Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Anand Srinivasan

Marketing Consultant

Online shopping 5 Tips To Increase Online Sales For Your Business eCommerce Software 5 Tips For Choosing The Right eCommerce Software 5 Instagram Hacks To Get The Most Out Of Your Marketing Business Travel 5 Tips to Reduce Business Travel Expenses 4 Ways You Can Bring Down The Marketing Costs For Your Business

Trending in Marketing

18 Life-Changing Skills You Can Learn in Less Than 6 Months 27 Things To Consider Before Hiring An Advertising Agency 39 Things Every Marketer Should Do 4Tips for Designing Your Plastic Surgery Website for Optimal Marketing 5SEO Tools Every Business Should Be Using in 2017

Read Next

Advertising
Advertising

Last Updated on August 20, 2018

Quit Your Job If You Don’t Like It, No Matter What

Quit Your Job If You Don’t Like It, No Matter What

Do you know that feeling? The one where you have to wake up to go to your boring 9-5 job to work with the same boring colleagues who don’t appreciate what you do.

I do, and that’s why I’ve decided to quit my job and follow my passion. This, however, requires a solid plan and some guts.

The one who perseveres doesn’t always win. Sometimes life has more to offer when you quit your current job. Yes, I know. It’s overwhelming and scary.

People who quit are often seen as ‘losers’. They say: “You should finish what you’ve started”.

I know like no other that quitting your job can be very stressful. A dozen questions come up when you’re thinking about quitting your job, most starting with: What if?

Advertising

“What if I don’t find a job I love and regret quitting my current job?”
“What if I can’t find another job and I get in debt because I can’t pay my bills?”
“What if my family and friends judge me and disapprove of the decisions I make?”
“What if I quit my job to pursue my dream, but I fail?

After all, if you admit to the truth of your surroundings, you’re forced to acknowledge that you’ve made a wrong decision by choosing your current job. But don’t forget that quitting certain things in life can be the path to your success!

One of my favorite quotes by Henry Ford:

If you always do what you’ve always done, you’ll always get what you’ve always got.

Everything takes energy

Everything you do in life takes energy. It takes energy to participate in your weekly activities. It takes energy to commute to work every day. It takes energy to organize your sister’s big wedding.

Advertising

Each of the responsibilities we have take a little bit of our energy. We only have a certain amount of energy a day, so we have to spend it wisely.  Same goes for our time. The only things we can’t buy in this world are time and energy. Yes, you could buy an energy drink, but will it feel the same as eight hours of sleep? Will it be as healthy?

The more stress there is in your life, the less focus you have. This will weaken your results.

Find something that is worth doing

Do you have to quit every time the going gets touch? Absolutely not! You should quit when you’ve put everything you’ve got into something, but don’t see a bright future in it.

When you do something you love and that has purpose in your life, you should push through and give everything you have.

I find star athletes very inspiring. They don’t quit till they step on that stage to receive their hard earned gold medal. From the start, they know how much work its going to take and what they have to sacrifice.

Advertising

When you do something you’re really passionate about, you’re not in a downward spiral. Before you even start you can already see the finish line. The more focus you have for something, the faster you’ll reach the finish.

It is definitely possible to spend your valuable time on something you love and earn money doing it. You just have to find out how — by doing enough research.

Other excuses I often hear are:

“But I have my wife and kids, who is going to pay the bills?”
“I don’t have time for that, I’m too busy with… stuff” (Like watching TV for 2 hours every day.)
“At least I get the same paycheck every month if I work for a boss.”
“Quitting my job is too much risk with this crisis.”

I understand those points. But if you’ve never tried it, you’ll never know how it could be. The fear of failure keeps people from stepping out of their comfort zone.

Advertising

I’ve heard many people say, “I work to let my children make their dream come true”. I think they should rephrase that sentence to: “I pursue my dreams — to inspire and show my children anything is possible.” 

Conclusion

Think carefully about what you spend your time on. Don’t waste it on things that don’t brighten your future. Instead, search for opportunities. And come up with a solid plan before you take any impulsive actions.

Only good things happen outside of your comfort zone.

Do you dare to quit your job for more success in life?

Featured photo credit: Unsplash via unsplash.com

Read Next