Five ways to cut marketing costs without losing business

Finding the right way to market your business can be something of a balancing act. Almost any company can benefit from new business but taking the time and spending the money to bring this in can detract from the primary job at hand. Likewise, slashing your marketing budget usually ends up with you seeing fewer and fewer clients coming through the door.

So, how do you boost your marketing and PR presence without sacrificing on quality or spending a fortune? Well, here’s five ways it can be done.

 

Reduce waste

Slightly different to reducing cost, targeting the inefficient parts of your marketing strategy is a great way to cut costs and focus. Those ads in the paper and printed leaflets are expensive but are you really reaping any benefits from them? Address the issues and find out how your budget is working for you. There’s almost always room for improvement.

 

Avoid mistakes

Similar to reducing waste, thinking about your strategy before you spend any money is essential. Lots of businesses pay out for marketing that has no hope of reaching the right people. It’s no good a healthcare company who supply evac chairs and safety equipment marketing in publications aimed at the education sector. Getting your message across to the people that matter is the biggest part of the game. Likewise, trusting the wrong people to do the marketing work can be costly. Think carefully or get in the professionals.

 

Focus on existing work

All too often companies go looking for business and forget about existing clients. Why not focus your attention on them and find out where else your services can be of use? It’s often the case that businesses pick up much more work from existing clients than they do going after new ones.

 

ABC (Always Be Closing)

OK, so it might be a famous line from Glengarry Glen Ross but by improving your conversion rate from enquiries to sales is a solid gold marketing strategy. Less time wasted, better productivity and reduced need for costly marketing schemes. It’s easier said than done, of course.

 

Outsource

So, it might not initially seem a great way to cut costs by paying someone else to do your marketing for you but get the right firm and it will pay dividends. A successful marketing campaign can transform a business’ success. It’s not about how much you spend but how well you spend it.