One of the core areas of your business is marketing. And undoubtedly, this requires you to spend money, The activities involved, from ideation of a new campaign to buying media spots, can be quite costly. However, that does not mean that saving money is not possible.
You just have to have the right strategy. Furthermore, you need to make sure that the timing is perfect – for instance, executing a marketing campaign during a global crisis may not be the best idea, as people might have weaker spending power.
Nevertheless, there are some ways that will help you cut down on your marketing costs without compromising quality. Below are some of the most important things you may want to take into account.
Use free marketing tools
A lot of brands and digital marketing and advertising agencies are using subscription tools, as they believe that these help them get more refined data and insights. However, this is not always a necessary move. With a little research, you can find free tools or packages that do not bore a hole in your wallet. However, you should proceed with caution. You may also find that some of your suppliers and partners may offer a package where you can use their tools; make the most of them.
Reduce the number of your platforms
You may be running more platforms other than Facebook,
Twitter, Instagram, and YouTube. In the past, you might have thought that additional platforms are important for engaging your customers. However, remember that one platform is equal to one community. So if you are running seven platforms, you are basically managing seven communities, which in turn cost money. A wise move that you need to have here is to
focus on active channels where you have run successful campaigns or gotten important leads. Normally, these platforms that you are using may have higher engagement rates.
Reuse your old content
Content will always be king, so make sure that you will never run out of it. It can be fun, useful, and entertaining. Creating content, however, also costs money, especially if it is in video format. To save money, you can reuse your old content – especially if it’s of an
evergreen variety. To save money in the future, you should create content pieces that are not time-sensitive, so you will be able to reuse them whenever possible.
Trust your in-house team
While you have your partner agencies, you may wish to delegate some important tasks to your in-house team. Packaging mock-ups and store posters can be assigned to them. If you have the equipment, such as printers and
laser engraving machines for metals, you can create some marketing materials. For instance, you can use these pieces of equipment to create invitations and souvenirs for your company events.
Marketing can be costly, but that does not mean that you will have to exhaust your funds. You can always come up with smart strategies to reduce costs. And that should start with preparing your operations for the future.
