There was a time when marketing was a go big or go home kind of endeavor. Getting your message out there meant spending thousands of dollars on prime-time TV spots or high-caliber print campaigns. The worst part of this marketing style was that there was little way to track ROI or conversions, explained Forbes contributor Steve Olenski.
Luckily for small business owners, marketing is no longer such a high-stakes game. Targeted marketing campaigns are highly accessible at minimal costs. Yet many businesses are wasting valuable marketing spend on ineffective tactics. No need to fear, we have compiled a list of three quick tips to help rein in your marketing spending while still allowing you to hit all your ROI-related goals.
1. Social media is a budgetary dream: Social media platforms are free to sign up for and have the potential to save your business thousands in marketing spend, explained Olenski. The benefits of simply spreading your message across social platforms like Facebook, Twitter and Instagram are endless. For starters, you can directly engage with your customers by responding to messages. Consumers love to feel this kind of personal relationship with brands and social platforms let SMBs do this at no cost to you. Not to mention the power of sharing. Create a particularly exceptional piece of content and your fans can spread the word for you – pretty powerful stuff for businesses in a budgetary pinch.
2. Repurpose your content: Exceptional content should be spread any and everywhere. Many businesses waste money creating excess content when they could simply use assets they have already created, explained Business News Daily contributor Nicole Fallon. Before crafting new marketing materials, check your arsenals to see what you already have, suggested Fallon. In fact, SMBs should check outside sources as well to make sure what they plan to produce hasn’t already been covered extensively. This quick background check can save businesses a lot of time and money related to content creation.
3. Referrals rake in revenue: Putting the message in your existing customer bases’ hands is one of the most cost-efficient marketing methods in the game. A study by Gigaom Research discovered that only 39 percent of marketers leveraged referral marketing. Yet, over 40 percent of businesses that did so routinely acquired 35 percent of new customers through this method. Not to mention the fact that new customers will find a friend’s suggestion more persuasive than a brand pitch. According to a study by Nielsen, 77 percent of consumers are more likely to make a purchase when they are given a referral from a friend or family member. Give your existing customers a little incentive to push a friend in the direction of your business. This will grow the loyalty of your current customer base while simultaneously raking in new customers.