The Covid pandemic has left many small businesses with little money to spend on marketing. Yet, we all know the importance of maintaining a marketing presence even when things are tight. So, here are our 9 tips to help you maximise whatever marketing budget you have.
9 tips to get more from your small business marketing budget
1. Review your clients
Take a look at your clients and determine:
- Who are your most important (the ones you can’t afford to lose)?
- Who has the potential to give you more work?
- Who would you like to lose?
Focus your marketing budget on the first two. Marketing to your existing client base is more cost-effective, with a higher success rate and a better return on investment than marketing to potential new clients.
2. Go niche
Identify a specific target audience and market to those people only. A scattergun approach is more costly and less effective as you won’t be able to communicate a message that resonates with all.
Switch from print to digital (assuming that fits with your target audience). Email newsletters, pdf brochures and online adverts will save print and postage costs and are also more trackable. So, you can more closely evaluate what spend is most effective.
4. Cleanse your database
Review and clean up your CRM database, so you don’t waste money marketing to people who have moved companies or will never become your customer.
Milk your content to death! Every time you create a piece of marketing content, rehash it to use elsewhere. For example, a blog post can be shared on social media (either as snippets or in its entirety) or used in your email newsletter.
6. Mix it up
Invest in a mix of complementary marketing activities rather than focusing solely on one. Putting all your eggs in one basket will limit your potential reach and success.
Link up with a synergistic business and do joint marketing initiatives. You’ll get the benefit of cost-sharing but also the opportunity to gain access to their contact database and their brand endorsement.
Regularly assess your marketing to determine what’s working and what isn’t. If you’re unsure, ask new clients how they found you and regularly scrutinise your Google and social media analytics. Then, do more of what works and ditch the marketing that isn’t working.
Longer-term, it’s more cost-efficient to hire an expert who knows what they’re doing, rather than hiring a novice or trying to do the work yourself. For example, a marketing consultant will have the skills, resources and expertise to get the job done quicker and more effectively.
Whatever way you choose to spend your marketing budget, the most vital element is to continue to spend. Businesses that actively market themselves through difficult economic times do exponentially better when the economy improves.