What is Low Cost Marketing?
Low Cost Marketing Means different things to different people. When I asked a group of ladies recently about their views on Low Cost Marketing we had lots of very different (and interesting responses), here are a few of them:
“Spending as little money as possible”
“Building up my own personal reputation”
“Marketing through customer testimonials and recommendations”
“Marketing my business without spending any money”
Now my own view on Low Cost Marketing certainly encompasses some of these ideas, but for me is quite radically different. Low Cost Marketing for me isn’t about spending as little or no money as possible. It’s all about maximising the return on investment.
Low Cost Marketing is all about spending the money where you need to, and cutting back on where you don’t. It’s all about ensuring that the money you do invest is well invested and creates the outcome you need for your business. Let me explain what I mean by that.
Some of the biggest mistakes that businesses make when they market their business is the failure to plan. They don’t think about what they need to achieve with their marketing. They don’t plan a cohesive campaign and they make knee-jerk decisions based on how the market is behaving that month. This means that they often end up spending more money on less effective marketing.
Clever low cost marketeers start by identifying their marketing objectives. Where their business is at currently and where it needs to be. They evaluate all the options available to them and they select and invest in only those activities which will help them achieve their marketing objective.
That means that if your objective is to attract 1,000 visitors to a one day event, you need to be certain that every piece of marketing you invest in is going to help you attract those visitors. If it won’t, don’t waste your money on it.
However, if you believe that a piece of marketing will help you achieve one of your marketing objectives, then you need to invest in it properly. And that means not cutting corners, it shows, and that is the enemy of the low cost marketer.
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