Maketing Budgets Continue To Shrink In Today’s Economy

January 22nd, 2010

Many marketing budgets are being reviewed with a fine tooth comb. As revenues constrict, companies are reducing expenses. Unfortunately, marketing is one of the areas taking the greatest hit. During difficult times, expanding budgets are better but not realistic. The reality is that today’s marketing budgets have to do more than ever before.

What can you do with a reduced budget? There are quite a few techniques you can apply that are easy to implement and cost little or nothing. The key is to get viral. Have others do the selling for you. Here are a few suggestions for getting started.

Leverage all of your assets. As a business, are you leveraging every customer interaction you have? Whether it is on the phone, face-to-face, or over the Internet, how frequently do you use that opportunity to ask about other needs or pain points?

Start a referral campaign. You’d be amazed at how many companies do not have a standard procedure for acquiring referrals. It’s simple to begin a referral campaign. The quickest way is to simply ask your previous customers for the contact information of others who might benefit from your product or service.

The media is the message. Communication takes many forms. When sending bills or putting merchandise in a shopping bag, consider adding a flier or promotional offer that entices buyers to come back or visit you online. The key is to keep the dialogue going and provide customers incentives that keep them coming back.

Test new campaigns. When budgets shrink and times are difficult, it’s common to stop testing or spending on new campaigns. But what works during good times may not be as effective when times are difficult. Dedicate a portion of your budget towards new campaigns, messaging, or offers.

Improving marketing results does not have to cost you money. In fact, some of the best, most successful marketing ideas were started with little or no money. Think viral. How can you leverage the assets you already have? By taking what you have and making it better or expanding it, your results will often scale. To many people stop short of fully riding out their marketing campaigns and enjoying the results they can achieve if only they persist.

Consider a free giveaway. A great place to leverage the power of free is with your website, store, or marketing communication. Ask yourself how you can attract more visitors or improve conversions. How can you acquire valuable information that will help you make a sale at that moment or at a later date. In today’s world, consumers understand that free doesn’t mean free. But consumers are often willing to provide a little information about themselves for something of value.

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