Canadian Small Business Women

Connection, Synergy, Community

  • Home
  • Media
    • Advertise with Us
    • Inside Conversations
  • Partners
  • Events
    • Startup Pitch Conference
    • Accelerator Program
  • Resources
    • Market Research
    • Community Hubs & Co-working Spaces
    • Tech Resources
    • Human Resources
    • Financial Resources
    • Courses
  • Innovation
    • Clean Technology
    • Green Technology
    • Medical Technology
  • Blog
  • Shop

Jun 11 2021

Top 4 things to NOT cut from your marketing budget

A couple of weeks ago I talked about how you can cut from your marketing budget without losing momentum… While it’s never good to cut out marketing completely, sometimes you just need to tighten things up until you have more money to play with. If you are considering cutting your marketing budget, as you are making decisions on what to cut out there are certain things that you really just shouldn’t cut out of the budget.

Here are four things that you should not cut from your marketing budget.

Channels that are working

This should go without saying, but if you know something is working to bring in new customers, find any way you can to keep it going. After you have done your marketing audit and prioritized your marketing tactics, it should be clear what is working and what isn’t working. If it ain’t broke, don’t fix it. And, I should add, don’t cut it out.

I was talking to one entrepreneur who actually said to me that they know if they stop blogging the leads they are getting will stop coming in, but because it was the biggest expense below payroll they were considering stopping. When you are going through a rough patch, you want to invest in the things that will help to get you out of it. You should also not just cut for the sake of cutting.

Digital presence

If the past year has taught us anything it’s that you need to have SOME sort of online presence. While social media may not be the right thing for you, you do need to at least have something like a website to act as an information hub. You need somewhere for people to learn about you and see that you are a legitimate business. It also gives you a chance to showcase your expertise and tell your brand story in a controlled way. We all know that once it’s out there on social media, in the media, with influencers, or even with customers, you have to give up a bit of control when it comes to your brand and the messaging you have developed.

Audience engagement

Ongoing dialogue with your audience (aka customers and potential customers) is important. If they have no way to interact with you then how are they supposed to get to know you? Not only that, your interactive channels can also serve as effective customer service channels. Any marketing strategy you implement for your business should be designed to build relationships with your customers. And to do that you need to be able to have a 2-way dialogue. It’s those interactions that create intrigue and let people get to know that brand personality.

Expertise

There are a few different resources that come into play when it comes to your business. Expertise is one of them. If there is something you don’t know how to do yourself, it makes sense to hire someone to do it for you. The alternative is learning how to do it, but then you have to invest both time and money to learn – and it can take time to become an expert. In these situations, you need to weigh the cost against the benefits of each option. Where your marketing strategy is concerned, there are so many different skillsets that go into building and executing a successful strategy that it can be hard to be able to do everything. Figure out what you can handle and work with an expert to get the rest done. The right expert will help you figure out a great middle ground. It should never have to be all or nothing.

If you’re looking to have a big impact with your marketing, but you just don’t have the budget, don’t give up. You can make smart choices when cutting into the budget!

 

Candace Huntly is Founding Partner at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Sign up for our free 20-minute consultation and we’ll help you figure things out.

A version of this article was originally posted to the SongBird Marketing Communications blog.

Instagram/Facebook/Twitter/LinkedIn/email/Website

Share this:

  • Twitter
  • Facebook
  • Pinterest
  • LinkedIn
  • Reddit
  • Email

Written by Dwania Peele · Categorized: Candace Huntly · Tagged: cutting down your marketing budget, marketing budget

May 11 2021

8 ways to cut down your marketing budget

It’s no secret that the marketing budget is the first thing to get cut when revenues go down. It’s ironic that marketing is the one thing that will help you build awareness and get your product or service in front of the right people to buy it. In a perfect world, you should actually be spending more money when revenues are down so you can find new ways to connect with your audience.

In reality, most businesses are working with a finite budget and you have to find ways to stretch it as far as possible. So what happens when you actually need to cut down your marketing budget?

Here are 8 things you can do to cut down your marketing budget without losing everything you have already worked hard to accomplish.

