A Lean, Mean, Marketing Machine

Today’s sluggish economy can be tough for small businesses, but there are steps you can take to tighten your belt and still get great results from your marketing efforts. One way to do this is to trim the excess from your marketing budget, leaving only the best, most cost-effective tactics to do the work. Below are five tips that can help you save some money as well as help you build your own lean, mean, marketing machine, so give them a try!

1. Objective Analysis – Take a good look at the marketing activities you are currently investing in. Are they really working for you, or are you doing them because it’s always been that way? Before you renew your ad in the Yellow Pages or print that annual catalog, make sure they are still bringing in dollars and are really worth the investment.
2. Test & Measure – By keeping track of marketing campaign results, you can easily spot the activities that work well for your business and also identify the ones that don’t. Spend your dollars on the winners and dump the losers.
3. Update Your Web Site – When times are tough, customers tend to take longer to make buying decisions and thoroughly research their options before making purchases. And where do they turn to do this research? The web, of course! That’s why it’s important that your web site is up-to-date and can stand up to the inevitable comparisons to your competitors.
4. Segment Your Lists – When considering a new marketing campaign, be sure to segment your lists so you can weed-out the unlikely prospects. Spend your marketing dollars only on your “best-bets” to keep costs down and ROI up.
5. Use Web Marketing – Finding new prospects is easy and cost-effective when you use online marketing strategies. E-newsletters, web advertising, Google click-ads, and search engine marketing are typically far less expensive than traditional advertising and direct mail activities. Replace the pricey, old-school marketing tactics with some new online initiatives to get great results while keeping the budget under control.

Careful spending of your marketing budget can certainly help during an economic downturn, but it’s also good practice for the long-term success of your business. Don’t be afraid to try new things, especially new web initiatives that are typically inexpensive to test drive. Keep track of what works so you can build on your successes and drop the activities that don’t produce great results for your business.