Here are 3 ways to save money on marketing to help you maintain that leading edge in 2017!
Marketing costs are one of the most prohibitive yet essential aspects of running a company. In fact, some studies show that the average spend on social media marketing alone is between $4,000 and $7,000 a month. Many budding entrepreneurs are looking to reduce marketing costs in 2017. However, this needs to be done without sacrificing reach. Fortunately, there are a few ways to accomplish this quickly and simply.
Focus on Inbound Marketing
Outbound marketing, which occurs when businesses advertise “at” their customers, can be especially costly. These methods include paid ads that merely try to convince consumers to come by.
On the other hand, inbound marketing attempts to increase the likelihood of a consumer finding their way to the company. This includes informative articles and climbing search rankings organically. While outbound marketing has its place, inbound marketing often proves more efficient.
Capitalize on What’s Working Already
It’s important to come up with new and innovative ways to market a company. If something is already working great, though, it shouldn’t be left behind. For instance, if a certain type of Facebook ad worked great once, by all means, run it again. If a piece of content has done particularly well, share it again. Update it periodically and even re-purpose it into new content.
One of the biggest causes of overspending is making mistakes. A business owner can go through trial and error to see what works. Often, they’ll spend large amounts of money just testing the waters.
Professional marketing managers handle this type of thing for a living. Outsourcing to experts increases the likelihood that the right marketing strategies will be used the first time around. This can save plenty of money over taking blind shots in the dark.
Saving money on marketing in 2017 isn’t a simple or one-size-fits-all solution. It will take plenty of hard work, but the money saved at the end of the year will have been well worth it.
Read also: How to Double (or Even Quadruple!) Your Business Without Spending More