4 Ways to Trim Your 2018 Marketing Budget
Save Money on Marketing While Driving Business Forward
Marketing is a completely necessary expense when doing business, but things can easily spiral out of control. It’s important to find a balance between value and effectiveness. You certainly want to get the most bang for your buck, but holding back can prevent your business from growing. There are lots of ways you can trim your marketing budget while still enjoying a great return on your investment. From reusable bags to bringing certain tasks in-house and more, find out how to trim your marketing budget.
Establish Your Marketing Budget
Many businesses tend to not spend enough on their marketing. You don’t want to overspend, because that can cause a whole new set of problems, but making smart choices about how you allocate your marketing money can help you establish and grow your brand. Every company has different needs and restrictions, but according to the U.S. Small Business Administration (SBA), “Small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.”
Here are four ways to maximize your marketing budget and get the most value out of every dollar spent.
1. Analyze Metrics
Look at your analytics and results to gauge the effectiveness of your marketing efforts. It helps to set goals, so you can determine whether or not you are doing well or if you are falling short. In areas where you are doing well and seeing a return on your investment, keep at it. Rework or potentially halt any marketing efforts that are not driving engagement and helping your bottom line. Stop spending money on any marketing that is not making money.
2. Bring Work In-House
Sometimes outsourcing is the right thing to do, other times it is just a waste of money. Look at the work you are currently sending out. If your team has the ability and capacity to handle the work in-house, weigh the necessary time investment made by your team against how much money you would save by not outsourcing. Working with an external graphic designer may be cost-effective, but taking care of ad buys internally can save you from paying an agency.
3. Product Versus Brand Marketing
Creating campaigns around multiple products requires a lot of time, effort and money. If you have an abundance of all of these resources, then this may be an effective strategy. If not, you may want to consider streamlining your efforts to just promote your brand. Getting your brand name out there and established can help you make the most of your marketing budget. The goal is to get people to know and recognize your brand, instead of spreading your resources across several smaller campaigns.
4. Custom Reusable Bags
Select custom promotional products that will appeal to your customers. Promotional gear works by serving as a reminder of your brand to the people who own and use the items. Custom marketing items also help raise awareness of your brand or products and services to everyone who encounters your customers using your branded gear. For example, if you hand out custom reusable bags, your customers will think about your brand every time they grab it and head to the store. Your customer will also spread your branding message to everyone whose path they cross while carrying the bag. Reusable bags can last for several years, delivering a great return on your investment. They are also eco-friendly, which appeals to many consumers given the negative impact plastic has on the planet.
We Can Help
For more than 20 years, we have been in the business of creating custom reusable bags. We can help you create completely custom bags that will relay your message and raise awareness of your brand. Our durable bags stand up to regular use and will work for many years to help spread your message. Contact Factory Direct Promos or get started now and design your custom reusable bag.Tagged