Ask The Expert

Question:
How can my business maximise marketing effectiveness when marketing budgets are being cut back?

Answer:

If you’re like most small business owners, your marketing budget is limited. The most effective way to market your small business is to create a well-rounded clever program that combines sales activities with your marketing tactics.

Don’t underspend
Many SMBs underspend on marketing budgets, believing in the logic that not spending is saving. It sounds clichéd but there are times when you must spend money to make money. The key is to spend your money the right way, on a tailored marketing plan designed around your business goals.

Your target market
SMBs marketing efforts are directly linked with revenue, and this increases the importance of target marketing when times are tough. By developing sales and marketing campaigns aimed at the correct target market, your business will be more productive and not waste money.

Try to think differently
A smaller marketing budget doesn’t prevent you from competing with large rivals. It just increases the need to think a little more creatively. When launching your marketing campaign, consider one of the following:

Include an offer
Large enterprises advertise to create brand recognition and future sales. A small business can't afford to do this when budgets are tight. Advertising designed to produce immediate sales must be the priority. Including offers that are simple for potential customers to understand is often an effective advertising strategy.

Demonstrate your value
In uncertain times, customers tend to be more considered in their buying decisions. SMBs should have very clear marketing messages to their value and competitive advantages.

Watch your turf
Using marketing to develop your current customer relationships should not be overlooked, especially in tougher times. Rewarding your best customers with fair pricing and high levels of service will help stretch marketing budgets in the long run.

Work on the web
Targeted Internet marketing is often far less costly and significantly more measurable than traditional marketing practices. Online marketing strategies incorporating search engine optimisation, email marketing, and other web-based approaches often generate a significant return on investment.

Economic downturns are challenging for SMBs but they also present new opportunities. Smart small business owners continue their marketing activities in both good times and bad. The best part is that
when you work smart and be creative it won’t take a large marketing budget to get the results you’re looking for.

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