With marketing budgets facing significant reductions across the board, each dollar spent needs to do more. This is only possible when you think about your most effective marketing campaigns and scaling those activities to achieve true success. When times are difficult for marketing budgets, improving performance is a must.
What can you do with a reduced budget? There are quite a few techniques you can apply that are easy to implement and cost little or nothing. The key is to get viral. Have others do the selling for you. Here are a few suggestions for getting started.
Leverage all you do. Whenever you make a contact with browsers, prospects, customers, or friends, consider how you can communicate information about your products and services. Is there a way to use each interaction as a stepping stone to assess needs, offer solutions, and move individuals through the purchase decision process?
Ask for referrals. You would be surprised by the low percentage of businesses who ask for referrals. To jump start any referral campaign, offer a small benefit to those who refer a customers. At the very least, get your referral program up and running and be sure to send a thank you note for making the connection.
Focus on creating a dialogue. If you are interacting via multiple media such as fliers, letters, emails, etc, make sure that you include valuable information and promotional offers. This can keep your business moving forward and is easy to implement. Think about adding a promotional postcard to your next package with an offer your customers can’t refuse.
Test. Test. Test. When marketing budgets go south, many businesses stop experimenting and trying new campaigns. Although you wont have the money to try anything, you may simply try new „value adds“ or other things that can improve your conversion rates at the retail level or online. Consider adding a frequent shopper club.
Improving ROI doesn’t have to be difficult. When considering where your successes were in the past, you can probably recall some simple campaigns that produced the greatest return and cost next to nothing. Consider all the different ways that you can recruit others to help you sell. How can you leverage your existing campaigns to bring in more money with less? The key is to focus on the tried and true, make some minor tweaks, and measure the results. Rinse and repeat.
Consider a free giveaway. A great place to leverage the power of free is with your website, store, or marketing communication. Ask yourself how you can attract more visitors or improve conversions. How can you acquire valuable information that will help you make a sale at that moment or at a later date. In today’s world, consumers understand that free doesn’t mean free. But consumers are often willing to provide a little information about themselves for something of value.