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Global enterprise, small local business, it doesn’t matter – effective marketing is going to cost you a pretty penny. From implementing effective social media management to boost your content dissemination strategy and actually creating stellar content on a regular basis, all the way to effective advertising in the online world as a whole, there is no denying that marketing is not only a time-consuming and delicate task, but that it also requires a significant monetary investment in order to come to life.
If there is one rule you should adhere to at all times, it’s that you need to have a separate marketing budget you can invest in throughout the year, however, keeping it topped off amidst the daily expenses of running a solvent business is not an easy task. Here are the five tips that will help you get the most out of the finances you do have, and even help you maximize your marketing budget in 2019.
Cut needless expenses
As a business owner, you should be well-aware of the fact that long-term financial stability and prosperity starts with frugality. Your ability to cut extraneous expenses from your life and your business processes will have a significant impact on your future by helping you redirect finances towards crucial processes, establish a rainy day fund, and expand your company with efficiency and effectiveness.
To patch up all financial leaks around the company, tend to the following:
- Cut overhead costs. Is there a way you can lower your lease and the expenses that come with your office? Why not look for a less prominent location with a smaller price tag?
- If you don’t want to change your address, then you can make your office more environmentally friendly. Institute recycling and reusing policies and adopt an energy-efficient mindset in order to save money on running expenses such as electricity, water, and other.
- Optimize payroll expenses. Keeping non-essential employees on full-time is expensive, so why not focus on keeping your core team close, such as your content marketing team, and outsource other menial tasks to remote workers and worldwide freelancers?
- Eliminate what isn’t working for you. Not every marketing tactic fits your brand’s personality and play style, so there is no need to keep investing in the things that aren’t delivering results. Determine what’s working, and scrap what isn’t.
Repurpose and reinvent old material
The tactics that do deliver results should become the pillars of your marketing strategy. Given the fact that the online world is a constantly evolving ecosystem, you have a unique opportunity here to repurpose and reuse successful content and marketing tactics that delivered results in the past. This doesn’t mean that you should become repetitive and predictable – it means that you should discover new opportunities for your content.
Firstly, find out where you can disseminate your content. This should be a place on the web where people haven’t had the chance to experience it, such as a different social network, or a new authority website in your niche.
Next, transform written content into infographics, videos, photos, podcasts, and more. By diversifying old content you’re effectively reinventing it in the eyes of your audience and making it suitable for other social media platforms and websites with specific formats. It’s an excellent way to save money on creating new marketing content from scratch.
Maximize your budget by improving cash flow
Let’s move on to a more proactive approach – instead of saving money and reusing marketing material, how about you actually improve your revenue stream? Right, that’s every business leader’s dream, but it’s not exactly easy especially if you’re working with difficult clients who prefer to push the boundaries of their payment schedule. This is a difficult position to be in.
While you should remind them of their outstanding invoices, you shouldn’t jeopardize your relationship. Consider payment alternatives such as selective invoice finance in order to obtain the necessary capital to maintain cash flow and fuel your marketing strategy, while patiently waiting for your customers to pay for your services when they’re ready. Consider these types of financing solutions if you’re tight on cash but don’t want to be known as the “money hungry” company in the market.
Tailor an effective, niche-specific marketing plan
Trying to create a marketing approach that fits every demographic and every preference is not only a time-consuming task, but it’s also a waste of financial resources aside from almost always being fruitless in the end. Simply put, you can’t appeal to every sensibility, nor should you try.
In order to make better use of your marketing budget and score quality leads, you will need to be very specific with your wording and visual content. Create accurate customer avatars and pinpoint the exact likes and dislikes of your target demographic. Now focus on tailoring your marketing material to appeal to your audience as opposed to the general public.
Let the experts handle it for you
Lastly, hiring a professional outside team of experts, like a marketing agency, might be a prudent business decision. After all, there are people who specialize in effective marketing and have been making amazing marketing campaigns for years, so their professional touch might just be what your company needs. These services will cost you more than a DIY approach, but the results might be well worth the investment.
There is no way around it, marketing is expensive. That said, there are tried-and-tested ways for you to fill up your marketing fund and make the most out of your financial resources. Implement these tips, and you will make yourself a powerful marketing plan with a couple of bucks left over for post-campaign celebratory drinks!