You don't have to be a business owner to know that times are financially tough. Just like the planet's climate, the financial climate is taking a beating.
With wallet holes burning brighter, it might seem like everyone's best interest to chop marketing. That's because lots of businesses assume marketing budgets are wasted because it doesn’t work.
It's perhaps one of the biggest misinterpretations in marketing. Marketing isn’t a waste of money when it’s done right. With patience, tactic, and calculation – marketing is the very thing that drives growth.
Marketing goes wrong when you channel your budget into the wrong things. The good news is, you can be smarter with your marketing budgets. It's all about taking a step back and looking at your budget objectively.
We all love budget-friendly marketing
Yes, it's possible to do your marketing and strictly stick to your budget. Keeping it budget friendly is all about keeping costs low, but your efforts flexible and stretched.
Bear in mind these things when you're on a budget.
- Outline clear goals
- Do the maths
- Reign in feedback
- Always refer back to your buyer persona
- Experiment with different marketing channels
- Refine your marketing strategies
Make your goals crystal clear
To make the most out of your budget, draw up a realistic set of goals that are reachable given the budget you have.
Is your central goal to sell? Spread awareness? Build a client base, and therefore a network or community around your product or service? Generate leads? Of course, we all want these things - but we all know it won't all happen at once.
Wherever you are in your business plan or journey, you'll have an idea of what marketing can get you.
Do the maths
There's a lot to bear in mind when you're creating your marketing budget.
- Lead generation
- Data analysis
- Event marketing
- Social media
- Content creation
The pound sign can get bigger and bigger as you accumulate all of these costs, and it's especially overwhelming if you've just started out. That's why it's good to explore the free options before opening your wallet.
If your budget is tight, you might want to explore more budget-friendly solutions.
Think free CRM trials (you can sign up for HubSpot for free), outsourcing content creation to freelancers, using AI for automation, and focussing on free social media platforms.
Then you can look at the numbers.
What are you currently spending on marketing? How much of it is actually profitable? Take a look at what's working well - improve that. And cut out anything that isn't serving you anymore.
Once you've decided on which parts of the marketing are going to cost you, then you can estimate these costs and draw up a budget based on your investment pot.
Experiment with different platforms
Don't put all your eggs in one basket. Instead, explore different marketing channels to diversify your reach and find what works best for your business.
Consider using a mix of online platforms such as social media, search engine advertising, email marketing, and content marketing, as well as offline strategies like print advertising, events, and direct mail.
Your buyer persona is your algorithm
Understanding your target audience is essential when deciding how to allocate your marketing budget. Conduct market research to identify the demographics, preferences, and behaviours of your potential customers.
This will help you tailor your marketing efforts to reach and engage with your target audience more effectively.
Patience is a virtue
Remember, effective marketing is an ongoing process. It requires regular evaluation, adaptation, and optimisation to ensure that you are getting the most out of your budget. Marketing is an investment. As much as we'd all like it to, investments don't make money in the snap of our fingers.
Talk isn't cheap, it's free
People talk. Whether you're marketing B2B, or you're streamlining your marketing to niche customers, people will talk about you whether they had a good or a bad experience.
Getting feedback and showcasing word-of-mouth marketing is invaluable. Similarly, maintaining a good reputation and outstanding rapport with your partners, customers, and stakeholders will make people like and trust you, and therefore recommend you.
Conversation is free and even better - it's the most effective form of marketing.
Book your demo chat with Method. It's on the house.
Speaking of free chats, it's probably a good time to tell you about the free consultancy chat we offer at Method.
We're a well-rounded bunch who can offer you marketing and consultancy, to fit your budget and your business. Get in touch today, and book your free demo chat with James.