How to Manage Your Marketing on a Modest Budget
Check out these tips for strategic marketing budget allocation and management from Citizens Bank
Whatever your industry or business size, a marketing plan can help you attract new clients, build brand recognition and increase revenue. However, a good marketing plan also comes with a price, and you'll need to incorporate a marketing budget allocation into your annual business costs. Luckily, marketing on a budget is easier than ever thanks to mobile apps, social media and more.
If you're working on a tight budget, these tips may help you make the most of your allocated funds. Read on to learn some low-cost marketing tactics and how to analyze results. To make use of money you save or earn through your new marketing efforts, consider opening a Citizens Bank business checking account so you can review and manage spending online or from your mobile device.
Find ways to maximize your marketing on a budget
Before embarking on a new campaign, consider the latest marketing strategies and determine which will be most effective in reaching your customer base. Take some time to determine your current marketing costs and how much you expect to spend on new campaigns. Make sure you not only compare expenses, but also the effectiveness of marketing methods to see which offers the most benefit for the lowest cost. A few tips to consider include:
- Manage social media yourself or work with an existing employee to keep your profiles updated.
- Sponsor local charities, teams or events to give to those in need and get your name out there. You could also offer your space to host events in the area so that others become aware of what you do and where you are. This sort of exposure could generate word-of-mouth marketing, which can be especially helpful for those on a smaller budget.
- Find an agency that will help pro-bono. This applies primarily to non-profits, but some growing for-profit businesses may be able to find an agency or individual willing to provide some services for free or at a reduced fee.
- Hire a contractor, agency or in-house expert to build and manage your website as well as any paid media campaigns. This may seem like something you can do yourself at first, but hiring a professional to handle your online marketing will save you time and allow you to focus on your overall marketing goals. These professionals may also know more affordable and efficient ways to improve your site.
- Use window displays rather than flyers, brochures or other print media. If you have a product, good or service you can showcase in your store, put your inventory to work for your marketing budget.
- Make yourself an expert in your product or service. Spend time writing content and crafting the perfect product or service so that new and existing customers see you as a professional they can trust in your industry. This could also help generate word-of-mouth marketing, and 'free advertising' in the form of interviews, television appearances or speaking engagements.
Analyze marketing budget allocations to monitor costs and campaign effectiveness
If you set a budget for each aspect of your marketing campaign (print, digital, social and so on), you help ensure you don't overspend, and that money is distributed where it will make the most impact. But to do this, you'll need proper reporting to gauge the effectiveness of your marketing over time. Make sure you have the metrics in place to measure money spent on your marketing budget and revenue and sales data over the same period of time, so you can get an idea of what works and what doesn't.
To keep track of your marketing budget allocations, consider using financial management software such as Quicken®, or QuickBooks®. These programs can help you to review the costs associated with new market efforts, as well as the effectiveness of new campaigns as based on increases in revenue. Citizens Bank allows you to link online banking to your accounting software to track spending and income.
Keep track of marketing expenses with a Citizens Bank business checking account
Creating and executing a marketing campaign on a budget takes dedication, creativity and attention to detail. In addition to monitoring results, it is also important to keep track of expenses to make sure that your marketing efforts are cost-effective, profitable and aligned with your brand, products and services. When you open a business checking account with Citizens Bank, you gain access to online and mobile banking, bill pay and tools that can help you track payroll, make deposits remotely, view employee spending, make transfers and manage other expenses. To learn more about your business banking options or to apply for an account, speak with a Citizens Bank business banking professional today.