How to Optimize Your Marketing Budget

How to Optimize Your Marketing Budget

What you do in your marketing program is limited by your budget (and your creativity, but that’s another story for another day).

Fortunately, you don’t have to have a massive budget to compete with your peers who have more money to spend. You just have to learn how to optimize the budget you have and make the most of it, getting the best bang for your buck.

Here are some marketing tips you can follow to optimize your marketing budget, no matter how small.

Create a Marketing Budget

It’s difficult to optimize a budget that doesn’t exist, so the first step is to have one.

Some business owners insist that they don’t have a budget for marketing. But they do want to grow – and once they commit to growing, they often find the resources to put toward marketing.

Marketing should be an investment, not a cost. If you don’t allocate resources to marketing, you won’t grow nearly as quickly or go as far as you’d like.

Choose Cost-Effective Marketing Methods

It can be tempting to want to do everything at once, but that can be difficult and costly for a limited budget.

Instead, find one or two channels that will work well for you and not over-extend your budget. Social media marketing is one channel that works well for many. It’s relatively inexpensive and can reach a lot of people for not a lot of money. Plus, most of your customers are on social.

Invest in Social Media Advertising

Advertising is a necessary evil in the eyes of some business owners. It does work, though – but you can’t just throw good money after advertising methods that may not generate a return.

What to do?

If you want to advertise, invest in social media advertising. It is one of the most affordable ways to advertise, period. Unfortunately, you can’t depend on organic reach anymore to generate free traffic. You have to pay to play. The good news is, it’s very cheap to do so.

Use Email Marketing

If you’ve been in business for any number of years, you probably have at least some email addresses from customers.

Turn those email addresses into referral sources and repeat business by using email marketing. You can do this for free – platforms like MailChimp don’t cost anything for their basic versions. All you’d really have to do is invest in a well-designed email template and maybe few promotional coupons and offers. Then, send them out and encourage your readers to spread the word.

People like offers, coupons, discounts, contests, and blog posts. Keep your emails brief, make them colorful and easy to read, and contain some kind of catch or offer that’ll get their attention. And, of course, don’t be afraid to ask for a referral or a repeat visit to your website.

Those marketing tips can help stretch a marketing budget. If you need help implementing them, let us know – we’d be happy to help.