Inexpensive Marketing?
When the doomsayers start crying the sky is falling and the word "recession" becomes more and more popular, the small business owner starts to rethink their current budget. Fixed expenses can't easily be cut and actual business earned demands the cost of things like payroll and supplies. That often leaves marketing to be first up at the chopping block.
Before you strike your budget to the lowest or zero cost, first determine what "cost" means. Rather than use the payment as your reference point, consider your return on investment (ROI). If you can't readily determine the value of a marketing strategy, it may not be worth keeping. For example, one company I worked with asked "Is the $900 a month I am spending on SEO with [xyz company] really worth it?"
In order to answer that question, you need to know if he has generated extra income beyond that $900 spend. That is actually easy to understand. You might think that if he earned an extra $1800 a month extra, it would be worth keeping. However, that is a much smaller return on investment than other marketing techniques. While that ROI would 200%, it would still be a higher cost than a marketing effort that brought in a 500% ROI.
The cost of marketing is also not restricted to dollars spent. If, for example, you are spending hours on social media to get found, you should be calculating your return on TIME. How much could you earn in that hour if you were servicing a client rather than posting? Would it make sense to spend dollars instead of time?
Inexpensive marketing as described here is always going to be better than ineffective marketing or no marketing at all.
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