As 2018 comes to a close, many business owners have already started to turn their mind to 2019. Many will be sitting down to do their annual planning and whilst many business owners focus on top-line revenue, it’s also important to consider how you could save money.
Every dollar saved, after all, will help increase profit. So, let’s take a look at 3 ways you can reduce your marketing costs in 2019.
#1 Audit Your Expenses
The first way to save money on your marketing costs in 2019 is to audit all your existing marketing expenses. This includes all of your current marketing efforts (SEO, content marketing, PPC, Facebook ads, etc) as well as any other expenses that are marketing related. This can include any fees you pay for consultants or any subscriptions you have for marketing software or services.
Take the time to ask your self whether your marketing efforts are focused to help your business to achieve your vision. If there is anything that Isn’t moving you towards your business goals, consider removing or reducing that expenses… To help identify whether your marketing is targeted enough, check out strategy 2…
#2 Revisit Your Customer Avatar
Some people call these buyer personas but I personally refer to it as a customer avatar. Your customer avatar is a fictional person who represents your target market and considers their fears, frustrations, dreams and desires. It also considers where they go to find information, which social platforms they prefer, how they like to communicate with your business, and what is important to them.
The end of the year is the perfect time to revisit your customer avatar as it allows you to focus all of your marketing efforts towards your ideal customer. Many businesses make the mistake of trying to market to everyone… which isn’t really that effective. There is an old Russian proverb…
The man who chases two rabbits catches none.
Be a super-focused business rabbit chaser and get after your one target market. Your business will thank you for it.
#3 Enhance Your Marketing Automation
Marketing automation is not just email autoresponders. It also includes a multi-faceted approach to business automation. If your business already has an automation system in place, then maybe now is the time to ensure that you are getting the most out of your automation platform. Take some time to look through the features and see whether there is anything you can deploy to improve your business and reduce your costs.
If you’re yet to install automation in your business then now may be the time to consider your options. Marketing automation is a way to reduce your ongoing marketing costs. If you structure your automations correctly, you can reduce the amount of time you spend on routine tasks in your business.
Make 2019 Your Best Year Yet
Use this time leading up to the holiday period to start planning for 2019. Go beyond the typical planning and actually put in place a 90-day plan for your first quarter. Some of the strategies above will not be able to be deployed in a short period so you may need to plan to implement over a number of weeks or months.
I’d be keen to know, how are you planning on reducing your expenses in 2019? Leave a comment below.