7 ways to stretch your marketing budget and boost ROI
If like most small businesses you’re juggling a modest marketing budget, you’ll know how vital it is to make every pound count. In the face of reduced budgets, the challenge for marketers is to find ways to become more efficient.
Spending more money on marketing isn’t always the answer; sometimes, optimising the budget you already have and thinking smarter about how to get more out of your marketing spend can yield better results. So where to start?
Have a budget
This may sound obvious, but you can’t stretch a budget that doesn’t exist. Too many businesses want to rely on organic marketing and cheap or free marketing tactics. Instead, try focusing on investing in the right marketing activities that really impact your bottom line. If you want your company to grow, marketing is one of the first places you should be looking to spend money.
Aim for zero-waste
Is every item in your budget absolutely necessary? How many activities are being rinsed and repeated, just because you’ve always done them – are they still contributing to your objectives? That monthly magazine subscription, the freelancer retainer you don’t really utilise… be brutal. If you are not getting a return on investment, ditch it and either enjoy the saving or reallocate the money elsewhere.
Identify and focus on what works best
Investing your resources in the activities that demonstrate the best return is a must, especially if you’re working with a stretched budget.
If something works, stick with it.
Considering scrapping an old promotion?
First, check if it’s still performing and if it is, keep it running for as long as your customers read and react to it. If a campaign still has selling power but it’s looking a bit tired, refresh existing copy – don’t throw it out and waste time starting from scratch.
Something not working?
By all means, experiment to see if you can achieve a better ROI – perhaps tweak the messaging, play around with timings or test out different tactics. If you’re still seeing no results drop it and focus your energy on what is working. Play to your strengths and when you have a strategy that works, optimise the heck out of it.