These tough economic times are an excellent opportunity to re-evaluate how efficiently your business dollars are spent. Here are a few tips on how entrepreneurs can make the most out of their marketing budget.
Piggyback on somebody else’s marketing campaigns.
You don’t need expensive promos and big budgets to get enough publicity. Try participating in established events. You can join local events and activities in your neighborhood.
Saving money is a game for workers.
Geek Squad once announced a message on their company board about creating a new software application. The company said that the cheapest price they had for the project was around $50,000 and so they asked their employees if they can do it for $1,000. And in just a matter of days, the firm has completed about ten prototypes for the program. It isn’t just about cutting cost but encouraging workers to strive more for things that are beyond their present timecard.
Be honest.
Clearly examine what your revenue will be like for the next year. Reduce the figures by ten percent and then adjust the business plan based on that revenue. Don’t just make across the board budget cuts. Find out what your leverage points are and make sure they are properly funded.
Take advantage of free software.
In these bad economic times, it is probably best to cut spending on your IT budget. Companies like Silicon Valley usually spend on servers, laptops, and Internet. The firm uses free online applications like Gmail, GoogleDocs and etc.
Pay your workers to quit.
Get your half hearted employees move away as swiftly as possible by paying them a $2,000 dollar bonus. Try to hire people who are passionate about their craft and won’t work just because of the paycheck.
Shift customer service to email.
Providing customer support through email isn’t just cheaper; it is also more efficient. It can be hard to monitor phone calls. But with emails, one can easily read customer comments or ticket support.