Some tips to spend your Marketing Money wisely

Some tips to spend your Marketing Money wisely

The two most precious resources for a small business are Money & Time. Those who understand perfectly when, where, and how much to use which one of these two, they succeed. You have no other option but to set your priorities and plan the usage of money in detail. With strategic planning, you can make the most out of your available finances to grow your business. You can incorporate the following in your tasks to do and what not to do:

You can do the following:

  • Form partnerships: This is a technique in which you can benefit a lot even after spending no money at all! Collaborate with other small businesses that offer similar/related/allied products or services like yours. Leave your business cards at each other’s place, promote on each other’s social media or website, write guest blogs for each other, etc. You can mutually benefit for a small fee or even free.

  • Start and maintain a blog: Writing quality articles on your website has many benefits to it. You get to show your knowledge and expertise in the industry; just don’t sell your business on it. Regularly write insightful content on it and build credibility for yourself and your business, something that will lead to an increase in future sales.

  • Minimize spending on outbound marketing: The marketing techniques that predate today’s social media and internet boom like print ads, TV ads, etc., now lag in effectiveness and ROI (Return On Investment) as there is no way to measure their success. Only stick to them if you are sure of their effectiveness. Inbound marketing is the new buzzword in today’s world.

  • Add your business to online directories: This is an essential step if you want people to find you online as well as offline. Thus, the more directory sites you register on and link back, the better it will be for you. It will also improve your search rankings. Besides including your business on the free directories, also check those who charge a reasonable fee, as you will get better results with them.

You should avoid doing the following:

  • Depending only on social media: Though it is a great way to get more customers, and maintain good relations with the current ones; social media is not the only place where you can find customers. Even if marketing on social media is free to negligible spending, look at other online and offline sources to market your business.

  • Neglecting word of mouth advertising: No matter what you do or say, the best form of advertising remains your customers endorsing your business. It is the most powerful way to attract new customers. Reviews can also be negative, which can

Every small business is unique, which is why you should make customized plans of marketing as per your needs, target audience, aspirations, resources availability, etc. Avoid blindly following tactics of others, just because they are popular does not guarantee that those tactics will work for your business. Think smart, work smart, and succeed on your own.

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