For you to build a profitable brand, you’ll need to continuously put your business in the face of your target audience and customers. This means that you need to invest in marketing and depending on how long you have been in business and what you are trying to achieve, your marketing costs can run from a few hundred to millions from year to year.
However, no matter what percentage of your operating costs goes into marketing, there are probably some marketing costs you are bearing that is absolutely unnecessary.[Great Read: How to Reach Your Target Audience on a Shoestring Marketing Budget]
The fact that you are currently using a marketing strategy does not mean the strategy is working neither does it mean that it can’t be reviewed. You should review your marketing strategies from time to time to switch things up, see where you can cut costs and even adopt new strategies.
Below are several strategies for cutting expensive marketing costs without jeopardizing the quality of your existing marketing campaigns.
1. Conduct a Marketing Review
In the course of trying to get the message of your business out there, you might have signed up for some marketing. That’s why a marketing review should be conducted at least once per quarter.
You must know all your active marketing campaigns – what is working, what is not working and what can be improved. Some of the marketing campaigns you may want to look into include:
•Content creation and promotion
•Current Social media ads and their effectiveness
•Email marketing copy for the emails you send
•Additional forms of advertising, including print media
•Video scripting, creation and promotion
2. Refine your Customer Targeting
When trying to reach new customers, there is a high possibility of targeting those who do not necessarily need your products. Targeting people who are outside the description of your target audience will increase your marketing costs dramatically.
Therefore, it makes sense, when trying to cut marketing costs, to look into how you target your customers. The goal is to narrow your targeting so that your marketing campaigns deliver real results.
Targeting the right customers not only helps to grow your business, but it also helps you to improve your customer-retention rate.[Great Read: How to Conduct a Marketing Survey]
Actively Use Marketing Channels Where Your Target Audience Can Be Found
One of the hardest things about marketing is knowing which marketing channels to choose. This is especially true in the age of digital marketing. With many social media platforms to choose from, it becomes increasingly hard to know which marketing channels to use.
If you truly want to cut your marketing costs, one of the best approaches is to only use marketing channels where a high percentage of your target audience spend their time.
For instance, you do not have to run marketing campaigns on Facebook if your target audience can mostly be found on Instagram. Instead of splitting your marketing budget to run ineffective campaigns, divert your funds to where they are likely to succeed. In order word, choose marketing channels that will most likely produce results.
4. Re-Purpose Older Content
One of the best marketing tools you have is your older content. If you are serious about cutting your marketing costs, review your older content and analyze which one generated enough buzz from those who engaged.
Once you identify such content, the next step is to add life to it and repurpose it. For example, you can cut a clip from an old video, add a few slides and call-to-action and it will feel like new to your target customers. You can also repurpose and old post that performed so well, and present it to your target audience under a topic that feels new and fresh. Doing this will help you cut your marketing costs and help you have more cash at hand.[Great Read: How to Use a Holistic Marketing Strategy to Scale Your Business]
5. Focus on Referral Marketing
Almost nothing beats referral marketing because it is one of the most effective forms of marketing. Your current customers are the best mouthpiece you can ever ask for and the more they refer their friends, the lower your marketing costs will become.
Treat your current customers right, offer them incentives to show you care and watch them tell their friends and family about your business like it’s their personal business.
Bottom line: No matter the strategy you are currently using, there is always room for improvement. There is always something you can do differently to cut your marketing costs without jeopardizing quality.
Thank you for reading.
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