Marketing is an essential part of running a business. But when times are tough, as they are now, it’s often one of the first things to go. When outgoings start rising business owners look to cut costs wherever they can, and we understand that marketing can look like a big expense. But given that it’s also the foundation of your income (attracting new prospects and converting them into paying customers), it’s always seemed a little odd to us that it’s one of the first expenses on the chopping block. So instead of getting rid of your marketing budget altogether, here are a few things you need to know to market on a leaner budget during hard times.
Become A Juggler
If you want to market your business effectively on a limited budget, then you need to become very good at juggling. No, not literally (though it’s always a cool skill to know… and those that joined me at The Ribbons Network will remember what fun we had last month juggling oranges!), but figuratively. There are generally 4 marketing balls you need to keep in the air at all times:
Strategy: Trying to market your business without a strategy is like only knowing your destination but not how to get there. It will be a minor miracle if you ever arrive! So, you’ll need to set goals for your marketing campaigns, design different strategies for each platform, and then create the resources you need to run each one. Not to mention the tracking and measurement of your marketing along the way!
Online & Offline: Marketing is about so much more than individual campaigns. In order to market your business effectively you also need a brand identity, which means logos, visual style, written voice and all the collateral that goes with it. Do you need social media accounts, and if so, what content will be posted on them? Will you be running offline or online marketing campaigns – or a mix of both? Do you have the skill to do all of this in-house, or will you need to outsource it? All of these are important things to consider when marketing your business.
Competition: You also need to keep one eye on the competition. They will give you a good measure for what’s going on in the industry as well as being a fantastic source of knowledge and inspiration. By watching the competition, you can find new ideas to try, see gaps in the market to target, and learn from their mistakes (without making them yourself). Monitoring your competition can be a great source of ideas, if you can invest the time into it.
Industry Landscape: On top of this, you need to understand the wider landscape of your industry, what’s happening and what’s up and coming. This helps you build a marketing plan that positions you properly within the industry, and ensures you aren’t lost in the crowd of voices. Are people going to expect you to publish reports and white papers regularly? Are there industry events that you should be attending (and using to create marketing collateral)? What kinds of content you should be creating, when, and how you deliver them can all come from your industry landscape.
We know that’s a lot to keep track of, especially when you have all of your normal duties to do as well. But you’re not quite done yet. Those are just the things you need to be able to manage within your business and your industry. If you want to be very successful with your marketing, then you need to keep an eye on the marketing world as well.
Managing In A Changing Landscape
Like pretty much everything else in the world, marketing is always changing. As new technologies are developed, new audiences emerge and trends change, businesses need to be able to adapt to stay relevant. That means understanding new technologies, changes in search algorithms, consumer behaviours and digital trends. It’s a challenge at the best of times! So, how do you manage all of this? How do you choose where to focus your efforts, time and money to get the best return on your investment? Frankly, how do you even know where to start with marketing when your business is leanly resourced? The answer is simple – you ask for help.
At Moyralla Marketing we specialise in helping business owners of all shapes and sizes keep up to date with the marketing landscape so that they can build their own marketing plans. With our help you can create an active, thriving social media presence with a strong marketing plan in place to back it up – giving you the tools and support you need to succeed. Our affordable monthly packages mean we’re much cheaper than hiring another employee, and much more flexible too! If you’d like to know more, just get in touch with the team today.
