You’ve got £100 to spend on marketing. What should you do with it?
Effective marketing is strategic, not tactical. Before investing in any marketing you have to know a business’s goals, situation and marketplace, before even contemplating tactics. Marketing budget should follow a business’ marketing strategy, not come before it.
However, we can all fantasise about having a little extra cash to give our business a boost. So, what if you found £100 to put towards marketing?
The Marketing Centre has collated its ideas of creative strategies available on a mini-marketing budget. Something to consider and spark inspiration for more practical new year marketing strategies.
Ask close clients if they can call one of your top prospects and tell them what your business has achieved for them. In return, offer a donation to the charity of their choice, calculated as a percentage of the margin your business would earn if the sale closes.
Insight: Referred customers have been shown to be more loyal and generate up to 25% higher profit margins (AMA Journal of Marketing).
Follow up for Charity
Get staff to follow up every customer service interaction with the question: ‘Out of 10, how far did we meet your expectations today?’ For every score of 10/10, have the business donate £1 to a homeless charity. A great company will smash their £100 target – the best possible reason to overspend on marketing, while also delivering an improved customer experience that should, in turn, drive more business.
Insight: 87% of us would be encouraged to purchase a product after learning that a business advocated for an issue we care about (Cone CSR Study).
Sharing is Caring
For a B2B business, you could spend £100 on booking a meeting room for an afternoon. Invite 5–10 of your best quality, non-competing suppliers in the same marketplace and spend a few hours sharing leads. Finish the session by making personal introductions for each other to the shared prospects.
Insight: Referrals influence up to 50% of all purchase decisions (McKinsey).
Give a smile and commission an industry-specific cartoon for your business. A quality idea has the power to go viral quickly. Marketoonist is fantastic, but would be outside the £100 price bracket. There are plenty of talented artists online – just be sure to provide a focused brief.
Insight: Data indicates that including a cartoon in email campaigns doubles their open rate (Salesforce).
A Gentle Reminder
Create and print an A3 poster reading: ‘If there is no change, there will be no change’. If a company wants to boost their performance, they must do things differently and grow in thought and action. You can’t do the same thing and expect a different result.
Insight: Change management is tough, with up to 70% of business change management programs failing due to employee resistance and lack of management support (McKinsey).
Invest in Education
Buy the business books that have been on your reading list, and make time to get through them. You could even have a small bookcase installed in the office so everyone can share inspirational books. Great for lunchtime reading!
Insight: Leaders are readers. Warren Buffet famously read between 600 and 1000 pages every day at the start of his career.
If you’re feeling frivolous spend the £100 on designing and printing a really great promotional product. An umbrella is fun - after all, we can’t have another summer like last year – and if we do, it can work as a sun shade! A better investment would be to commission high-quality business cards for networking events or graphics for your company car.
Insight: In busy pedestrianised areas, vehicles can be seen by up to 3,000 customers every hour (3M).
So there you have it; seven (purely hypothetical) marketing campaigns and tactics to spark some inspiration for your businesses’ (well-planned and personalised) marketing strategies in 2019.
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