Marketing can be very expensive, so much so that entrepreneurs divert costs elsewhere to preserve cash for their startups. Doing so would be quite a mistake, though, according to Corey Shader.
The better alternative isn’t to ignore marketing, but to keep marketing costs down. Luckily, there are many ways that you can cut costs and still create a relatively effective marketing campaign.
Below are six tips that can help you accomplish that goal.
1. Know the Target
One reason why marketing can be so expensive is that many companies cast a wide net in trying to reach potential customers. They launch multiple marketing campaigns on multiple channels, and try various messages to see which ones work.
You can reduce your marketing costs by taking the time to truly understand who your target customers are. Understanding who they are, what makes them tick and where they can be found will help you zone in on a particular marketing campaign that can work.
2. Keep It In-House
It may be enticing to hire an experienced marketing and design firm to help you launch the campaign of your dreams. But, if you’re looking to limit costs, try keeping your initial marketing components in-house.
You don’t have to be adept at design, for example, to create an effective social media post. Double down on what you do well, and play into that. If you sell woodworking tools, for example, make a video about what customers can do with your tools by creating a project.
3. Take Advantage of Technology
Another reason why marketing is so expensive is that it can be time-consuming. Writing and designing marketing messages, posting social media campaigns and blogs, and all the other tasks simply take a lot of time.
Today, there are plenty of free online tools that can help you cut down on this time and, in the process, save you money. Try to schedule as many blog posts and newsletters as you can in advance. Do the same for social media posts.
Taking advantage of automation as much as you can will help you keep your marketing costs low.
4. Set Up KPIs
Too many startups don’t have a defined focus for their marketing campaigns. They simply initiate a branding effort with a general goal of gaining new customers. That can get expensive, though, because it’ll take time to figure out what works and what doesn’t.
Instead of doing that, create established KPIs and then tailor your marketing efforts around those KPIs.
5. Track Your Progress
Beyond simply creating KPIs, you need to track your progress toward achieving them. With digital marketing campaigns, you’ll be able to do this in real-time, which is a huge advantage for startups.
By tracking your progress, you’ll be able to make changes on the fly if a part of your marketing campaign just isn’t working. And if you find something is working well, you can ramp up the focus on that.
6. Start Small
There are so many different mediums through which you can market your startup. Eventually, you may want to do them all — website posts, sponsored posts, paid search advertising, social media and even print and radio ads.
Corey Shader says the best approach, though, is to start small. Prioritize where your target customers can be found and launch a marketing campaign on that platform only. Then, as your marketing proves successful and your startup grows, you can expand your reach to other appropriate mediums.
About Corey Shader
Corey Shader is an entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.