How to Spend Less and Do More with Your Advertising
Every smart business owner knows that the key to running a successful business is to maximize the use of your resources. Especially as it pertains to your advertising strategy, your ability to do more while spending less will allow you to hit your advertising goals while conserving resources that can be reinvested into other areas of your business.
Spending less and doing more sounds like a great concept, but how can it actually be applied to your advertising strategy? Let us share some advice for how you can accomplish this in your own business through a little creativity and ingenuity.
Spend Less Here.
In theory, spending less money sounds simple. All you have to do is cut back on the amount of money you’re spending on advertising right? Not completely. Yes, at the end of the day the goal is to spend less money overall, but the key is to know where to cut back. First you need to take a comprehensive look at your existing advertising strategy. Many businesses spend money here and there without fully knowing where all the funds are going, and how they add up. Be sure you have your strategy organized all in one place where you can paint a complete picture of what’s being spent where, and how it’s performing for your business.
When analyzing your existing advertising strategy, also take into account how customers have reported hearing about your business. This is an essential question you should be asking each and every customer. You should be able to identify themes as to the most effective ways in which you are reaching your target audience with your advertising strategy. For example, if 20% of your advertising budget is going to radio ads, but the majority of your customers report hearing about your business from Facebook, it’s time to pull back on the money you’re spending on radio, and reallocate the funds to social advertising.
Once you’ve gone through your current advertising strategy with a fine tooth comb, comparing your placement against how most of your customers are hearing about you, you’ll be ready to make appropriate cuts to areas that aren’t using the funds effectively.
Do More Here.
Now with a trimmed down advertising budget, you’re ready to tighten up your strategy by investing more in what you now know is working best for your business. Especially if you decided to pull back on traditional media placement, such as television, billboards or radio, you’ll likely find that this puts a large chunk of change back into your coffers. Reinvesting even just a fraction of that savings into digital or social advertising will allow you to reach a large, but highly targeted demographic with your message.
Additionally, don’t overlook the value of using freelance graphic designers, photographers and videographers to produce your own advertisements, rather than paying a media outlet’s high price to do the same work. For example, certain outlets may charge you up to $2,000 to produce a simple television commercial, whereas a freelancer could produce this sometimes as low as one-tenth of the cost! This is a huge savings, especially for a small business. Plus it gives you more creative control.
Most importantly, never be afraid to shop around and talk with an experienced media buying firm. Research and experience are two of the most valuable tools you will have to maximize the results of your advertising strategy.
Are you inspired to take a fresh look at your advertising strategy to try and “do more with less?” Share your ideas or ask us a question by leaving a comment below!