One of the most frequently asked questions marketers get is: “How do we extend our marketing budget and spend less at the same time?” It’s a question that makes some marketers cringe, but it’s also a legitimate issue we’re asked to overcome quite a bit. As businesses are preparing to review the year-end budget just before Labor Day weekend, and make ongoing plans for marketing spend, now more than ever is the time to get creative. Below are three ways to stretch your marketing spend for the rest of the year, without sacrificing quality of output and execution.
- Revisit data from previous years. Before you get too excited to head off for Labor Day weekend, take a big step back and really assess what has worked in the past. The wonderful thing about analytics is that, if the tracking is setup correctly, it provides you with an enormous amount of information. This includes anything from the ROI of a specific campaign to the amount of clicks a specific piece of content earned. Now is the perfect time to sift through your marketing campaigns and find out which campaigns truly made an impact. Then, creatively replicate the campaigns that worked in a way that is modern, trending and enticing.
- Recycle, reuse and repurpose. The end of summer is usually a time when your time is already spread too thin as it is. Fortunately, the old adage “if it isn’t broken, don’t fix it” still rings true, and this saying can actually help you in stretching the budget. As you’re reviewing analytics of previous campaigns, think about which content can be repurposed in a different context. The assets that you create are yours for the sharing, and they can be repackaged in ways completely up to you. Reuse copy that performed well or recycle an innovative email template that received lots of clicks. Recycling content here and there can save you time and money.
- Reactivate current customers. According to a study published in the Harvard Business Review, the cost of acquiring a new customer is five times more expensive than the cost of retaining one. The study also indicates that increasing customer retention by just five percent can raise profits anywhere between 25 percent and 95 percent. This serves as a great reminder to business owners to consider how you allocate your resources for acquisition and retention. By no means should you remove your customer acquisition initiatives altogether. Rather, spend some time assessing how you retain your current customers, and think of ways in which you can reactivate that relationship and their buying capabilities.
Enjoy the rest of summer, but while you’re at it, get creative with your marketing. After all, the these are three of the best ways to extend your marketing budget, and possibly even increase your bottom line.
Have any other strategies for stretching your marketing spend? Share them with me!