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4 Ways You Can Bring Down The Marketing Costs For Your Business

4 Ways You Can Bring Down The Marketing Costs For Your Business

Marketing costs are a significant chunk of expenses in any business. According to a report by the Iowa State University, start-up businesses should spend anywhere between 20 to 30 percent of their total annual budget on marketing. But if you are an established business, this figure can come down significantly to the 7-8 percent mark.

Regardless of what stage of business you are currently in, it is important to focus on the quality of your marketing spend rather than the quantity. By reducing your marketing costs and optimizing your spend, you will be able to free up your resources that can then be used to invest in newer channels of marketing and customer acquisition. In this article, we will take a look at some ways to do this.

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1. Don’t Invest In Monthly Subscriptions

SaaS tools have soared in popularity over the past decade and most online tools today charge a subscription fee to use their tools. This pricing model makes sense for the vendors, but as users, it creates a monthly liability that can significantly hit your marketing budget. One solution is to go back to the software alternatives that charge a one-time license fee. Another way to do it is to find competitor products that offer customers a ‘Pay As You Go’ solution.

Compared to monthly subscriptions, PAYG services only bill you for your consumption. This way, you are never charged for resources that you did not consume. If you do not find a tool that fits the bill here, do not hesitate to contact your favorite tool provider and request for a PAYG model. A lot of SaaS tool providers are accommodating with these requirements.

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2. Use Multi-Channel Marketing Services

Businesses typically invest in anywhere between 4-6 different marketing channels. This includes a suite of offline (print media, trade shows, TV ads, etc.), online (PPC, SEO, social media) and hybrid (SMS, fax, etc.) channels. Investing in niche tools that cater to these different channels independently can be prohibitive and the costs can easily add up.

Instead, identify multi-channel marketing tools that can do several channels together. For instance, instead of paying separately for SMS marketing, email marketing, fax marketing, etc., use a tool like HubSpot or Hubbion that can do multiple kinds of marketing from the same platform. This way, you do not end up spending separately on each of these different tools. Similarly, if you use social media marketing, do not sign up with tools that specialize in just Facebook, Twitter or Instagram. Instead use a tool like HootSuite that does all of this from one place.

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3. Audit Your Expenses Each Month

Marketers routinely sign up to try new and interesting products that they think can grow their business. If left unchecked, a lot of these tools that a marketer never intended to use, could silently remain active and could bleed your business a lot of money each month. The best way to ensure this does not happen is by conducting monthly audits on the expenses incurred on your business credit cards and unsubscribing from tools that you do not intend to use. You may also go a step further and calculate the ROI from each of your paid tools so that you may be in a better position to unsubscribe from any service that is not providing you with enough value.

4. Ask For Discounts

It is now common for marketing tool developers to have a ‘Pricing’ page on their website that contains all the information regarding the various plans and features. Typically, only enterprise customers with large volume orders are provided with a quote commensurate to their use. Unbeknownst to a lot of businesses, the pricing plans displayed on the website are not always fixed and it is always room for negotiation. Before you pay for a service, always remember to ask for a discount. Even if you save your business a few dozen dollars a month, the overall savings from various tools over a year can add up fast and can help your business save a significant portion of your spending in the long run.

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Featured photo credit: Benjamin Child via hd.unsplash.com

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Anand Srinivasan

Marketing Consultant

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Last Updated on February 15, 2019

How to Achieve Goals and Increase Your Chance of Success

How to Achieve Goals and Increase Your Chance of Success

Does it ever feel like the things you want to accomplish always end up on the back burner? If the answer to that question is “yes,” you’re not alone. Only about 33% of people consistently work toward their goals. In some cases, their goals may seem too lofty to accomplish, or else they aren’t sure how to make a plan for them.

If you don’t come up with concrete steps to take toward your goals, they’ll remain dreams. There’s nothing wrong with being a dreamer, but being able to turn your dreams into goals you can realize will help you lead a happier and more fulfilling life.

Luckily, you can realize almost any dream when you harness the right goal-setting methods.

In this article, I’ll show you how to achieve goals and get closer you success.

1. Break your dreams down into specific and measurable steps

We couldn’t talk about goal-setting without mentioning SMART goals.

SMART goals are specific, measurable, assignable, realistic, and time-related.

Specific and measurable steps are so important because if we don’t know what our target it, how can we ever hit it?

Take all those beautiful dreams you have for yourself and make them into things you can actually do. If you want to be an entrepreneur, for example, a step toward realizing your dream might be researching what you’ll need to start your business.

Find out more tips about utilizing SMART goals here:

How to Use SMART Goal to Become Highly Successful in Life

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2. Have at least one clearly defined goal for every interest and role in your life

It’s so easy to become complacent or stagnate. We often think that our careers are the only places where we need to set goals, but we aren’t only what we do.

To make the most of your life, take the approach that you’re always learning and growing in everything you do. Anything worth doing is worth doing well after all.

