Great Marketing leaders proactively evaluate the Marketing budget. They look for ways to reduce it and where to invest further. Here are my top 4 ways to cut your Marketing budget ✂
4 Steps to Cut a Marketing Budget
- Talk with your team and colleagues.
They probably have ideas to reduce costs that you’re not aware of. And they’ll probably be very willing to share with you about how things can be improved.
- Analyze data and results to see what’s working and what isn’t
If programs have been given enough of a chance, and they’re still showing no positive signals, end them. Especially in today’s economic climate, you can’t afford to have non-performing programs wasting money.
- Find duplicate functionality and consolidate the tools to have a lower TCO
Getting rid of vendors that have overlapping functionality is such an easy win for money savings. For instance, why pay for two email automation tools?
- See if the value provided by a tool is greater than the cost
If you’re not getting value, then is it really worth the money? Probably not…
Think about the step you need to focus on most and start with that. Then knock out the others after.