5 Ways Entrepreneurs Can Slash Their Digital Marketing Costs in 2021
Digital marketing is a necessary expense if you want your new business to succeed, but it can get pricey real quick.
If you’re an entrepreneur, you probably don’t have a huge amount of cash on hand to spend on marketing, so you should be eager to jump on any ideas that get you the same bang for a smaller buck. Here are five ways you can slash your digital marketing budget this year.
Focus on Quality Lead Generation
Having a big following on social media might be nice, but it’s not the metric entrepreneurs should be using to measure their marketing effectiveness. You can spend a lot of money on paid advertising on Facebook or Twitter, but it doesn’t necessarily equate to building a good bench of paying customers for the long term.
Instead, you get a lot of short-term traction that fizzles out once your paid advertising budget runs out. Spending that money more judiciously to get quality leads by focusing on a specific target market and marketing directly to them is a better long-term solution, and gives you more sustainable revenue for your marketing dollar.
Use Free Resources When Able
You can pay a graphic designer to create your logo, or you can create it at a site like Logocreator.io for free. You can pay a bunch of money every month on tools to manage your social media profiles for your business, or you can bite the bullet and do it yourself (at least in the beginning). You can pay for a professional class on how to build your business blog, or you can take a class from Ahrefs Academy for free. The point is, the free resources might not have as many bells and whistles as their paid counterparts, and they may require more work from you, but they’re free. It’s the first place you should look when you’re trying to cut marketing costs.
Ruthlessly Analyze ROI
Your return on investment should be the number one metric you track in terms of your marketing costs. If you’re using paid advertising on a platform like Facebook, there are a surprising number of metrics you can get to determine how effective your ads have been. In the end, there are a few different ways to measure ROI, but choosing one and sticking with it is the best option. Track your ROI, make adjustments, and cut out anything that isn’t making an impact on your bottom line.
Build Your Email Subscribers
Sending out periodic emails is a very effective way to turn leads into customers without much upfront cost. There are quite a few different automated email services, like MailChimp, that make the process of signing up for emails, keeping a list, and sending out those emails pretty simple. There’s a reason every site you visit wants you to enter your email; it works.
Run a Blog
You might not be a writer, you might not have time to write, or it may seem incredibly daunting to even get started. However, blogging has numerous benefits without much cost, especially if you’re already paying for a website. It helps build you as an authority in your industry, regular content can help encourage people to follow your news (and view your online store), and it gives you credibility to land guest-blog arrangements with other bloggers.
It can also give you those all-important backlinks to your site, which improves your SEO and gets more traffic to your site. You don’t want to put out low-quality content or just stuff your blog posts full of keywords, but posting useful content on a consistent basis can drive traffic to your site, build your list of followers, and generate revenue. All it costs is time.
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