Anyone who has been to the grocery store recently can tell you the cost of just about everything is skyrocketing! As a small business owner, you are probably looking at every line item to find ways to cut costs. While most people see marketing as a cost function, if used properly it can actually be a cost-savings function.
Let’s look at a few ways that your marketing tactics can help your business save money:
1) Use Your Current Customer Base
Did you know that obtaining a new customer costs five times more than retaining a current customer?
In an effort to save marketing dollars and get more from every customer you should be focused on retaining all of your current clients. Just because someone has bought from you in the past doesn’t mean they shouldn’t be marketed to. Study your existing marketing data and especially the profiles of your best customers. This should be where you focus nearly all of your efforts.
A focus like that will help you get more from your existing marketing budget and avoid targeting customers that run your budget dry.
2) Eliminate Commission Based Online Ordering Platforms
If you’re in the food/restaurant industry you’re probably paying huge commissions for every order placed through GrubHub, DoorDash and Uber Eats. We’ve talked to some owners who don’t make a dime on orders placed through those platforms. How much extra money could you put back into your business every month if you eliminated those monthly commissions?
At ValPak, we offer a proprietary online ordering platform that is completely commission free! It has all the same features and benefits of the “big guys”, but it will help feed more money to your monthly bottom line.
3) Utilize Referral Marketing
Referral marketing is one of the most effective forms of marketing. Yet, most companies don't maximize the number of word-of-mouth referrals they receive.
As we mentioned earlier, your customer relationships should always be a priority. So, perhaps add a sweetener, such as an incentive for recommending your business. This might be a rewards program giving discounts for every customer referred.
So, yes, offer incentives and make them beneficial enough for your customers and clients to pass your business on. Just remember that the core of a successful referral strategy starts with your providing so much value to your customers that they can't help but talk about you.
4) Plan Your Marketing/Content Calendar Well In Advance
One of the most expensive items that might not appear as a line item, is your time! As a small business owner your time is valuable. And as a small business owner you probably wear a lot of hats, one of them being marketing director.
By sitting down and planning out your marketing calendar on a monthly or quarterly basis, you will have more time each day to focus on the other important parts of your job. Instead of sitting down every morning and thinking about what you should post on social media or send out via email, you’ll know exactly what needs to be accomplished.
5) Hire ValPak
You didn’t think we’d go this whole post without getting in a plug for our services did you? But the fact is that outsourcing your marketing efforts can be a big cost saver. We just discussed how valuable your time is so why not leave marketing up to the experts. At ValPak, we offer much more than just direct mail marketing. Our team of marketing professionals can develop your website, plan and post your social media content, and handle any emails that you need sent out to your current and future clients.
So give us a call today to start freeing up your precious time!