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Marketing on a Shoestring Budget


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Tips on how to spur sales and build your brand when operating on a shoestring budget.

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Marketing on a Shoestring Budget

  1. 1. Marketing on a Shoestring How to Stretch Small Budgets to Get BIG Results Presented by Debbie Elliott
  2. 2. How Much to Spend? <ul><li>A “rule of thumb” in marketing is: </li></ul><ul><li>5% to maintain status in market </li></ul><ul><li>10% to grow </li></ul>
  3. 3. How Much to Spend? <ul><li>Factors that influence % of spending: </li></ul><ul><ul><li>Tenure in the marketplace </li></ul></ul><ul><ul><li># of products to market </li></ul></ul><ul><ul><li>Industry (b2b requires less than retail) </li></ul></ul><ul><ul><li>How much & how quickly you want to grow </li></ul></ul><ul><ul><li>Competitive marketplace </li></ul></ul><ul><ul><li>External pressures - economy, etc. </li></ul></ul><ul><ul><li>Reputation </li></ul></ul>
  4. 4. Educate & Measure <ul><li>Whenever possible, educate leadership about your industry’s norms for marketing spending </li></ul><ul><li>Always measure your marketing ROI </li></ul><ul><ul><li>Merchandise your successes </li></ul></ul><ul><ul><li>Create a scorecard that measures pre-determined goals </li></ul></ul><ul><ul><li>Make a case for increased spending based on goals achieved and demonstrated ROI </li></ul></ul>
  5. 5. 4-Step Process <ul><li>Whether your budget is 10% or 1%, base all campaigns on sound analysis and strategy. </li></ul><ul><li>Steps are sequential. </li></ul><ul><li>Don’t jump into Tactics right away. </li></ul><ul><li>Consistently evaluate and adapt as needed. </li></ul>
  6. 6. Shoestring Tactics <ul><li>Website </li></ul><ul><li>Online marketing </li></ul><ul><li>Public Relations </li></ul><ul><li>Community Relations </li></ul><ul><li>Promotions </li></ul><ul><li>Speaking Engagements </li></ul><ul><li>Sponsorships </li></ul><ul><li>Networking </li></ul><ul><li>Strategic ad buys with added value </li></ul><ul><li>Events </li></ul><ul><li>Awards </li></ul>
  7. 7. Website as Viewbook <ul><li>Best ROI </li></ul><ul><li>Market your site </li></ul><ul><li>SEO & SEM </li></ul><ul><li>Update site </li></ul><ul><li>Incorporate blog </li></ul><ul><li>Hire pros </li></ul><ul><li>Incorporate video </li></ul><ul><li>Include SM links </li></ul><ul><li>Links & directories </li></ul>
  8. 8. Online Marketing <ul><li>Blog </li></ul><ul><li>Facebook </li></ul><ul><li>Twitter (monitor brand) </li></ul><ul><li>Flickr (photos) </li></ul><ul><li>Directories </li></ul><ul><li>Reviews/Forums </li></ul><ul><li>E-newsletter </li></ul><ul><li>Email database </li></ul><ul><li>Newsroom </li></ul>
  9. 9. Public Relations <ul><li>Identify all of your various publics: </li></ul><ul><ul><li>Parents </li></ul></ul><ul><ul><li>Students </li></ul></ul><ul><ul><li>Referral sources </li></ul></ul><ul><ul><li>Employees </li></ul></ul><ul><ul><li>Business and opinion leaders </li></ul></ul><ul><ul><li>HR personnel </li></ul></ul><ul><ul><li>Economic development leadership </li></ul></ul><ul><ul><li>Media </li></ul></ul>
  10. 10. Public Relations <ul><ul><li>How are you communicating with each of these publics? </li></ul></ul><ul><ul><li>Existing parents, students and employees can be best ambassadors of your brand. </li></ul></ul><ul><ul><li>Make sure they understand and </li></ul></ul><ul><ul><li>can communicate the brand platform </li></ul></ul><ul><ul><li>Create an elevator speech and </li></ul></ul><ul><ul><li>make sure employees use it </li></ul></ul>