Do a Marketing audit

You should never start by making cuts. You need to start by looking at what’s working and what isn’t working. This is something you should do every year so you can start fresh, but it also helps in times where you need to figure out where to save money.

Start by writing down all of the different marketing channels you have. Once you have that list, look at the metrics associated with each channel to see how well they are performing. Take note of the customer flow – from the point they learn about your brand to the point where they click buy. Identify the things that are helping you reach your overall goals and the things that aren’t.

Ask your customers

Unless you are starting from the very beginning, chances are you have at least a few customers. Ask them what attracted them to you in the first place. Ask them what they want from a business like yours when it comes to marketing. Equally important to finding out what made them make their final decision to buy is what was holding them back (if anything).

While you are at it, why not ask them where they like to get their information and hang out online. It will give you a better picture of your audience and how to connect with them on a deeper level.

Focus on what’s trending in marketing

While it can be hard to keep up with everything that is going on in the world of marketing, try to take advantage of things where you can. For example, now that video has become “the future of content,” try building it into your strategy.  Or if a platform is favouring certain content over other types, consider adding that to your strategy where possible. Instagram Reels are a great example of this. Not only does the platform favour this type of content, if your audience is on Instagram they are likely watching Reels on a regular basis already.

Adjust your target audience niche

Make sure you are trying to reach the right people. Sometimes we can get ourselves off track thinking that we are marketing to the right audience, when in reality, there may be someone better we can connect with. This may require you to have a deeper look at your brand strategy and the buyer personas you have created. If you haven’t created those things yet… better late than never!

Create efficiencies across channels

BIG fan of this one. One of the reasons so many small businesses struggle is that the strategies that are being created are all separate pieces. If you are a solo entrepreneur or you are operating with a small team, then you will likely wear many different hats. It can be hard to stay on top of things. So, you have to work smarter, not harder with your marketing strategy. A great example of this is writing your blog content with your social media content in mind. One blog, written in the right way, can translate into multiple social media posts.

Focus on a referral or loyalty program

So nothing is ever really free, but word of mouth is pretty close to it. If you have to cut back on your marketing spend, why not get your customers who love you to spread the word? While it might cost you a discount or product for giveaways, you could also expand your customer base with your existing customers acting as brand ambassadors. Keep it simple. Don’t over-complicate it. You don’t need fancy technology to run a great referral or loyalty program!

Prioritize and then cut things

If you are, in fact, cutting things from your strategy, take everything you learned from your marketing audit and your conversations with customers and organize your list of marketing channels/tactics. Put the most effective ones at the top of the list and the least effective at the bottom. You also need to consider factors like timing. If you are looking to see faster results, then consider putting the longer-term strategies lower on the list.

Once you have your prioritized list, cut the things that are towards the bottom – or at least put them on hold (if they are long-term strategies).

Work WITH your agency

Find an agency or freelancer that understands tight budgets. There should always be a way to make it work to stretch your budget further. A great option would be to create a bit of a hybrid workflow situation where you can do some of the work and your agency can do some of it. That way you can cut back your budget, but not stop everything completely. And you still have the support of an expert team to help you get things done at a smaller budget.

If the past year has taught us anything, it’s that entrepreneurs can pivot – and we will pivot and adjust until there is nowhere to go anymore. The challenge is finding ways to work within your parameters. And that sometimes means cutting your marketing budget. So before you just blindly slash everything and burn the business you love to the ground, have a deeper look into where you should be cutting to do it with purpose.

 

Candace Huntly is Founding Partner at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Sign up for our free 20-minute consultation and we’ll help you figure things out.

A version of this article was originally posted to the SongBird Marketing Communications blog.

Instagram/Facebook/Twitter/LinkedIn/email/Website

Share this:

  • Twitter
  • Facebook
  • Pinterest
  • LinkedIn
  • Reddit
  • Email

Written by Dwania Peele · Categorized: Candace Huntly · Tagged: cutting down your marketing budget, loyalty programs, Market trends, marketing audit

Stay Social with Canadian Small Business Women:

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
  • Home
  • About
  • Contact
  • Privacy Policy
  • Login

© Copyright 2012 Canadian Small Business Women · All Rights Reserved