How to Better Manage Marketing Costs Without Killing Yourself

As a small business owner you are constantly under the gun to cut costs and improve the bottom line. As times get tougher it seems that more drastic actions must be taken. Unfortunately marketing budgets are often the first thing cut.

You can not afford to lose site of the effect your actions will have on your business. It is hard to grow your business or even survive without any customers . . . customers come from marketing.

Eliminate Waste

The biggest problem with managing marketing budgets is the fact that 50% or your campaigns work . . . you just don't know which 50%.

Take a good hard look at your marketing strategies.

• Utilize tactics to help track where leads are coming from. (unique coupons or offers for each campaign. etc.)
• Will smaller, less expensive ads produce the same return for you?
• Can you drop the color and get the same bang for less dollars?
• Can you place fewer ads without negatively impacting your return?

Keep in mind these are questions you must answer for yourself. Ask  the sales rep that sells you the ads and they will tell you to go bigger and more.

Get Help

You wear a lot of hats as the owner of a small business. You can't possibly do everything at once.

If you can't afford to hire in house marketing people, out-source. Find an established marketing firm that is geared toward working with you.

Let them sweat the details and bring innovative ideas into the mix. They can be worth their weight in gold.

Think Outside the Box

A huge problem many small business owners have is looking at their marketing with blinders on. They see marketing as a narrow lane of ads and coupons, nothing else. Are you guilty of that yourself?

There are a multitude of marketing venues available, and some are very inexpensive to use.

• Networking
• Social  Media
• E-mail Marketing
• SEO (Search Engine Optimization)
• Vehicle Signs
• Yard Signs
• Fairs and Expos
• Chamber of Commerce Membership

Keep an Open Mind

One very important point here is to be open-minded about what is a good investment. I'll use personal experience as an example.

The number one quality source of leads is through referrals. There never will be anything better. I have belonged to several networking groups over the years, and can guarantee you that I will always be part of a networking group while I am a small business owner . . . it is that important to my success.

I have spoken to many people about joining a group like this and they discount it for any of several reasons without giving it serious consideration.

• "The meeting time isn't convenient for me."
• "I Can't afford it"
• "My time is better spent at the shop/store/office."
• "It won't work for me"

I have come to the conclusion that the true reason for discounting membership in a networking group is simply that people aren't open minded and receptive to ideas that are new to them.

I know that because I am just as guilty of it. I was reluctant at first, but did open my mind to joining a networking group and have never regretted it.

Many very productive opportunities can be lost by keeping a closed mind to new ideas. The fact is that you don't know without trying it out.

Nurture Nurture Nurture

I often hear small business owners state that their customers are customers for life. Sorry, but more often than not that just isn't true.

You need to stay in contact with your current and past customers . . . it is far less expensive than finding new leads to replace them with.

Properly managing your marketing strategies and dollars, even in the tightest economy, will pay for itself in the end. 

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Tip of the Month

Please repeat that . . . again & again & again.

Prospects must encounter your small business between 7 and 12 times before they are ready to purchase.

Mix it up a little by using a variety of media to reach them, but brand yourself and keep your message consistent. You always want them to recognize you.

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Stretch and Grow!

People are often reluctant to try new things . . . too bad, they can miss out on a lot.

Facebook for the small business is one of those things. People often ask me how to get started on Facebook . . . it is a new concept and intimidates them.

I am not one to reinvent the wheel. My typical response to a question like this, whether it is in reference to software or an online resource like LinkedIn or Facebook is simply this . . .  refer to their help sections and getting started documentation.

They are interested in helping you use their products and do their best to help you out. To get started on Facebook, try their "How it works" page.

Once you have gotten yourself started you can then participate in group conversations on how to better utilize these new tools. Try participating with our group on LinkedIn.

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