  11. 11. Public Relations <ul><ul><li>Media relations is a great shoestring tactic </li></ul></ul><ul><ul><li>3rd party “endorsement” of brand </li></ul></ul><ul><ul><li>Be consistent in communicating with the media </li></ul></ul><ul><ul><li>Be an expert resource and provide story ideas </li></ul></ul><ul><ul><li>Engage in media training to hone skills </li></ul></ul><ul><ul><li>Localize national trends or stories </li></ul></ul><ul><ul><li>Develop relationships with reporters </li></ul></ul>
  12. 12. Key Messages are Key <ul><ul><li>Develop 3 to 5 key messages for your organization </li></ul></ul><ul><ul><li>Internalize these key messages so you can easily articulate them </li></ul></ul><ul><ul><li>Use key messages in all interview opportunities </li></ul></ul><ul><ul><li>Interviews are about delivering key messages, not just answering questions. </li></ul></ul>
  13. 13. Community Relations <ul><ul><li>Sweat equity </li></ul></ul><ul><ul><li>Volunteer </li></ul></ul><ul><ul><li>Does your organization promote and support volunteerism? </li></ul></ul><ul><ul><li>Board membership for leadership </li></ul></ul><ul><ul><li>Publicize your good works with local media and online </li></ul></ul>
  14. 14. Promotions <ul><ul><li>Creative ideas that tie into </li></ul></ul><ul><ul><li>current events and trends </li></ul></ul><ul><ul><li>Example : Superbowl Talkies </li></ul></ul><ul><ul><li>Example : Take Your Dog to Work Day </li></ul></ul><ul><ul><li>Example : Extreme Makeover, County Edition </li></ul></ul><ul><ul><li>A clever idea can be easy to execute and can secure widespread media coverage. </li></ul></ul>
  15. 15. Speaking Engagements <ul><ul><li>Position leadership as an expert and schedule speaking opportunities </li></ul></ul><ul><ul><li>Prepare speaker’s kit and put on website </li></ul></ul><ul><ul><li>Create series of presentations that can be delivered to various groups </li></ul></ul><ul><ul><li>Opportunities include: </li></ul></ul><ul><ul><li>Rotary, Kiwanas and other service clubs </li></ul></ul><ul><ul><li>Newcomers Clubs </li></ul></ul><ul><ul><li>Local community college and university </li></ul></ul><ul><ul><li>Conferences - local and regional </li></ul></ul>
  16. 16. Sponsorships <ul><ul><li>Selective sponsorships can get you more bang for your buck than ad buys </li></ul></ul><ul><ul><li>Often receive speaking opportunity as part of sponsorship </li></ul></ul><ul><ul><li>Community relations benefit </li></ul></ul><ul><ul><li>Analyze sponsorships just like ad buys: </li></ul></ul><ul><ul><li>Identify the audience demographics - is it the right fit? </li></ul></ul><ul><ul><li>Negotiate sponsorship benefits </li></ul></ul><ul><ul><li>Look for brand exposure opportunities </li></ul></ul><ul><ul><li>Can you leave behind materials? </li></ul></ul>
  17. 17. Networking <ul><li>Civic clubs </li></ul><ul><li>Chamber expos </li></ul><ul><li>Economic development </li></ul><ul><li>Social networking </li></ul>
  18. 18. Strategic Ad Buys <ul><li>Online ads with links </li></ul><ul><li>Ads linked to editorial </li></ul><ul><li>Added value with buys </li></ul><ul><li>Don’t overspend! </li></ul>
  19. 19. Special Events <ul><li>Get them on campus! </li></ul><ul><li>Open houses </li></ul><ul><li>Let local groups use school auditoriums for community uses </li></ul><ul><li>Simple, creative and inexpensive </li></ul>
  20. 20. Awards <ul><li>It’s a sorry dog that can’t wag its own tail. </li></ul><ul><li>Awards generate publicity and credibility </li></ul><ul><li>Research and identify awards to target; create timetable </li></ul><ul><li>Pursue and publicize! </li></ul>
  21. 21. Evaluate & Adapt <ul><li>Set realistic goals for each tactic </li></ul><ul><li>Measure against goals </li></ul><ul><li>Be flexible and adapt </li></ul><ul><li>Merchandise and repeat successes </li></ul><ul><li>Be opportunistic </li></ul>
  22. 22. Talk, Inc. <ul><li> </li></ul><ul><li>[email_address] </li></ul><ul><li>910-371-9770 </li></ul><ul><li>Cell: 910-471-3181 </li></ul>