How to build a marketing strategy to fit your budget

Marketing is always the first thing to go when things are tough. In reality, it should be the thing you try to optimize and expand so you can focus on growth and making those customer connections. These days, everyone is feeling a bit of a pinch when it comes to budget, so whether you're a small business or a large enterprise, it becomes even more important to build a marketing strategty that delivers results – even within a tight budget. Here’s how to create a budget-friendly marketing plan without sacrificing big impact and effectiveness.

1. Set SMART goals

Bit of a broken record on this one. It always starts with goal setting. Before spending a dollar on marketing, you need to know exactly what you want to achieve. Are you looking to increase brand awareness, generate leads, boost sales – all of the above? Defining your goals will help you prioritize the tactics that can deliver the highest return on investment (ROI). Remember your SMART goals (Specific, measurable, attainable, relevant, time bound) like:

• Gaining 1,000 new email subscribers within 6 months

• Increasing website traffic by 20% in 3 months

• Boosting social media engagement by 15% in 3 months

The clearer your goals, the easier it is to allocate budget resources effectively.

2. Get an idea of where you’re at now

Before you begin spending, take stock of what resources you already have. This could include:

• An existing customer email list

• Social media followers

• Content like blog posts, videos, or brochures

• Existing relationships with influencers or complementary businesses

Leveraging these assets can minimize costs. For example, a solid email list allows you to get started with email marketing campaigns at a lower cost. Also, repurposing blog content into social media posts or videos can cut down on time and financial resources.

3. Prioritize low-cost, high-impact channels

Some marketing channels cost more to use than others – and that doesn’t necessarily mean they are higher impact. Here are a few lower cost channels to consider:

• Social Media Marketing: You don’t have to do paid ads on social media. Try focusing on an organic social media strategy focused on high value content, consistent posting, and engagement with the community as a whole. And you don’t need to be on every social media platform. Pick one or two and do them really well.

• Content Marketing: Writing blog posts, creating infographics, or producing how-to videos can establish your brand as an expert in your field. Content can be shared across multiple channels for increased reach.

• Email Marketing: Email isn’t dead. Remember, you OWN your email list once a contact has opted in. Even if a platform goes down, you can still contact them, unlike social media. Tools like Mailchimp or Constant Contact offer affordable plans for any sized businesses.

• Influencer Marketing: While influencer campaigns can be pricey, micro-influencers (those with smaller, niche followings) often offer more affordable options with highly engaged audiences. We have a bit of a love affair with micro-influencers. 😊

4. Use data to build a better strategy

It’s important to know when things are working and when they aren’t. That means tracking data along the way. Use tools like Google Analytics, social media platform Insights, or other software to monitor how your marketing efforts are performing. Key metrics to watch include:

• Website traffic

• Conversion rates

• Cost per lead

• Social media engagement

By consistently reviewing data, you can adjust strategies that aren’t working and focus on the ones that are getting you results. This means allocating your resources better for higher impact.

5. Use paid ads wisely

If used the right ways, paid ads can help you get great results, but you can also blow through your budget pretty quickly if you don’t think it through. Start small and gradually increase your budget based on performance. Here are a few things to consider:

• Target audience segmentation: Don’t advertise to everyone. Narrow your audience by age, location, interests, and behaviors to ensure your ads are reaching the right people.

• A/B testing: Experiment with different headlines, images, or offers to see what resonates best with your audience. This way, you can optimize your ads for better performance without wasting money.

• Retargeting: Use retargeting ads to reach people who have already visited your website. This type of ad is great as it’s targeting warmer leads – people who have searched for you or similar topics.

6. Automate and outsource - sparingly

Sometimes it’s easier to outsource or automate a task if it can save you time – time is money. Tools like Hootsuite, Later, and others for social media scheduling or HubSpot for customer relationship management (CRM) can streamline your workflow – freeing up you or your team to do other things.

When it comes to specialized skills like design, web development, or copywriting, consider outsourcing to freelancers or agencies. Remember, you get what you pay for. Sometimes it’s best to not just go with the cheapest option. Take the time to ask questions and make sure it’s a good fit with your business.

7. Be Flexible

You can’t ever just set it and forget it when it comes to your marketing. If something isn’t working, then change it up, but be strategic about it. Make sure you are tracking your successes and failures so you can make better choices instead of knee jerk reactions.

What is your biggest concern when it comes to marketing budgets? Let us know in the comments below!