Set goals whether you’re sponsoring an activity for your child, taking up guitar lessons or trying to prove your worth at work.

You’ll notice that this approach forces you to constantly develop new skills. It can also be fulfilling to put more focus and value into all areas of your life— not just the ones related to our careers.

3. Align your goals with your life’s mission, purpose and passion

Take the opportunity to do some soul-searching. What is it that you want to do with this precious life of yours?

Anything that conflicts with your life’s purpose is bound to cause discontent. Staying in a bad relationship, doing a job that goes against your values, or maintaining the status quo just because it’s comfortable are not options for you.

Thinking about your goals in this way can help you eliminate things in your life that don’t serve you. This frees up mental space that you can use to do the things you care about the most.

Many of us struggle to find the time to work on our goals, but this strategy enables you to make more time.

4. Create goals that ignite your spirit and inspire you to take action

If you can’t be fired up about your goals from the start, they might not be good goals for you.

The road to success is often tough. You’re going to have times when you might feel tired or discouraged.

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You need to feel inspired enough that you’ll be able to overcome obstacles as you encounter them.

If what you’re doing motivates you to be the greatest version of yourself, you’ll be much more resilient.

5. Write down all your goals in specific, measurable detail

This is your road map for what success will look like. The more you define what you want the finished product to be, the greater the chance that you’ll reach that vision.

When you write down your goals, you’re creating a document that you can revisit to make sure you’re on track.

When you’re in the middle of trying to achieve a big goal, it can be hard to see what’s working for you. The things you write in this step will help you stay on-message as you take your goals out of your mind and into the real world.

Don’t just write down your goals and stash them away in a folder somewhere. Take the extra step to put them somewhere where you’ll see them.[1]

If you have too many goals to post on your desk, write a summary or choose one or two steps to work on for the day. Just seeing them will keep them in the front of your mind.

6. Commit to hitting each of your targets without exception

You wouldn’t have created the target if you didn’t think it was necessary. Hold yourself accountable for taking the steps to succeed.

You can always adapt your strategy or break your targets into smaller steps if you find that they aren’t attainable as you originally wrote them.

Hitting even the smallest target is cause for a celebration. It’s a step in the positive direction. Your success will make you crave more success.

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We often make excuses when we get tired or overwhelmed. Take away the option to make excuses. You will only be satisfied with the best effort from yourself.

7. Share your goals with others to motivate each other

There’s something so powerful about people sharing their goals and dreams with one another. Doing so gives voice to some part of us that could remain hidden (and therefore never be accomplished).

When other people know about your goals, they can cheer you on and hold you accountable. When people share their vision with you, you can do the same for them.

This strategy is particularly beneficial when you’re trying to develop healthy habits. Post about your workout on social media, or do a healthy eating challenge with your best friend. You’ll be less likely to slack when temptation arises, and you’ll probably encourage someone else to reach for their goals too.

8. Set a series of daily, weekly and long-term goals, complete with starting times and deadlines

Many goals never reach realization simply because the goal-setter doesn’t check their progress. People tend to forget what they set out to do, or their goal gets crowded out by other obligations.

Forcing yourself to revisit your goals at regular intervals breaks them into smaller steps and it reminds you to think about them.

Giving yourself regular deadlines for smaller tasks related to your goals also helps you reflect on your strategy. You’ll figure out what works for you, whether your timeline is realistic, and whether or not you need additional help to stay on track.

In addition, celebrating small wins helps you stay motivated. Here’s how:

How To Celebrate Small Wins To Achieve Big Goals

9. Take 10 minutes every day to imagine how great it will feel to achieve your goals

Visualization is such a powerful tool. Some of the most successful athletes, celebrities and business people take time each day to think about how success looks and feels for them.[2] Imagining that feeling of satisfaction can be a great motivator.

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When you do meet your goals, take some time to be grateful. Thank yourself for showing up and doing the work. Be grateful when the stars align properly to help you advance to the next step.

It’s not just getting to the destination of your goals that matters. How you take the journey is important too.

10. Take an action step toward reaching your goals every day

Your goals can easily get buried in the hustle and the bustle. Even the smallest step in the right direction is still moving you forward.

Keep chipping away at the work every day and before long, you’ll start to see those dreams come to life.

Maybe you didn’t start your business today but you designed the logo that’s going to go on your website and business cards. Doing that task well is going to help you so much in the long run.

Concrete actions day by day draw your dreams out of obscurity and into the realm of possibility.

The Bottom Line

Dreams can inspire and overwhelm us. By turning our dreams into goals that we can work toward, we increase our chances of success. Things that once seemed impossible are suddenly within reach.

It’s time to start turning your dreams into goals and your goals into realities. Change begins today.

More Resources About Setting & Achieving Goals

Featured photo credit: Andrew Neel via unsplash.com

Reference

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