Article

10 Ways to Save Money on Marketing

Generate leads and build your prospect base at a nominal cost.

As you plan your marketing strategies for the coming year, this article covers some savvy ways to save money.  Granted, the best money saving techniques aren’t as obvious or as easy as they seem, but these techniques, if implemented brightly, can really work.

Read on for the top 10 ways to save and enjoy!

1. Plan on Planning

It is surprising how many businesses don’t plan half of their marketing expenses and continue to spend money without thinking about results and whether it fits in with the big picture.  Companies reprint 4-color brochures, renew their sales rep’s contracts, buy expensive ads, inventory large quantities of poorly selling products or spend money on fancy packaging without any idea of whether they are making a good investment or not.

If you start with a marketing plan and commit to not spending on anything that is not in the plan, then you are well on your way to saving money on marketing.  A well defined plan, identifies goals and targets, best ways to reach your targets, and how to automate as much as possible using technology.  (BrightWay offers a Strategic Planning System to help with this)

2. Think Narrow in a Big Way

This is all about finding and targeting your most profitable niche.  I’m not saying you are not going to sell to anybody, but it is WAY TOO EXPENSIVE and INEFFECTIVE to market to anybody.  Marketing to ‘anybody’ gives nobody a reason to pick you.  People buy to meet a need or solve a problem and unless they think you are highly capable of meeting their needs they are not going to pick you. 

So, define your niche; demographically (age, income, education, etc.), geographically (location) and psychographically (what else to they buy, value, etc.) and then direct your marketing efforts there.  Hint: look at your best customers and develop a plan to find more of them!

3. Integrate Your Efforts

Figure out all your marketing channels; web, e-mail, postcards, letters, then define an overall message strategy that will be consistent across each communication medium. 

Launch ‘coordinated’ initiatives, for example, an email special that is also advertised on your website and in the local paper or on a postcard mailer.  This will give you more bang for your buck.  Integration reinforces your brand and consistency inspires trust.

4. Marketing is an Investment - Spend Wisely

Don’t cut marketing when cash flow is tight; this just makes it tighter. Better yet, eliminate expensive non-producing programs and do more with the resources you have. Begin by tracking the results of your campaigns to determine what is and is not generating an investment return.  Be sure the employees who answer the phone always ask ‘how did you hear about us’. Be sure to log this into a company ‘lead sheet’.

Look at low cost ways to generate leads such as rewarding staff, partners and customers to pass referrals, getting your website found and generating leads (what? No forms!), staying in touch with prospects and customers, doing something crazy to foster word of mouth, or something newsworthy to generate press. 

Don’t be afraid to try new things.  And always track results and eliminate what is not working.

5. Do Something (Insanely) Unique

Doing something rare or crazy generates word of mouth and gives prospects a reason to pick you.  Word of mouth is the best marketing money can’t buy. 

• One tax accountant gave each client 4 business cards and told them that for each person they gave the card to that came in, they would receive 25% off their tax prep fee.  Refer 4 people and your tax prep for this year is FREE!  He doubled his client base in one year with virtually no marketing. 
• A financial planner had his client’s cars detailed right there in the parking lot when they came to visit him. 
• One fitness coach GUARANTEED that his clients would lose weight in 6-weeeks or he would refund their money. 

This is the kind of unique that generates BUZZZ…and brings in new business!

6. Create Products or Offers That Draw People In

There is no doubt you are in business to make money from sales but sometimes you need to give prospects a ‘taste’ of your product or service for FREE or at a very low cost to get them to try it.  Giving ‘freebees’ encourages trial, which in turn, encourages purchases, which in turn generates repeat purchases if your products/services deliver as promised. 

Sometimes people just need to work with you a bit to convince themselves that they really need what you have to offer.  A personal trainer I worked with had an expensive program that I was not going to sign up for.  After he made me a less risky 2-month program where I could pay by the month, I signed up.  After a few visits I clearly saw the value of his program and had no trouble signing up for a longer term.

7. Stay in Touch with and Reward Your Customers

It’s no secret that happy customers can be the best source of referrals for your business.  Yet it is surprising how few businesses have a regular process to say in touch.  Put a process in place to stay in touch with and thank and reward your customers.  Send them a bottle of wine, a cake, a bouquet of flowers, or a card.  Let them know that you care about their business. 

Customers who feel you’ve treated them well always send new customers your way.

8. Build a Powerful Referral Network

Many entrepreneurs say that ‘joining and participating’ are the foundation of their success.  These are the most productive ways you can generate referrals from networking:

• Focused Business Groups.  These are networks of non-competing businesses that serve your same market and agree to work together to send each other referrals.  For example a printer is a natural business partner for a web developer because they both help companies market themselves, but in different ways. Their customers are likely to need both types of services, so they can easily pass referrals to each other. 
• Business network groups like local Chambers, BNI or LBN are also organized for the purpose of generating business. 
• Personal network groups such as church, charity, professional organizations, etc. allow business owners to develop strong trust-based relationships to drive referral business.

9. Get the Web Working for You

Beyond the initial investment, your website is one of the most cost effective ways to generate high quality leads for you.  Today, 79% of all people looking to buy a product or service start looking on the web.  This is an opportunity you can’t afford to miss.  Getting your website ‘working’ involves getting found, providing valuable content that answers people’s questions, educate prospects and builds trust, addresses their sales objections and provides plenty of opportunity for them to interact and contact you.

10. Use Technology to Automate Marketing

As a busy business owner you can get a tremendous amount of marketing ‘mileage’ by leveraging technology. 

Tools such as CRM databases and e-mail marketing programs can completely automate the process of staying in touch with prospects, customers and partners; and guess what?  Staying in touch generates leads – GUARANTEED. 

Technologies such as Web2.0 can help you get found and connect via blogs, social media networks, RSS feeds, etc.

Interactive videos and tutorials help you illustrate, demonstrate, and communicate your unique value without physically being present.  This is a huge advantage, especially if you are selling complex, high-value goods or services.

Summary

For more ideas and methods for your strategic marketing plan, feel free to contact BrightWay today.