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5 Ways to Slash Your Marketing Costs

February 10th, 2012

Looking for ways to get better marketing results while spending less money? Follow these tips for better results:

1  HAVE A PLAN

A written marketing plan helps guide your business activities. It’s your organizational roadmap to guide your marketing actions. A written plan helps you stay the course and not be influenced by outside distractions.

2  MEASURE YOUR RESULTS

Hold every marketing action accountable for generating profit or moving you closer to your business objectives. Use measurement tools to determine your return on investment. Review measurements and performance results monthly, just like you would your P&L. Review your marketing plan regularly and make adjustments when necessary.

3   TRANSFER MARKETING DOLLARS FROM OFFLINE TO ONLINE CHANNELS

Proctor and Gamble is the nation’s largest advertiser that just laid off nearly 1,600 people, most of them in their marketing department. They found that online marketing initiatives were quite effective and could be supported with less cost. The same situation applies to your business. Your customers are spending lots of time online with iPads, smartphones, GPS and laptops. It’s usually more effective to reach them online and it generally costs less than other methods.

4  IMPROVE CONVERSION RATES

Your conversion rate tells you how many website visitors actually fill out a lead form, buy something or take some other action that’s important to your business. It is usually expressed as a percentage (i.e. 2 percent of all website visitors fill out Harry’s lead form).  Conversion rates can also apply to in-store traffic, reflecting the percentage of customers that come into your store that actually buy something. Focus on improving conversion rates. If you are more effective in selling the traffic you already have, you are directly improving your bottom line while slashing your cost per lead/sale!

5  ELIMINATE MISTAKES

Doing things over and over again until it is done right wastes lots of time and money. Make sure things are done right the first time. Proper planning, preparation and good proof-reading generally results in much better execution. We’ve seen companies waste thousands of dollars in printing costs due to typographical errors that weren’t caught prior to production. Don’t let stupid mistakes waste marketing dollars for you.

Those are five ideas we have to help you slash your marketing costs while improving your business results. What’s yours?


Published in Management, Opinions

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