With economic conditions as they are, small businesses simply cannot afford to waste their marketing and advertising dollars.
The difficulty to determine the return on investment for certain campaigns is no doubt a main contributor to frivolous marketing spending, especially among companies in the early stages of development. Accordingly, small business owners and marketing professionals should consider a few points regarding their promotional initiatives.
"No enterprise is immune to advertising mistakes," Dan Weinbach, executive vice president at marketing firm the Weinbach Group, told Business News Daily. "But the impact these mistakes have on smaller organizations is more severe, as their dollars are limited."
Weinbach points out that marketing and advertising are not one-time deals; they involve a great deal of time, effort and, perhaps most importantly, patience. For many demographics and many businesses, effective marketing comes down to sheer volume, or how frequently your company's message is reaching prospects, Weinbach says.
With that in mind, it may be wise to increase your volume of brochures, postcards and direct marketing materials, as well as your social media and search engine presence. However, it is also important to cut out the wasteful expenses. Initiatives such as employee congratulations and interoffice memo – although useful – should perhaps be delegated to less expensive electronic media.