There is a lot of information on how expensive it is to run a business. There are further discussions on how the pandemic slowed businesses and caused many to run aground. However, have you stopped to think about strategies you can introduce into your marketing operations without spending so much? Existing companies usually spend 6-12% of revenue allocation on marketing to yield great results. Fortunately, there are other cost-effective methods you can use to improve your marketing and even bring in more customers. Below are some tips on how.
- Outsource where necessary
Although outsourcing is a good business strategy, you will want to review it before adopting it for your outfit. Your small business may not exactly be in the position to outsource crucial aspects. For instance, if the establishment deals with security and confidentiality issues, you may have to hold on to any outsourcing activities to protect clients. On the other hand, if there are no barriers, it would be a great idea to start outsourcing your marketing needs.
You can take the pressure off your team where lead generation is concerned. An outsourced lead generation team can take on the pressure of looking for new and potential customers. At the same time, the in-house team will focus on existing customers and increase the chances of repeat business. So, how cost-effective is this? By converting fixed expenses into variable costs, your business will have more funds to divert to other areas of the business. You will not have to spend more money on in-house staff to look for new leads. The outsourced lead generation company takes the cost while you pay a reduced amount for their service.
- Form partnerships with other small businesses
Data suggests that the existence of small businesses provides robust economic support for the UK. The beauty in this is the power these small businesses wield by coming together to form a formidable force. In the same way, you can do the same for your establishment. First of all, the cost of marketing is expensive if you’re footing it all. If you were to contact a marketing agency, you are likely to pay for Pay-Per-Click (PPC), content marketing, and paid social media campaigns, among others.
Each one is bound to charge about £394.75 per day or £1556.25 per project. A less-expensive alternative is to form partnerships. Consider finding other small businesses and pool your marketing budgets for the desired purpose. For example, if your primary focus is to create visibility, you can organise a trade conference with other establishments within your field. When such collaborations go through, all others come on board, and the marketing cost is shared. That can be a win-win situation for all parties involved.
- Vehicle branding
Vehicle branding is an instant marketing tool that small businesses find ideal and not too financially draining. Apart from the professional image it gives your business, it is a creative way to intensify brand awareness without hassle. To understand how effective this is, a survey discovered that 97% of people easily recollect the name of the business. Compared to other advertising and marketing methods, vehicle branding is cheaper. For £250, you can have a simple vehicle branding done. The exciting part is that the more cars you brand, the cheaper it is.