Are you not attracting the right sort of people your business needs? Want to get more customers? With an effective marketing strategy, you need to get people’s attention and turn them into customers. But how much are you willing to pay for this marketing strategy?
Some companies spend too much money on marketing but do not see any Return on Investment (R.O.I). So what do you do? Here are 6 ways how you can save money from your marketing and still have money in your pocket.
1. Let Someone Else Take Care of Your Marketing
Setting up a marketing department in your business can be very expensive. Finding the right people to do it can be a hassle, but you also have to think about salaries and training to keep your staff up-to-date with the latest marketing trends.
Mostly, it’s more cost-effective to let another company take care of your marketing. This is not only affordable, but you make sure your marketing is handled by an experienced professional team who knows what works and what doesn’t.
2. Only spend money on the methods that work best for you
Some companies invest in multiple marketing methods to boost their exposure. There is nothing wrong with that, but are you getting the results you desire?
If you’re spending a lot of money on methods which don’t give you a good R.O.I., get rid of them. Research which methods are working the best for your company and invest in those services instead.
3. Try out cheap marketing methods
There are many different other methods you could use to save money apart. For example, handing out flyers, or asking different companies to display one of your posters for a small price.
Another cheap method is email marketing. Every pound spent on email marketing has an R.O.I. (Return on Investment) of £38 pounds. Paying nothing to a small amount for good email marketing software can help you boost your profits in a short time. An example of a cheap email marketing program is MailChimp. Even though there is a paid version of MailChimp, MailChimp offers a free version that allows you to send up to 12,000 emails in total. This allows you to try whether email marketing is the right type of marketing for your business. If ROI is increasing due to using email marketing, and MailChimp is the right email marketing programme to use, you can upgrade to the paid version.
4. Start Talking to Influencers (Influencer marketing)
These days, influencer marketing is very popular. An influencer is anyone who has a large following on any social media platform, for example, Instagram. If you are looking to use influencer marketing, make sure you use influencers who are in your market. For example, sports stores often use fitness influencers to promote their products. This way, the influencer’s followers will be interested in the same sort of products/services that you are selling.
5. Let your customers do marketing for you
Sometimes this is the best way to market your business. People are much more likely to look at your business when they hear it from someone they know. You could ask people to share your content or their orders. As a result, you will bring your company to the attention of their friends. You could also start a program where your customers can sign-up their friends and get rewards. This will allow your customers to keep returning to your store/business and spread the word of your company to other people to receive it.
6. Avoid Expensive Methods
Website and TV advertising used to be a rage in the past, but these days they don’t give you the best R.O.I. Website advertisements can be blocked by ad-blockers if the user has this add-on installed on their web browser. Also, more people have stopped watching traditional television in favour of streaming services like Netflix.
In conclusion, marketing doesn’t have to be expensive. By refining the way you do your marketing, you will save money and get more profits. Once you start making more money, you can start investing in more proven marketing methods. Over time, this will result in massive returns and your brand will continue to grow.
If you require further help or enquiries regarding any of our services, don’t hesitate to contact Snob Monkey. We will be happy to answer any questions you may have.
Telephone: 0800 368 9336
Written by: Danique de Jong