Most small businesses spend 5-7 percent of their gross annual revenues on marketing campaigns.
Not much, right?
When you remember that these businesses have to face big competitors with nearly unlimited budgets, you get to see how unfair the playing field can be. However, just because you have a small budget doesn’t mean you can’t take the game to the big players.
You just need to know how to stretch your marketing budget. In this article, we’re telling how to get the most out of those marketing dollars.
1. Have Clear Marketing Goals
Of course, you want to generate more sales, but this shouldn’t be your primary marketing goal. Think of an increase in sales as a natural outcome of pursuing other marketing goals.
For instance, let’s say your business is an online sneakers store. Your primary goals should be to increase traffic to the website and improve conversion rates. When you have strategies aimed at attacking these goals, you’ll see an uptick in your sales.
Your goals will change depending on the nature of your business, but the point is you should take your time to know what they are before spending a dime on any campaign.
2. Stick to What Works
Marketing isn’t an exact science. Search engine algorithms are always being updated and consumer preferences change all the time.
It’s for this reason you’ll find marketers and business owners doing A/B tests. Knowing what works means running trial and error campaigns. These campaigns cost money and time.
When you’re on a tight budget, you don’t have the luxury to keep doing these tests. If you already know what works for your business, stick with it and go for maximum marketing impact.
So, if social media marketing is doing the magic for you, that’s where you want to pour your marketing money. You might be tempted to split the budget and do some search engine marketing, but the time and expertise it takes to master marketing on a different channel can do your business more harm than good.
3. Outsource Marketing
Outsourcing marketing can be a masterstroke when you want to stretch your budget. This enables you to leverage the expertise of marketing specialists and free up your time.
You don’t have to outsource your entire marketing activities to a full-service agency. Even hiring freelancers to take on some marketing tasks will have a big impact.
For example, when you’re shooting marketing videos in-house, hiring a freelance creative director to provide artistic and storytelling direction can help you deliver content that ticks all the right boxes. If you’re interested, you can read more about how to hire such pros.
Get Maximum Impact from Your Marketing Budget
Marketing isn’t optional. It’s the only way you’ll spread word about your brand, building and expanding your target marketing in the process.
You need to create a marketing budget to power your campaigns, but don’t settle for the bare minimum. Implement these tips to ensure you’re making the most of your money and time.
Explore our blog for more marketing insights.
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Review 3 Ways to Stretch Your Marketing Budget.