Marketing of a product is an integral part of any business. If you don’t market yourself continuously, your existence will be forgotten. It is important to have a fruitful marketing campaign because the consumption of resources that do not have any effect on the consumers, is pure wastage and creates an exorbitant marketing cost. If you are looking for hacks to cut down on your cost, while keeping the influence of your campaign intact, you’ve come to the right place.
We have listed down 7 hacks to cut down on your marketing cost while your sales continue to sip on lemonade:
Review your marketing budget
Reviewing your marketing budget is the perfect place to start. Go through all the payments you make on marketing activities like social media ads, email marketing, video and content creation, etc. You’ll understand how much you’re spending in each sphere and I am sure you will discover sections that have overspending. Cut the extras and drop the ideas that don’t help you generate the RoI you expected.
Of all the services which can be outsourced, client acquisition is the most beneficial. Client acquisition requires a whole professional marketing team, the salaries and operating costs might be a weight on your limited budget if marketing is an in-house department for your company. Outsourcing to a company like https://www.ramped.io will not only give you expert guidance but will also be a cheaper option, keeping your marketing influence intact.
Retain your customers
Well know how reaching out to new customers to buy your product, creates a big hole in the budget pocket. If you are facing issues with managing your marketing cost, you HAVE to plan your marketing strategy to retain your customers first instead of convincing new ones. New customers are always a toss, you never know if they will lead to the final stage in the marketing funnel.
We all have wanted our A-game when it’s about content marketing, but let’s not forget the costs that you have to bear to craft exclusive content. So why not re-use the already curated ones, and update in order to give it a fresh look. For example, you can pay once to the maestro and ask him/her to develop versatile content that can be used on your website, social media ads, email advertisements, flyers, everything. You can re-publish an old blog with a fresh look, it’s always a wise idea to first use what you already have.
Use free designer tools
If you use tools, that requires a subscription, to create your content and promote your product, I suggest lookout for tools with free versions instead. It’s the easiest way to cut down on your cost. Most subscription tools do offer some advanced features than the free ones, but what is really important is the contribution they make to your sales. For example, Canva is a great tool to design your social media posts. If their contribution is nowhere around ‘the firm cannot operate’, you should cut them out right away and use the free tools available. If the results don’t have a large difference, congratulations, you have saved big time.
Reduce active channels
Make a list of all the channels that you use to promote your product like email, social media accounts and pages, internet and commercial advertisements, flyers, billboards, blogging, etc. All these channels working simultaneously will definitely be a strain on your budget. Trying to reduce the number of these channels might be a relief for your costs. For instance, if you have a number of products and media accounts for all of them, you could merge them into a single account or page, reduce air-time of your commercial promotions and use one type of printable advertisements like billboards or flyers.
Increase referral marketing
Is there anyone who does not give a thought to the word of a close friend or relative? Practically, No. Referral marketing has literally zero-cost and if leveraged right, can bring repeat customers for your business. Attempt to strengthen the relationships with your existing customers and offer them in return for a recommendation. For instance, you could offer loyalty programs or discounts for the number of referrals your customers make. If they love your product, they will undoubtedly recommend it to others.
These are some of the most successful hacks for cutting down on your marketing expenditure. Now that you are equipped with what it requires to get back on track, you can definitely win over your marketing costs.