With the global economic situation becoming more and more volatile by the day, you cannot afford to be offhanded with your budgets. Almost all companies have teams working on their operational budget to ensure that they cut costs while still maintaining operability. However, not many companies dare to mess with their marketing strategies. These strategies help in generating business to the company and it is not prudent to be cavalier while making changes to them. But at the same time, marketing is one facet of the company where a lot of money is likely to be wasted. So, here are a few tips that will help you in cutting down marketing costs without actually compromising on the effectiveness of your strategies.
Avoid Pumping Money into Strategies without Significant ROI
Any entrepreneur will know that making an investment on something that does not give returns (either short term or long term) is imprudent. So, identifying those areas of your marketing strategy that are not generating any ROI and limiting them will significantly reduce marketing costs. You will be surprised at how many marketing avenues you are pumping money into without actually getting anything out of it. Even if they are taking up a small part of your marketing budget, get rid of those activities. The impact that they have on the long run is significant.
Consider Outsourcing Some Work
It is important that the in-house team gets to work on the major activities of your company. But outsourcing is a great way of delegating some of the work to outsiders, and reducing the pressure on the in-house team. This will give them more time, in a less pressurized environment, to focus on creative tasks, which are of paramount importance. For example, you can outsource the routine, monotonous tasks of your marketing team. These are tasks that may not require the best talent in your company, but they just have to be done.
Re-Use Usable Marketing Resources
There is no doubt that you should always start fresh with a new marketing strategy. But if you have some resources that can still produce effective results, why shouldnât you use them? For example, if you are starting a new email marketing campaign and you already have a mailer list that is active, you can use it. You donât have to spend your money and time on creating a brand new mailer list to use. Of course, you can make additions to your existing list. But by and large, you can use the old list. This is only one of the many ways in which marketing resources can be reused.
Agents are sometimes essential but you can actually avoid them altogether if you make a little more effort on your part. This will not only save you a lot of money but help you build profession relationships that will do you a world of good in the long run.
These are only a few main ways out of the many other ways in which you can cut down on marketing costs in 2013.Â