Top tips for marketing on a small business budget
Managing your marketing campaigns on a small budget can be challenging, without a doubt. But if you really want your business to grow, you must invest time and money into marketing.
This is easy for large businesses with limitless funds to throw at advertising and marketing campaigns.
But if you’re on a budget, you’ll need to be a little smarter about how you spend your time and money.
Successful marketing management is crucial for every business, as it’s this that helps deliver your message, bring in customers and drive sales.
In this article, we’re going to break down some ways you can better manage your marketing campaigns to make sure that they are cohesive, effective, well-tracked and the best value for money.
Define your goals and KPIs to track
The first thing you need to do is define your goals and the KPIs you’ll need to track.
While these terms are often used together, it’s important to know the differences between them. A goal is an outcome you wish to achieve, and KPIs, or Key Performance Indicators, are a metric to let you know how well you’re working towards that goal.
Before you set out the targets you need to reach, you must first define your project goals, set out a clear picture of how you’re going to get there, and what data points you need to focus on to measure its success.
Going into a new campaign without a clear vision of your goals is a recipe for disaster. You’ll easily get distracted and throw money at ineffective strategies.
Monitor your KPIs
Monitoring the success of your marketing team and stepping in to make changes to improve the overall result is a crucial part of being a successful marketing campaign manager.
As much as you hope and pray for your marketing campaign to go smoothly without anything getting in its way, it’s unlikely that you’re not going to be faced with some difficulty along the way.
Make sure that you’re monitoring your KPIs and data points regularly to keep track of how the campaign is going. 75% of marketers use reports demonstrating how campaigns are directly impacting revenue. By keeping track of this, you can make sure you’re spending your money on strategies that are bringing you income.
You can then clearly see which actions are working and which are not. Therefore, you can make the necessary changes to your strategy before you realise you’re funnelling money into something that isn’t working.
Get the right tools for your marketing campaign
There’s an overwhelming amount of tools out there to help you with your project management.
Make sure that you’re using the best tools to help you reach your goals so that you can do so with minimal effort and stick to your budget.
For example, if the goal of your marketing campaign is to increase sales from emails, you’ll benefit from investing in a tool to help manage this. There are great tools out there which even offer free marketing tools for smaller companies.
With these email tools, you can A/B test, include personalisation in emails, see how much income from your business is directly attributed to each email, and view data analytics.
Factor in your resources when planning
Make sure that you’re fully aware of all the resources you have available to you. This means noting your budget, the people and their skills within your team and the tools you have at your disposal.
You must set out exactly what you’ll need for your marketing campaign at the planning stage. This will ensure that you’re not caught short at any time and have to improvise or go outside of your budget.
Know your audience
Make sure that you’re not wasting your time and money advertising to an audience that isn’t going to be interested in your product.
A successful campaign manager will clearly define the audience whose attention they’re trying to capture so they can direct their focus on creating content that will be valuable to them.
This brings us back to the importance of monitoring your KPIs and being on the lookout for any marketing strategies that aren’t bringing in revenue. It also highlights the importance of doing effective research and planning before rolling out your campaign.
With the vast amount of tools and resources available in this tech-focused world, it isn’t impossible to run a successful marketing campaign on a budget.
However, the hard work really comes in at the planning stages of your campaign. Ensuring you have a clear, cohesive plan utilising all the tools at your disposal will ensure that your marketing campaign will be a success.