Marketing costs are one of the most prohibitive yet essential aspects of running a company. In fact, some studies show that the average spent on social media marketing alone is between $4,000 and $7,000 a month. Many budding entrepreneurs are looking to reduce marketing costs in 2017, but it needs to be done without sacrificing reach. Fortunately, there are a few ways to accomplish this.
Focus on Inbound Marketing
Outbound marketing, which occurs when businesses advertise “at” their customers, can be especially costly. These methods include paid ads that merely try to convince consumers to come by.
Inbound marketing, on the other hand, attempts to increase the likelihood of a consumer finding their way to the company. This includes informative articles and climbing search rankings organically. While outbound marketing has its place, inbound marketing often proves more efficient.
Focus on What’s Working Already
It’s important to come up with new and novel ways to market a company. If something is already working great, though, it shouldn’t be left behind. If a certain type of Facebook ad worked great once, for instance, run it again. If a piece of content does especially well, share it again, update it periodically and even repurpose it into new content.
One of the biggest causes of overspending is making mistakes. A business owner can go through trial and error to see what works, but they’ll often spend large amounts of money just testing the waters.
Professional marketing managers handle this type of thing for a living. This means outsourcing to experts increases the likelihood that the right marketing strategies will be used the first time around. This can save plenty of money over taking blind shots in the dark.
Saving money on marketing in 2017 isn’t a simple or one-size-fits-all solution. It will take plenty of hard work, but the money saved at the end of the year will have been well worth it.
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