Mastering Marketing Expenses in 2023
Hey LinkedIn fam! ?? Looking to keep your marketing costs under control in 2023? As a conscious entrepreneur, I know the challenges we face are ever-evolving. Today, I want to share some valuable insights on how you can optimize your expenses and maximize your marketing efforts. ??
In a recent video series, we discussed the four key challenges of 2023: crowd, competition, complication, and cost. For a discussion of all four of those challenges and a comprehensive list solutions you can check out this article I wrote on the topic. Today, our focus is on cost control. Let's dive in! ??
1?? Explore Startup Discounts: Don't be shy to reach out to the software, technology, or platform providers you're utilizing. Many of them offer startup or new business discounts, even if they're not prominently advertised. Send them an email or make a call to inquire about potential discounts. You'd be surprised how often I've received up to a 50% discount just by asking. ??
2?? Be Selective with Software: Until you've established a solid customer base and have a clear understanding of your audience's preferences, it's wise to be conservative with software expenses. Consider free alternatives and budget-friendly options that can effectively support your business growth. By utilizing the right tools strategically, you can easily keep your monthly technology expenses under $100 while reaching the $2500 to $5000 revenue mark. ??
3?? Leverage the Marketing Big Three: Public speaking, referrals, and networking can work wonders in driving your business forward. Harness the power of these cost-effective marketing channels to reach your revenue goals. There are plenty of free opportunities within these realms to connect with potential clients and expand your network. Remember to systematize your referral program for optimal results. For more on referrals you can check out this (how to ask for referrals) and this (how to use warm introductions). ???
4?? Align Strategies with Your Business Phase: Understanding which phase of business growth you're in is crucial for success. There are four distinct phases of business development, and using the right strategies for your current phase is paramount. Misapplying strategies can drain your budget and hinder your progress. ??
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Remember, it's all about being strategic and resourceful in managing your marketing costs. By exploring discounts, selecting software wisely, leveraging cost-effective channels, and aligning your strategies, you'll be on track to save money and achieve sustainable growth in 2023. ??
If you found these tips helpful, give this post a like and share your thoughts in the comments below. Let's support each other in navigating the challenges of conscious entrepreneurship! Together, we can thrive and make a positive impact. ??
Michael Mapes is an author, entrepreneur and business strategist, empowering conscious entrepreneurs to achieve sustainable growth and make a positive impact.
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