a marketing budget.
The key with a small budget is to understand that most elements of online marketing will see results over time as opposed to instantly. Which is why periodic reviews are crucial.
A small budget doesn’t mean that your marketing will be ineffective. It just means that it needs to be more focused and guided more closely with a constant focus on strategy. Be flexible and prepared to adapt and adjust to improving successful campaigns and fixing emerging issues. Never stop refining your marketing approach in order to maximize the effectiveness of your campaign.