Posted by: chasker | March 26, 2009

How to cut your marketing budget in half and achieve better results

It’s a commonly held belief that in a downturn economy it is wise to increase marketing spend to drum up increased demand for products and to position you well as the downturn ends. I don’t disagree with the goals, but the answer is probably not ‘spend more’.
Advertising is pretty cheap at the moment; it’s never been easier to build a social network around your products; Twitter makes gentle customer contact possible, and non-intrusive; delivering premier customer service and lavishing personal attention takes extra time and effort, but not necessarily more money.
So back to the advertising – typically advertising can total more than a third of your total marketing budget; if you are still paying for placements what you paid in 07 and 08 time to renegotiate.
Insist that whoever you fund steps up their game on metrics and analysis – with the right data you know where to cut with no impact to your programs.
Take this approach and you can cut your marketing budget in half and do better than you were doing last year.
A terrible economy forces us to be better, to be more innovative, to be more analytical. So maybe it’s not all bad.

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