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Thursday
Oct152009

Six Steps to Maximize Your Marketing Budget

No matter what size your marketing budget is, it's essential to prioritize your spending. Sounds simple, but how do you go about it? Follow these six steps, and you'll be well on your way:

 

1. Arm your sales force. The first priority for any business is to arm the sales force with great training and whatever sales aids (catalogs, brochures, web pages, presentations, etc.) they need to do their jobs right. The sales force might be one person or a hundred, but they are always the face (or the voice, or the keyboard-tapping fingers) of your company. Invest in them, and you'll get a good return on your investment.

 

2. Target the media. The media that serve your market are generally limited in number and often easy to reach, and news stories retain an aura of believability that cannot be achieved with paid advertising. Regularly let the media know what's new with your business, and you might be surprised at the amount of ink that will be used on your behalf. Not interested in traditional media? Create your own blog or online community.

 

3. Concentrate on your distributors. Your distribution network, however traditional or non-traditional, can get your name and your product into all kinds of places that you would not otherwise have access to. Build strong relationships with your distributors and give them all the marketing and other support they need. When you help your distributors do their jobs, you are helping yourself. (If you are a retailer or a distributor, you can skip this step.)

 

4. Support your retailers. With the right branded merchandising programs, you can help retailers sell more of your product or service--an all-around good thing for everybody. Retailers are the last stop for consumers before they make a buying decision, and their influence and importance can't be overestimated. (If you are a retailer, this step applies if you are doing any online marketing: always do whatever you can to enhance the buying environment, whether that environment is physical or digital.)

 

5. Seek out more retailers. Your goal should always be more and better distribution.

 

6. Build relationships with the consumer or end-user. You might do this through traditional advertising, online marketing, social networking, or other means. If you've already invested wisely by prioritizing your spending, these final dollars that you spend influencing the end-user will have maximum effectiveness.

 

These guidelines are a good general starting point, but every business is unique. Want customized advice about how to prioritize your marketing dollars? Give us a call, and we'd be happy to offer our thoughts.

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