Make the most of your marketing budget
Your marketing budget is precious. Use these four tips to help you make the most of it.
- Take a page from Goldilocks’ book. Your marketing budget shouldn’t be too big or too small, but just right. To ensure your business is spending the right amount, seek out industry benchmarks. Track down this information through your industry’s trade association or publications.
- Be a broken record. You gotta be out there, promoting your business to the public every way you can, in any form you can, at every opportunity. Use a variety of tactics. Supplement any paid digital or print advertising campaigns you undertake with virtually free tactics like online or face-to-face networking, social media marketing, and volunteering at community events.
- Stay steady. You won’t reach new potential customers without marketing your business, and marketing it some more. Even if your sales are down or the economy is slowing, it’s wise to stay the course with your marketing efforts. Commit to viewing marketing as an investment, not an expense.
- Finetune it. Effective marketing is always a work-in-progress. You’ll have to constantly monitor the effectiveness of what you’re doing. Ask your employees to find out from new customers where they learned about your business, and track the effectiveness of your digital advertising efforts with online analytic tools. Then, use what you learn to focus more of your dollars on what’s working best!