Lower Your Marketing Costs and Improve Your Marketing ROI
As small business owners, we need to constantly be aware of the multitude of marketing opportunities that surround us every day. To survive in this tough economy, you need to maximize the dollars that you invest in marketing to get your greatest ROI. Lowering your marketing costs can certainly give you a better return on your investment.
One of the easiest ways to get more mileage out of your advertising and promotional dollars is to think of creative ways to implement new marketing strategies in some of the things you already do.
Vehicle Signage Can Be Used to Lower Your Marketing Costs
This may not be appropriate for all businesses and some people do not want their personal vehicles to resemble a rolling billboard. However, many of my clients have told me they do get new business every month as a result of the vehicle signage they use, which far offsets the initial cost of production. On the lower end of the spectrum, magnetic car signs can offer the benefit of some low cost advertising while providing the ability to remove the signs on the weekends, for example, when you do not want to have people approaching you to talk about business. That is a matter of personal preference but the more exposure you can get, the better.
There is a fixed cost for driving your vehicle whether it’s for commuting to the office or running errands. Why not offset those costs by getting some new customers. If you are more committed and have a larger budget, you may want to consider vehicle wraps. These can be quite expensive and they are intended to stay on the vehicle at all times, but they do make a significantly larger impact and attract more possible prospects for your business.
Co-Op Advertising
Another way to significantly reduce your advertising and marketing expenses is to split the costs with a business that offers complementary services. Co-op advertising is often underutilized or misunderstood because business owners are afraid they’re going to lose business when quite the opposite is true.
Creative Co-Op Ideas to Lower Your Marketing Costs
In general, co-op advertising is used to split the cost of the promotion such as a booth rental at a tradeshow or local fair. It can also be used to purchase larger, more prominent ad space or perhaps a color ad versus a black-and-white version because the cost is being offset by multiple parties.
What Type Of Businesses Can You Co-Op With?
This is a common question and sometimes small business owners are unsure as to what types of complementary businesses would be recommended for a co-op situation. Here are some creative ideas for types of businesses that have worked well together in these scenarios.
- Chiropractors, weight-loss clinics and massage therapists
- Wedding planners, wedding hair and makeup artists, caterers and mobile disc jockeys
- Car detailers, car stereo installers, auto mechanics and automotive accessories
- Pet sitter, veterinarian, pet supplies and dog trainers
- Hair salons, spas and weight loss clinics
There are many other possibilities. Virtually any type of business out there could partner up with one or more complementary businesses. Think in terms of demographics. In other words, what would the person purchasing your product or service also be interested in? The examples above illustrate that point.
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