Do you feel that you continually spend money on creative marketing and sales strategies and you aren’t sure which ones are working? You’re not alone.
A key element often forgotten by SME owners in their marketing strategies is to include effective cost controls. Here are some quick tricks that may save you a lot of money in the long run:
1. Implement tracking mechanisms: In every marketing plan, a smart manager includes product codes or sales codes in their promotional and sales material. Different codes are assigned to different promotion activities. In doing this, it is easier to identify which marketing tools are attracting new clients and which ones are not.
2. Establish a clear budget: Sounds simple right? Not really. Many SMEs are so busy running their businesses that they don’t really know where their promotional money is going. Thousands of dollars are often spent on activities that never attract new clients. Take the time to determine how much you can afford to spend and allocated it over a trial period. Then stick to the budget.
3. Create tighter and effective controls: Not sure how? Just as you would with your household budget, review what you are spending on a regular basis to make sure that you are in-line with your projections. If you overspent, determine how and why. Then adjust accordingly. Under budget? Let go of the purse strings a little and enjoy the new business.
4. Talk to your clients: Often SME owners may be too shy to ask how their prospective clients heard about them. By implementing a quick survey at each point of contact, clients will be more than happy to tell you. And more importantly, they will feel a closer affinity with you, feel valued and will be more apt to help you in your future marketing efforts.
5. Monitor your results: All the above efforts will not bear fruit if you don’t analyse your results. Step back and study the activities that worked and those that didn’t. Then refocus in the next strategy.
Remember: there are no perfect marketing and sales plans — only smart ones, if executed and monitored properly.
To learn more, contact us at 514-363-3995, leave us a comment or write to us at email@example.com. We would be more than happy to assist you or answer any of your questions or concerns.