Trimming the Marketing Budget a Mistake?

The big ‘R’ word. Recession. The word alone is scary, and makes me want to really pinch pennies. Yes – the recession is a big wake up call for most businesses, but you don’t need to make drastic cuts just yet. You should look at what you are spending, and just see if it makes sense, and if you cut something, will it hurt or help your growth.

Here are a few tips to help you decide what is necessary or not.

Cut Wasteful Spending

I have reviewed many marketing plans over the years, and to be frank, there is always something that just bleeds money, or isn’t trackable to see if it is really working. One such hole is the phone book. Yes, it is important to have your company name and number listed, because there are people that still use the phonebook(s), but the extra 2k a year for a display ad could probably be used for better and trackable results.

If you haven’t been to the local phone store recently, maybe you should go there during lunch. You will find that almost all phones now have access to an online phonebook. And people on the go usually take their phone, not their phonebook with them.

If you are using association newsletters or the local paper to advertise and think that it works because you have always done it, think again. Next time you list the ad, make sure you build a landing page to point people to. That way you can monitor if people really read the ad or not. If you want to continue to purchase the ad, at least get some kind of call to action in it, so that people can go to your website to download something, or call a specific telephone number so that you can track how many people see the ad. If the ad doesn’t pull leads, pull the ad.

Give-A-Ways

I like going to the trade shows – a lot. I like the freebies. But sometimes getting the freebie from a vendor is like pulling teeth. They want a sales lead, I want the stuff. If I get the stuff, then I avoid the sales calls because I really didn’t want their product or service. I just wanted the toys. And this doesn’t help the business.

What to do? Offer quality stuff, but only for those that have a need. Make a report, video, cd, what ever, and on that media provide quality information on how to use your product or service. Once you qualify the lead a bit more, and you get their permission to call them, then pull out the pen or Frisbee… Better yet, in your free material suggest that if they call you for more information, you will then send them the Frisbee. The goal is to get them when they are ready to buy, but not try to bribe them when they are just looking.

It’s Ok To Ask For Directions

We all get under the gun at times, and sometimes we make decisions based on an opinion or our personal preferences. But we also find that most of those decisions were the wrong ones, so we end up trying to fix things, or try something different.

The truth is, we all need help. There are just too many hats to wear and we can’t possibly know everything about how to run a business. So if you get to a stumbling block, ask for directions. Seek out several consultants in areas that you feel you are weak or you have little time to investigate yourself. Paying for an hour or two of consultation time to save you time and money from making a much bigger mistake is well worth it, I would think. And if you are accustom to getting free advice – you get what you pay for. If you paid for advice, you would value the opinion more than you would a free tip.

Cultivate What You Already Have

What do you really know about your customers? Maybe its time to ask. Get on the phone, send a survey in an email, go door knocking, what ever. Just get out and ask your customers how you can better your service. Remember that display ad in the phone book you aren’t paying for now – you could use that money to hire a consultant to write the copy for a survey.

What are you doing to keep in the loop with your customers? Are you sending them a newsletter? Are they reading it? What about cool leads that you have, but from people that are not ready to buy? Are the names just sitting in a rolodex collecting dust or do you keep them informed of your business?

Oh – And The Mascots

Everyone loves the mascots. I have three- my Scottie Dogs. But the truth to the matter is that nobody comes to your business because of the mascot. They come to your business because you offer valuable product and services. Sometimes I can’t tell if a commercial using a mascot is advertising a new cartoon or an actual business. I am not saying get rid of the mascot; just spend more money on promoting your business, not the mascot. If you offer quality products and services, Tell people that first. Then tell them they can bring their kids to play with the Paper Mache’ figure head while you conduct business.