Marketing expenses hurt many entrepreneurs, because it like money going out but no one knows when they will accrue a profit. Because of this many tend to forget or ignore marketing which is the most important aspect of any business.
When marketing is ignored business stops growing and cashflow problems start running up.
Startups must have budget for marketing if they are going to remain in business. Lack of planning for marketing activities leaves the company without clients and no cashflow sooner than imagined and kills the company.
To save on the budget, one must segment the market and target the likely customers to need and afford the product. Targeting everyone is a waste of time and money.
Invest in the right people, to minimise on the marketing expenses, choose the best people and give them the resources they need. Sending people who are not good for the job will yield little for the firm and hence waste resources.
Use the internet
Use affordable devices and techniques, use the internet. Nowadays when you drop a flier at a shop or office, the immediately go and check your website, they don’t find anything, they are likely to ignore you and yet online marketing is the most affordable.
Let everyone in the company be a marketer, if all the staff and owners are seeking customers, then more business will come in an reduce the budget for marketing. Everyone must bring in business at the end of a certain period of time.
Be different from the competition, if people can easily pick your products or services from the market, then you will spend less since the product speaks for itself, invest in your products and they will stand out.
Worker a little harder and deliver more than you promised for your clients, they will help you to market and bring in more referrals than you think and that makes it easier for everyone.