Effective Use of Your Marketing Budget in a Challenging Economy

This article is sponsored by VerticalResponse, a direct marketing self-service provider and proud supporter of the OfficeArrow community.

It seems we hear it every day: times are tough. But, no matter what's going on in the economy, we still have to find ways to build our businesses.

So how do you continue to grow your business when you feel forced to cut back on marketing due to economic adversity? Well for starters, you never want to completely cut back on all of your communications with customers and prospects because they are the very people that can get you through tough times. Taking important steps to spend wisely can make the difference.

Whether your company uses more traditional marketing media (such as print ads and tradeshows) or if you're dabbling in new technology (such as Google AdWords and email marketing), we have some recommendations to help you get the most out of your budget dollars.

Here's a quick guide to evaluating some of the most common marketing expenditures:

Print Ads

First, determine whether your print ads are actually working for you. Ask your customers how they heard or read about you, then track the number of times a specific ad or referring website is bringing you the most business. If you aren't sure about the impact cutting your advertising campaign could have on your business, consider a simple change such as reducing your ad sizes or renegotiating positions with online publications.

Tradeshows

Instead of cutting tradeshows out of your budget altogether, you might be able to reduce your presence. Why not share a booth with another complementary business? Do you really need 3 people to man the booth, or can you do it with 2? Maybe you can have a smaller table or booth? Make sure you don't skimp on printing business cards, and consider using the back of your card for a promotion instead of printing separate datasheets. There are simple ways to reduce, while still getting your message heard.

Google AdWords

Efficiency is the key to marketing effectively. If you sell to (or serve) your local community, make sure you're not spending money on advertising that appears in other areas of the country. Invest in your area only. Google AdWords lets you do just that. If you have advertising campaigns running up a daily tab that have not offered the response you are looking for, you may want to consider pausing them for a few months.

Email Marketing

You don't have to cut back here at all. Now, VerticalResponse (and some other ESPs) lets you send unlimited email for a low fixed monthly fee in addition to a flexible pay-as-you-go option. This lets you increase your email sends and keep growing your business. Reducing the frequency of your email communications can actually lead to an increase in your list members unsubscribing, which also hurts your best source for referrals and viral marketing.

Start a Refer-a-Friend Program

Ask your customers to refer their friends and offer a discount or free gift every time their friends purchase from you. This only costs you a small percentage of revenue and it's a fantastic way to stimulate word -of-mouth marketing.

Watch your business grow with email marketing! With VerticalResponse, you can create emails in minutes, no technical experience required. Choose from over 300 designs, type your copy, select your recipients and send...it's that easy! Sign up for a free account today and receive 250 free emails just for being an OfficeArrow member.

For more information on effective marketing solutions using the web, visit the experts at VerticalResponse.