How to Reduce Marketing Costs Without Compromising Quality

market-costs
Marketing is every business’s weapon to get noticed and bait prospects to purchase their products and services. It is, in fact, one of the catalysts that help the growth of businesses. Without an effective marketing effort, companies would most likely fall. Even big corporations still utilize marketing strategies despite the fact that they are already known. This is because a successful marketing effort is done continuously in order to be on top on their chosen niche.

However, the big problem with marketing is the budget. This is especially a problem for start-ups who want to be in the competitive scene at the hopes to be on top of their niche. That said, it is important that businessmen budget their investment for their marketing well.

Traditional marketing approaches, especially T.V. advertisements, are effective tools for any business which is why tons of companies utilize strategies involved in this effort. However, these advertisements can be a bit costly and can burn money in a blink of an eye.

According to Adweek.com, T.V. advertisements cost up to $100,000 per air time and will depend on the length of the commercial as well as the time slot.

That said, businesses that want to save more money will be forced to cut down on their advertisements in order to fit their budget.

To reduce the cost but still have an effective marketing effort, here are some tips:

Optimize your Website

Every updated businessman these days know the importance of websites. That’s why it is very important as early as possible to bring your business online upon launching it. Websites give companies an aid with regards to increasing their branding, online presence and market reach. With that said, it is vital that businesses don’t only have websites, but should have one that is seen on the first pages of every search engine (i.e. Google, Bing, Yahoo). This can be done with proper optimization on web content.

Search Engine Optimization or SEO is the process wherein strategies are utilized in order to gain high ranks in search results by adding search terms and phrases (also known as keywords) on their web content. If this online marketing effort is successfully done, websites will be on top of search engine results and thus will appear more credible in the eyes of prospects.

Additionally, with regards to optimization, strategies in this effort should be monitored accordingly as it changes together with Google algorithm and consumer behavior; which is why it is important for every businessman to be updated with the changes as often as they could.

Utilize Social Media

Social media, such as Facebook and Twitter, are widely used by literally billions of people. Every social media website cater differently depending on the target audience of a certain business. This is why there is a possibility that potential consumers may be in this platform. Thus, updated marketers have opted to create their own social media accounts in order to locate potential leads that are on Facebook, Twitter and other social media sites; especially now that most people utilize these sites like forums. In fact, according to a study from Forrester Research, Inc., marketers decreased their spending on traditional sites by 67% in 2009. On the other hand, budget for social media was reduced by 7% but was increased by 47%.

Not only do social media sites provide a wider reach for companies, but it also increases their customer service. Thanks to commenting and private messaging in social media sites, customers can easily express their inquiry, thoughts and feedbacks while businessmen can reply quickly.

Furthermore, it increases relationships between businessmen and customers as the former can provide games and quizzes and give the latter the chance to win prices and promos. This way, there would be engaging activities between them that will increase the customer’s trust.

Indicate Online Presence in Traditional Ads

As mentioned, you shouldn’t disregard traditional advertisements if they are still effective. However, you can reduce its usage in order to save more money by combining it with your online marketing efforts. Notice that commercials these days will most likely have posts in the end where the company will indicate their website domain name and their social media accounts. With that, prospects will have a way to connect and keep in touch with the company even if the commercials aren’t as frequent.

It is not necessary to completely go online especially if traditional advertisements still work. All it will take to cut down costs is to combine traditional and modern strategies. With that tactic, you will not only save more money, but you will also increase your reach and potential sales.