January 2010
Frugal Marketing Tactics
Shoestring Budget
Which came first, the chicken or the egg? This is also a good question if you are trying to figure out how much you should spend on your marketing initiatives. Here’s an example, you need to spend money to find new customers, but you don’t have a budget until the customers that you are looking for actually show up and spend. Sound familiar? Again, we are back to the chicken or the egg? Why can’t it be both? We all know that without some type of marketing budget, it is very unlikely any business will have the staying power it needs to survive in this dog-eat-dog world we market in. The good news is that you don’t need to have deep pockets, and there are frugal tactics available that can increase your performance without requiring a large overhead.
Game Time
Start by developing a game plan that includes your program goals and set a cost budget for the next 8-12 months. Planning ahead will allow you to see the bigger picture and will also help you stay focused. Future forecasting and budgeting first will keep you focused. It will reduce the amount of additional costs that you unintentionally incur each month, which nine times out of ten is not in the best interest of your business. Let’s call it a strategy to avoid “spender’s remorse” and keep money where it belongs, in the bank!
Big Bang, Small Buck
Expand your efforts with “sweat equity.” Don’t have your name out there yet? One option to draw PR is to hold a charity event or fundraiser. Find a free blog or forum in a relevant category and write about the event details and your connection to the event. Now would also be an opportune time to expand your network on your new Twitter account. Please reference the December 2009 Inside Advisor edition for “Twitter 101” tips. Even as an affiliate, you can and should use the same free media tactics that merchants are taking advantage of every day.
Who Knows Best?
Mom? Not this time! No one knows your business better than you. If you have a plan in place, trust your instincts and stick to it. When you are approached with an opportunity to spend additional marketing dollars you have not budgeted, it’s always best to stay with your original plan. Staying with your plan can help you avoid costly mistakes before it’s too late, especially when you’re on a tight budget.
Affordable Analytics Software?
If you aren’t currently tracking your site, you should be. There are many great software options out there for every budget. Search online for a “free web analytics tool.” Most analytics software providers offer free trials, so be sure to test drive a few before you decide on the fit and price that’s right for your business. Having this detailed information through analytics will actually save you money in the long run, giving you a clearer picture of what’s working and more importantly, what’s not.
February Highlights
Don’t miss the next edition of the Inside Advisor Newsletter, where you will find helpful tips to take your affiliate initiatives to the next level through site optimization; SEO and PPC SEM.
