10 Ways To Get More Results With Fewer Marketing Dollars

Every CEO knows that you have to market in order to survive. Even so, sometimes executives make the decision to cut the marketing budget. It's a struggle every company faces at times. How can the marketing department get similar results...or even more results…with a smaller marketing budget?

There are many tactics for marketers to utilize to get the most out of marketing efforts. Rather than simply cutting across the board, it is important to closely examine your current marketing mix and develop an approach to maximize the return on investment, while maintaining reasonable expenditures. Below are 10 helpful tips:

1. Concentrate On Your Best Targets. Although it's tempting to go after every target audience, it simply isn't cost effective. It is important to first qualify your leads, before you target them with any outbound campaign. For the most part, this simply means segmenting your contact database, then focusing most of your energy (and money) on "key" targets, meaning, those groups that tend to be most responsive. You'll end up with a smaller target list, but this list will be more likely to buy.
   
   
2. Focus Your Message Like A Laser Beam. Once your target list is narrowed, it is important to also focus the message you are sending to your prospects. Get to the point: how will you help solve their real-world problems? This highly-focused message will be the trigger that will cause your audience to take action.
   
   
3. VIP's Get Special Attention. Of the smaller list of names you are left with in your targeted prospect lists, you should also develop a subset: your "Very Important Prospect" list. These VIPs should be the companies that can make a significant difference in your organization. Once you have your VIP list, communicate with them in a highly creative way…get their attention. Yes, great creative takes time, and sometimes can cost more. However, if you send the right message, and in an entertaining way, you'll capture the attention of your most important prospects. Targeting VIP's is an excellent way to open doors that were previously closed.
   
   
4. Use Less Expensive Channels. Savvy marketers are finding ways to eliminate the traditional advantages and disadvantages of various media channels. For example, television advertising, traditionally only a mass market vehicle, is used today for lead generation even on a local level, thanks to cable TV ad buys that can target right down to specific neighborhoods. There are other ways to reach your audience while saving dollars. For example, some companies are reducing their printing costs by sending direct mail "teasers" that point prospects to a website to download a PDF of the company's in-depth brochure (thus saving on printing costs).
   
   
5. Follow Up. Many companies fail to follow up once they have completed an initial marketing push. Whether you utilize direct mail, e-mail, or whatever, it is important to develop a follow-up plan. With most of us pressed for time these days, making a follow-up phone call or sending a follow-up note can easily slip through the cracks. But it can be the difference between a campaign that gets strong results...or none at all.
   
   
6. Market To Your Customers. Your best potential revenue stream might be your current customers. It is important to closely examine your current customer base to see if there are opportunities to cross-promote your products, and trade-up your customers. You may be able to generate additional sales.
   
   
7. Outsource For Efficiency. Of course, some smaller marketing efforts such as flyers, etc. can be handled internally in order to keep them cost efficient. But many organizations jump to the conclusion that it is less expensive to do entire marketing campaigns "in-house" than outsourcing to an agency. That often isn't the case. To develop and implement marketing campaigns requires many specialized skill sets, and a big time commitment, which can distract your staff from your core business activities, and may even require costly new hires. Outsourcing to a marketing firm may actually be the most cost efficient, and effective, way to get your message out.
   
   
8. Work Better With Your Agency. If you do work with a marketing agency, it is important to map out an efficient and cost-effective plan that allows for seamless collaboration. More often than not, agencies charge by the hour, so it is important to utilize their time effectively. Limit rounds of revisions with your agency by compiling all feedback/changes/input before sending them to the agency. That way, all changes can be made at once, which can save countless hours, and thus dollars.
   
   
9. Consider Your Sales Cycle. In your effort to increase revenue through marketing, it is important to take into consideration your sales cycle. Companies sometimes create a marketing campaign with the hopes of immediate sales, but are disappointed unnecessarily when sales are slow because they haven't considered that their product has a lengthy sales cycle. Also, companies sometimes implement strong marketing campaigns that produce sales leads, but are unable to close them because they don't have enough resources in place to handle a flood of requests. These issues can be avoided with planning.
   
   
10. Don't Be Afraid To Take Calculated Risks. Let's face it, life is risky. There are no guarantees. But one thing is for certain, if you don't take any risks, you'll never achieve your goals. Take a calculated risk…one that is aligned with your business objectives...and watch what happens. You may be surprised how easily and quickly those goals become real.

For additional marketing recommendations, feel free to contact Vilocity for a free consultation.

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