Marketing is essential for managing your business. Some companies inflate their marketing costs unnecessarily in the hopes of generating more profit, while other companies have a very tight budget. This article will help you reduce marketing costs by learning how to differentiate your essential expenses from the unnecessary ones. Embed our infographic in your website: <br /><br /><img src=https://www.lendingbee.com.sg/wp-content/uploads/2020/05/ways-to-reduce-marketing-costs-infographic.jpg width=980 /><br /><br /><a href=https://www.lendingbee.com.sg/ways-to-reduce-marketing-costs/ style=color:#000000;text-align:left> Infographic created by Lending Bee®. Click to view original </a><br /><br /> Common Marketing Costs For A Business A business entails several marketing expenses, some of which you can cut down completely, while others you can’t ignore. Research Understanding your audience is essential for any marketing campaign. You should know everything about your target group, starting with basic demographic information like age, income and geographical area, and ending with finesse details such as preferences and lifestyle choices. Once you know your audience, you can build appealing messages and select the best channels to make sure your audience receives and understands those messages. All of that costs money. Additional research expenses include analyzing your competitors, the market where you want to retail your products, as well as your own company. Traditional Marketing After you have your research, you need a team to devise the best marketing plan. Offline marketing costs are comprised of: Campaign strategies, including building your brand identity and brand image from logo and slogan to colour schemes, business cards and brand personality Advertising on traditional media (newspapers, magazines, TV, leaflets, etc.) PR and sponsorships Events Online Marketing In the age of the internet, you can’t ignore online marketing. This section includes costs for building and managing your website, your social media presence and blogs, plus e-mail marketing and other online advertising campaigns. Overall Costs A small business venture will spend approximately 5% of its revenue on marketing costs, but the expenses get up to 20% if the business is new. Some of these costs are recurring, such as a website host fee or the salary of your creative team, while other costs are periodic, such as hiring a rebranding expert. How To Reduce
Copyright © 2020 Lending Bee Pte Ltd.
All Rights Reserved.
Co. Reg. No. 201841732D.