No one really knows what the next few weeks and months are going to be like, since the outcome of the UK’s EU referendum. It is likely that there will be some economic instability, and so many small businesses are likely to be nervous about spending money.
Unfortunately, most business owners think that cutting their marketing spend is the best thing to do when being careful about their outgoings. However, this is the wrong move – without your marketing, where will your customers come from to continue bringing in profit? The correct course of action is to make your marketing smarter, and therefore more cost effective.
Here are 5 tips to help improve your marketing activity in leaner times:
- Do a marketing audit.
What activities are you doing now, and what is working? Focus on those activities giving you the best returns and cut those which are performing poorly. Ignore those who lean on you to take particular risks and get rid of activities which you might always have done out of loyalty or repetition, but that aren’t bringing you new work or customers.
- Develop a digital strategy.
Other than your time, using social media is free and can bring great returns when used correctly. Maximise use of the platforms your customers are using, put out great content and interact with users to get the best results.
- Make the most of your existing customer relationships.
Ever heard of the rule that 80% of your business comes from 20% of your customers? Identify who your strongest customers are, talk to them, find out how you can help them and deliver beyond expectation. Not only will you keep their business, they’ll recommend you to others.
- Work with others.
You don’t have to go it alone – if you’re looking to host an event, seminar or conference, speak to similar businesses (obviously, not direct competitors) and see if they’d like to join you. Half the cost, double the target audience.
- Make use of the media.
Speak to your local newspaper and other publications (such as community or parish magazines, for example) and see if you can contribute press releases and/or editorial. Write about stories relevant to your business or news items surrounding your business and its place in the community. Something lighthearted yet topical would help to deflect from current post-referendum doom and gloom!
So before you cut your budget, see if these steps can help you to instead make your marketing more effective.