Budgets. How big is yours? We are coming to the end of the year and no doubt many companies are finalising next year’s marketing spend. Limited budgets are a reflection of today’s challenging economic climate and especially hit are SMEs.
In terms of marketing budget, big brand companies spend in one week what many SMEs can only dream of spending in a year. That means the conventional approach to communicating with your audience using masses of TV and print advertising to launch a product or service is not an affordable option for many companies.
But it’s not all doom and gloom. Working with a limited budget forces you to focus intently on your objectives and come up with innovative new tactics to communicate. If you had a vast budget available you could fall into the trap of throwing huge amounts of money at lots of different mediums in the hope that it reaches the right audience. Smaller campaigns get you thinking more about your objectives and targeting the right audience. No matter what size your budget, by putting your audience first you will identify the best tools to reach them.
Simple considerations such as looking at your partners and suppliers and developing joint PR activities will open up opportunities; as will nurturing relationships with local journalists. Focus less on costly advertising and consider developing direct marketing material and look at the potential of social media. These platforms are highly cost effective methods to reach your target audience and raise your profile, nationally and globally. Publicity in Taunton has the potential to reach a global scale through this medium.
Make the most of your resources; do you conduct industry research? Do you hold a large database? A review of what you have at your fingertips may surprise you.
A clear and concise plan that outlines your objectives and audience will help overcome the challenges of a small budget.
Blog post opinion of Vicky Hickman, PR Manager, Oxygen Publicity.