Tips to Save Marketing Costs for Small and Medium Businesses
Saving marketing costs is a problem causing "headaches" for many small and medium businesses. For brands or products first launched in the market, it requires a strong investment to create effects and the coverage to reach potential customers. However, overspending has affected the company's maintenance and other long-term marketing strategies. So, how to do marketing economically yet lead and orders are still stable? This article will share ways to save marketing costs for businesses without causing much impact on sales and profits.
How to Save Marketing Costs
1. Provide More Information than the Advertising Content
If you are relying on a sales pitch to attract customers, you may find that your revenue is quite low even though you have spent a lot of money on advertising campaigns. The mistake here is that when setting up advertising campaigns, you only target superficial promotional content. Meanwhile, today's customers set many more requirements for products. Use your advertising as an opportunity to educate customers about your products and services, by providing helpful information related to the product or service in which you are trading. When finding that your ads can bring certain value, customers will listen to you and then maybe buy your products.
2. Marketing through Social Networks
Statistics have shown that Facebook currently has 3 billion users, including 2.1 billion active users each month. Instagram also has 800 million users, while Twitter reached 300 million. In addition, there are dozens of other social networks operating with a large number of users. Thus, you can easily see that the implementation of marketing activities through social networks will help you reach more users, while the cost spent on the campaign is equivalent. Besides, SNS is also an ideal means to build relationships with users. You can create a fan page or groups to build the brand's customer community.
3. Content Marketing
Content marketing is more effective in the long run than traditional methods. It is also an inexpensive way of marketing for small and medium businesses. The content here can be articles, videos, infographics, e-books as well as many other means to create value for users. This method is similar to the #1 tip in the article. However, for the space of a separate website and Fanpage, you'll have more "land" to show than encapsulating in ad content that is restricted by many factors. Specifically, you can create any content related to the product/service you are trading or the issues. Also, it's wise to write instructions on how to use the product, real - fake identification in the market, the current market situation, humorous content,... And of course, engaging content will quickly encourage customers to make a purchase or go directly to the store to learn more.
4. Determine Key and Strategic Campaigns
The best way to reduce marketing costs for small and medium-sized businesses is to quickly identify a strategic campaign to focus on, rather than launching many inaccurate ones. To do this, you need to redefine all weak links in the campaign and remove them. Spot the highest performing ad styles of your business and focus your energy and resources on making the most of those trends. Besides, let's categorize all customer data into specific groups, so you can create appropriate ads for each group. Careful preparation will help you avoid mistakes when setting up an advertising campaign, thereby saving time, limiting risks and of course minimizing the cost for the entire campaign.
5. Marketing Automation
Marketing Automation is the use of software to automate marketing processes such as customer segmentation, customer data integration, and campaign management. The application of marketing automation makes the processes more effective and better combined. At the same time, this is an integral part of customer relationship management (CRM). Not only does running marketing campaigns consume money but also a lot of time and staff. Therefore, with this trend of marketing through the support tools, you can automate a lot of your daily marketing work. This allows you to save time while advancing your marketing strategy. Marketing automation also makes managing your data cheaper by allowing you to manage your data in the cloud. This operating trend has been applied by small and medium-sized enterprises and they can save a considerable amount of money. In fact, 84% of companies are using marketing automation or plan to use it in the near future.
6. Focus on Customer Retention
About 70% of businesses said that the cost to retain old customers will be lower than that of finding and investing in new customers. If you're having trouble keeping your marketing cost low, consider focusing time on improving customer service and engagement to increase your retention rates. On the other hand, for those who have a certain awareness of your company's products or services, they will also likely continue to recommend your products to a friend or acquaintance. Therefore, you can get more out of your loyal customers and this is a very beneficial campaign to save costs.
7. Partner with a Third Party
Nowadays, brands work together to market everywhere. For example, in a big show, an MC will introduce the sponsors, which is the marketing cooperation between the program producer and the brands.
Blog Marketing is a form of marketing, advertising, publishing online content for brands, products, websites, events ... through the Blog tool. People prefer Blogs for many reasons. · This is a new form of online marketing while the old marketing models have been gradually saturated and not effective. · The blog targets the right topics and subjects of interest. · Blog Marketing is highly viral if you know how to apply it correctly. · Blog Marketing is an inexpensive marketing channel suitable for small and medium businesses.
Preparation before Conducting a Marketing Strategy
1. Identify potential customers
Zoning the target is the core skill of any marketer. No matter how big or small a business is, no one wants to make a loss. Yet you'll lose money when advertising your products to people who don't need them.
2. User Classification - Customer Guidance
Your users are divided into 2 types: lead and customer. Leads are the ones who are convinced by your marketing campaign and first come to the brand, while customers are those who actually buy or use the service you provide.
3. Determine the maximum budget
To reduce the budget load, you need to have an enterprise resource planning in advance before running the campaign. However, you must limit the maximum cost so that when putting into operation the campaign will not exceed the limit. You should calculate the budget based on the marketing campaign's goals and the company's growth status. A typical company will be in one of two states: development and stability.
4. Upgrade your website
If you want to maintain a steady number of leads and sales, the investment in the website is vital if this is your major sales channel.