In the pursuit of branding your business, it’s important to consider how well you have laid out your marketing budget. Does your strategy fit within the confines of your finances? Do you have the resources to pull off the campaign? Are you wasting your money on lackluster ideas? By reviewing your marketing efforts with an eye toward accounting for every penny spent, you can cut costs.
Here are three ways many marketing departments waste money:
1. Expert testimony. How often is your department paying for experts to come in and talk to the team about what customers want or the developing landscape of the industry? While research is an important component of the job, hiring pricy experts to travel to the office and take time out of a team’s workday can have a negative impact on a marketing department’s budget.
2. Trade shows. Paying for pricy space at a trade show can often leave a marketing department in the red. A business often enters a trade show with the expectation that it will come away with more sales leads. However, often an organization can pay thousands of dollars for a space, pay the travel expenses of employees and pay for the development of a presentation that will generate few successful business leads.
3. Sponsorships. Brands often enter sponsorship agreements with community events in order to gain recognition from potential customers. Yet, often that little logo on the bottom of a flier will go unnoticed by the majority of consumers. Unless your business can afford to purchase one of the high-visibility sponsorship packages, the investment is not worth it and your marketing department can gain better brand visibility from a different, more affordable strategy.
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