Three risky ways for SMEs to spend marketing money
23rd September 2010
In the early stages SMEs must spend their marketing budgets wisely. Getting your name and brand out there with limited cash can be extremely difficult, particularly if you’re in a very competitive industry with a number of key players. Spending money on the wrong advertisements can quickly use up cash, and if these adverts do not result in sales and hype then your business may soon find itself struggling financially.
To help you spend your marketing budget effectively, here are three risky ways that money can be spent:
Noticeable newspapers adverts can cost thousands of pounds and often a relatively small ROI particularly considering the recent shift towards online rather than traditional media. In some cases newspaper adverts are useful – local events and news – but in less localised cases you need to be totally sure of your copywriting and ability to connect with readers, otherwise the response is likely to be sub-par.
Fliers and handouts
Fliers can be useful however they must be targeted to your audience with superb copy and the right tone. Many people automatically associate fliers with time wasting and do not even look at them before throwing them away. Therefore it’s important to get the message out in the right way if you want to make an emotional impact on people. However, when you add in consultancy services to find these things out, copywriting to get the right message across, and the costs of printing fliers, you may be looking at a far less impressive ROI that is necessary to drive business growth.
Yellow page advertisements
Yellow page adverts used to be extremely good ways of marketing your business, and are still good options in some cases – but you either need the budget to be able to buy the best options and lead the marketplace or a local audience that require local services. Many people do not use the Internet and instead still check the Yellow Pages, but when you consider how many of these will convert compared to how much it’ll cost you to take out an advert you may find it’s cheaper to avoid Yellow Pages completely and spend your money on an online option.