Marketing budget: Don’t let your online spend skyrocket
When you start a new business, it takes time to know which marketing tactics will work for you. You can’t just copy other people because your customers are likely to be different. It can be difficult to set a marketing budget that drives sales.
More and more marketing is online e.g. social media and on your website. Experiment with different ways of generating new sales for your business. Use videos, e-books and articles engage your audience. Pick one or two social media platforms then manage them well, and ensure that you are measuring performance against your goals. Look at the sources of your web traffic and where your sales originate from. Spend more in those areas.
Marketing budget: Offline works if you can crack it
If you prefer offline marketing such as printed flyers, brochures and leaflets, that’s great! These channels are still powerful in helping people to learn about your business.
Do research to identify your ideal customers. This does not stop at a macro level. Create a short list of around 10 businesses that you want to convert to customers. Allocate money in your marketing budget to send a creative direct communication to these potential customers. It could be a well-worded letter or something that symbolises the value you offer. Whatever it is, make it memorable so that you leave a positive impression. Then follow up with a call or email.
Cafes and community centres in your area might allow you to put your flyers on their notice boards. Also, approach doctor’s surgeries to see if they will display your leaflets in their waiting rooms.
To get the most from print marketing materials, including a code e.g. FLY10 that a potential customer can quote to get a 10% discount or additional bonuses. This allows you to measure how many people use the code, and see if your investment is worthwhile. Without tracking your returns on the budget you spend on offline marketing, you won’t know what is working.
Marketing budget: Infographic
Here’s an infographic with a few more tips on managing a tight marketing budget —>