Sales and Marketing - Jen Jordan
Jen Jordan brings a wealth of life and leadership experiences to her writing. After 10 years creating a variety of content for a nonprofit, Jen decided to establish her own writing business. She specializes in creating high quality blog and website content for small businesses. When she's not writing, Jen is a competitive triathlete with a goal of completing a triathlon in all 50 states.
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How to Avoid Making the Wrong Cuts to Your Small Business Marketing BudgetMarketing: A Need, Not a Want Your small business’ marketing budget is a necessity. Think of marketing as a revenue generator. The money invested in marketing should bring a solid return. If this isn’t the case, rethinking your marketing strategy is the first step. Immediately slashing areas of the marketing budget can be a terrible mistake. Remember, marketing is a long-term investment. Any change you make to your marketing strategy will have short-term and long-term impacts. That’s not bad, but it is a factor to consider. Do This, Not That Definitely don’t do this... There are just some things you don’t do. Eliminating your marketing budget is not a realistic option. This leads to catastrophic results. Rather than eliminating your marketing budget, devise a solid strategy for your small business. Knowing your target audience and how to reach them will help you invest your marketing dollars better. Tuning Up Your Website Dropping cable might be an option to save money at home, but eliminating your website should never be a cost-cutting consideration. Your online presence is your small business’ lifeline for retaining customers and attracting new ones. Rather than eliminating your website, look at ways it can pay for itself. Are you making the most of SEO and attracting free, organic traffic to your website? Are you continuing to monitor your metrics? Sometimes, a few adjustments make a big difference. Your website should be working for you. Update landing pages and blog posts to reflect clear, optimized material that is simple for your audience to understand. Approach Strategy with Balance When you must make marketing cuts, consider how this shift will affect your small business immediately and long term. For each expense you cut, adjust your marketing strategy accordingly. This ensures that you still have a marketing plan that attracts new customers and retains current clients. Identify the essentials: a website, emails, social media, monitoring Key Performance Indicators (KPIs) and metrics. Consistently optimize and brainstorm cost-effective solutions. Update your marketing. Are you putting your marketing budget into channels that no longer reach your audience? It might be time to experiment with other marketing strategies. Before any cut, ask yourself what your business stands to lose. Don’t give up quality. Opting for cuts that hurt your business’ image might do more harm than good. Marketing materials like business cards, brochures, advertisements, and items associated directly with your business help define your brand image. Consider creative ways to approach these items without reducing the perceived quality. Know yourself (and your customers) If you feel lost, consider the benefits of calling in someone with experience. Evaluate if the ROI of a solid marketing strategy outweighs the cost of hiring a professional. Consult with someone who can ensure you use your small business budget wisely to get the best results. Once you have a strategy and a realistic budget in mind, you can make those dollars work for you. Establish what marketing measures work best to reach your customers and what tools will keep them engaged. This will help you visualize your budget needs in each area without cutting the things that help your business thrive. Sources: https://www.inc.com/craig-bloem/4-reasons-why-marketing-should-never-be-first-expense-you-cut.html https://blog.hubspot.com/marketing/small-business-marketing-guide https://loudbirdmarketing.com/blog/small-business-marketing-plan-essentials/ https://www.revlocal.com/resources/library/blog/how-much-should-you-spend-on-marketing |
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