It doesn’t matter which business you’re in,
effective management of your marketing efforts is critical for every business.
Here are some tried-and-true methods that companies can use to expand their own marketing budgets and efforts without suffering in the process.
Look For Ways To Streamline Your Operations
One of the best ways to find new money to expand your marketing efforts is to identify and exploit new efficiencies in your current operations.
Consider Consolidating Your Business Lines
Assess all less profitable areas of operation as they all cost money to run.
If you eliminate some of these areas, it can save your resources
and redirect them to more important business areas.
Seek Out and Form Critical Strategic Partnerships
Having a partner is a big advantage to have in expanding your marketing efforts
without actually increasing your own budget.
Delay or Curtail Your Own Rewards
With the agreement and approval of your co-founders and managers,
we advise that you cut your compensation and benefits to these high-level stakeholders
or offer equity instead if needed.
Get Behind Events or Causes that have Larger Aggregate Budgets
Find organizations or events that you can support and get involved in
as they have a larger combined resource from their sponsors and supporters.
Learn from these events so you can apply it to your own marketing budget.
Consider Working With Professionals
It can always be helpful to consult the help of one or more specialized firms than doing everything yourself.
Aside from all these points we gave, take time to think of all the opportunities and alternatives you can take.