Cutting Marketing Costs without Compromising Success
October 30, 2015 § Leave a comment
Diane Kaern has built a successful career in the field of financial management and sales compensation for such multinational companies as Hewlett-Packard and Siemens AG. Commanding a strong understanding of cost reduction, Diane Kaern has held a number of finance-related responsibilities, including managing worldwide marketing expenses.
Marketing is an important part of increasing sales and building a reputable brand, but the costs of marketing easily can become overwhelming. Fortunately, there are several ways of cutting the costs of marketing without sacrificing effectiveness.
– Change the focus. A large portion of a company’s marketing budget goes toward finding new customers, but sometimes following this focus is not profitable. By changing marketing strategies to promote customer retention, companies cut costs and while still increasing profit thanks to repeated business.
– Go digital. Printed materials such as catalogs and brochures still have a place in much of the world’s business marketing, but they are much more expensive than digital marketing efforts. Sending digital brochures and information can make marketing efforts more affordable, helps companies reach more consumers at once for a lower price, and can be just as effective as print advertising depending on the demographic a company is targeting.
– Visit community events. Although social media is often the easiest way of connecting with the community, sending representatives to different events or gatherings creates a deeper level of community involvement. Purchasing a space at an event may cost some money, but it fosters interactions that are much more personal than social media.