When it comes to small business, you’re going to spend money on marketing. The question is, will you stretch your marketing budget or increase it?
There are two schools of thought among business owners. One believes marketing is indispensable for a small company and doesn’t mind setting aside a large budget to ensure every base is covered. The other believes that marketing is but one piece of the puzzle and can be done on a shoestring budget. Which one is correct?
We’re not taking sides, but we know the value of investing in marketing through various channels. We also understand that the average business owner isn’t looking to throw more money toward their marketing strategy- in fact, you might be looking for ways to stretch your marketing budget and get more done while paying less.
That’s not as impossible as it sounds. Here are three ways to trim your budget and get the most mileage out of your marketing dollars.
1. Use a cheaper method to generate leads
How are you generating leads right now? Chances are, there’s a cheaper method you can use. Have you considered concentrating on the following lead gen options?
- Organic search
- Press releases
- Banner advertising
- Social advertising
Entrepreneur author Robert Bly notes that “New-product press releases lead the list as the most economical method of generating leads.” A savvy business owner himself, Bly once spent less than $100, wrote and distributed a press release to 100 trade journals, and ended up getting picked up by 35 magazines to result in 2,500 bingo-card inquiries. That’s proof that a little cash can go a long way in marketing.
Start focusing and honing in on the keywords you want to rank for to take advantage of organic search leads. By using those keywords in press releases, blog posts, and website copy, you increase your odds of appearing before a user who is searching for those keywords. Lead – generated!
2. Stop overpaying for creative talent
It sounds like an obvious point, but it deserves recognition because it’s frustratingly common: Don’t overpay for creative talent.
Is creative talent important in marketing? Yes.
Is creative talent sometimes worth a lot of money? Yes.
Do business owners often overpay for creative talent? Yes.
Does this mean you should take on creative content and tasks that you’re not qualified for? No.
Using a freelancer marketplace like LocalSolo will help you look for freelancers and contractors that fit your budget and expertise needs. If you’re looking for someone to write and manage your blog content, you probably don’t need to spend the same amount BuzzFeed does to pay their writers. Look for freelancers and consultants that fit your unique needs to ensure you pay what you’re expecting.
3. Milk existing content for all it’s worth
If you’ve already been creating content, there’s no need to put it on the shelf or retire it just yet. There are a lot of miles left on those old blog posts, photos, images, and promotion copy! The trick to employing this method? Don’t plagiarize yourself. Switch things up a bit. Turn a blog post into an infographic. Turn an image into a short blog post. Take points from an article you’ve written and create a short video.
Milk your existing content for all it’s worth to stretch your marketing budget that much further. It’s also a great idea for those days when you just seem to run out of ideas altogether.