You’ve probably noticed the headlines; a recession may be a near-future reality. Does that mean you should put the brakes on your marketing budget? Probably not, but just in case you find that you need to tighten things up a bit, here are seven budget-friendly ideas that help you expand market share while reducing spending.
Community Involvement
Can your team lend a hand to a community event? Maybe there’s a low investment way to sponsor a team or a local club that meets your limited budget. Partnering with another company (even a competitor) to support a local charity can be a great way to generate some buzz about your company while doing some good for your community.
Low-Cost Promotions
Creativity doesn’t cost a thing. Brainstorm some ideas to create funny polls or quizzes on social media, and give away small prizes to boost engagement. Depending on the quirkiness of the prize, you might generate a lot of engagement for a small price. Consider giving a discount that’s memorable with a random amount, like 6 ½% off because it’s mid-June.
Leverage Future Discounts
Utilize an affiliate partner to offer future discounts to current users. If they make a purchase today, they earn a discount on their next purchase. Depending on their buy cycle, your future discount’s timing could vary a lot.
Webinars
A recession is a great time to build your reputation for expertise in your field. Your customers are on a tight budget too, and they are probably looking for training opportunities that don’t hit their budget. A webinar is a good way to add value and solidify relationships so that when your contacts are ready to buy, they think of your company first.
Local Meet-Ups
Think about your community and how you could make the most of a local event. Is there a strawberry festival each spring, or is your area known for its fantastic soft pretzels? Think of a way to highlight what’s special in your local area with a meet-up. Give away samples of that famous strawberry jam or pretzel dipping sauces and combine it with a product demonstration or a quick Q&A.
Get Active Online
From answering questions on Quora to engaging in conversations on LinkedIn and Facebook, simply being around on social media and other Internet resources can be a great way to build brand awareness. It costs you nothing but time.
Tighten Things Up
Trimming your budget doesn’t have to mean giving up content creation or email marketing; it may just require a little time with your data. Identify which channels, content and audiences are performing best and focus in on them. By eliminating what’s not working, you may find that you can stretch your marketing budget further than you expected.
Streamlining your marketing budget to spur cost-efficient growth is what DirectMail.io is all about. Our all-in-one marketing platform reduces waste, allowing you to reach audiences with minimal manual effort. Contact us to learn more.
