Show Notes

On todays episode we talk about 3 ways to maximize a small marketing budget:

  • Get creative. Creativity will almost always allow you to spend less in advertising because you don’t have to pay for it to spread, the market will do it for you.
  • This may seem obvious, but just like a personal budget, actually having a budget will allow you to maximize what you spend because you’re tracking it. A lot of businesses will just guess without understanding what their real budget is.
  • Focus on digital. You won’t go very far with direct mail, but an email list up to 2,000 contacts on MailChimp is FREE! Digital overall is cheaper and trackable.

Transcript

Aaron: [00:00:14] Hey, guys. Welcome to another episode of The Marketing Natives. Thanks for tuning in. We got some really good stuff for you today. We are talking about three ways to maximize a small marketing budget. We're going to talk about getting creative, obviously, having a budget, and digital space. Yeah. Digital space.

 

Christian: [00:00:39] Yeah.

 

Aaron: [00:00:39] We'll go with digital space.

 

Christian: [00:00:40] Sounds good. All right. So first things first.

 

Aaron: [00:00:45] I'm the realist.

 

Christian: [00:00:45] Get creative. I think that's- I mean, it goes without saying, but usually, you know, you would want your content to go viral or at least create something that it's viral-ish. You know, it doesn't have to be United States viral, but it could be, you know, your local community viral. I feel like we've made some videos that have gone a little bit viral around the community, you know, where people recognize us as the dinosaur guys or Abe Lincoln. You know, like they recognize some of the things that we've done, some of the videos that we've done and some of the ads that we ran, because they're just memorable, you know?

 

Aaron: [00:01:28] Right. And I guess that's what we're seeing here is that it's a lot cheaper for you to do something creative because- At least on social, and just to clarify there, whenever you create something creative on social, they want to share it with as many people as possible. You're much more likely to get a share if it's creative, which means you have to spend less money which really helps your budget, and you can just focus on something that's really cool, and then let your audience or your local community share it out there and reach probably more people than if you would just try to out-pay them.

 

Christian: [00:01:58] Yeah, I think another good example is Purposed Consulting. They did- Remember they did the video of the dog rolling over?

 

Aaron: [00:02:08] Yes, yes. So shout out to Bennie and Kimberly Evans with Purposed Consulting, but yeah, it was actually around the same time we did the ribbon cutting video. But they talked about a rollover from a 401k, but it was literally like Bennie on the ground like yelling at this dog, teaching it how to do a rollover, and it was like uh, no. And obviously, the video was good because we remember it now. So very good video. I think that was also shot by poster boy.

 

Christian: [00:02:39] Franklin. Yeah.

 

Aaron: [00:02:39] Franklin.

 

Christian: [00:02:40] Franklin Williams.

 

Aaron: [00:02:41] Yes. So many shout-outs in this one. Get creative is definitely number one. All right. So number two, again - I said this earlier - this may seem a little obvious, but a lot of companies since they think that they're smaller, or even larger ones, they don't actually create a budget. They don't know how much they're going to spend. So they're just like, you know, let's say, in June let's spend twenty-five thousand dollars or let's spend five thousand dollars, and you're like well, what are you basing this on? Well, I just feel like I want to spend that much money, and it's hard for you to figure out. So your budget may be smaller, but if you figure out how much you can spend each month and then allocate it, and then you'll be tracking it each month to know hey, this is working or this isn't working. You may be able to spend more in the future.

 

Christian: [00:03:30] Yeah. Depending on the size of the company, at the first of the year, you know, you can determine whether you want to do it monthly. You want to determine your marketing budget, but you should have a general idea, you know, for 2018 how much you're going to spend on marketing, and that's usually based off of your sales, right?

 

Aaron: [00:03:49] Right. The sales.

 

Christian: [00:03:49] The money you're making. Do we have a number, that percentage-wise?

 

Aaron: [00:03:55] So like overall marketing budget, rough estimates like 10 to 20 percent, depends on the size of your company. If you have a five million dollar company, you know, it could be a lot smaller number, but some people who have- Let's say you have a $200,000-a-year business, you're going to have to do probably 15 to 20 percent of your gross revenue to-to- Towards marketing. Can't get it out. But then I would say of that marketing, probably 50, 60 percent of it should be digital. So we're talking like SEO or website or social media. So a good chunk of that should be digital.

 

Christian: [00:04:33] Yeah. I think what we have next here- And Aaron's trying to get the horn. I feel like he always forgets about this now.

 

Aaron: [00:04:43] On the first episode- This is the first episode of a recording for us. So it's- You know, I had to buy a little time.

 

Christian: [00:04:49] Anyways. There it is. So if you've been listening to our episodes, you know what that means. That means that we're going to talk about BitBranding. So we are a digital marketing company here in Allen, Texas. It's just me and Aaron right now. I'm butchering this.

 

Aaron: [00:05:12] It's not just us though.

 

Christian: [00:05:14] No, I know. I don't know what I'm saying. Anyways. So yeah. We have this thing coming up. It's a- We're shooting for August 1st. We talked about this before. We kind of wanted to do an event here at the Yeager Offices where we just kind of talk about social media. Everything, anything. I think before- We're still, you know, trying to get the details together for this. I know in the past we talked about kind of leaving it open. Maybe have like one or two topics. So you know, we can have questions around those two topics and kind of have it like an open forum for you guys, small business owners, to come and ask literally any question. We're an open book. So we'll be able to answer all your questions. We were also talking about not doing it for free. Maybe charging a small fee just so that we can get an accurate count because we have a limited amount of seats. We really want people to come and enjoy and listen to other owners and see what they're doing and really gain some good knowledge. Social media marketing business knowledge. So yeah. I think we're shooting for August 1st. Don't quote me on that. Still not finalised, but keep that in mind, and if you have any suggestions or questions or anything regarding this event, yeah, just shoot us a message on Facebook, Instagram, Twitter, anywhere, and let us know what you think or if you do want to participate in something like this.

 

Aaron: [00:06:54] All right. That is the end of the ad. As Christian said, we're going-

 

Christian: [00:06:59] The worst ad ever.

 

Aaron: [00:07:00] Yeah. We want to hear your comments on it actually. So just shoot us a message somewhere and tell us like wow, Christian, we still believe in you. You know, he needs to hear that. But-

 

Christian: [00:07:10] I do.

 

Aaron: [00:07:11] Well, I'm not going to edit that out for obvious reasons because it's fun, but our last one here on how to maximize a small marketing budget is to focus on digital. It's a lot more expensive to go out and flyer a neighborhood with direct mail than it is to run, say, for example, an e-mail blast to 500 people or a thousand people on something like MailChimp. Right now I believe - and it may change by the time you listen to this podcast if you're listening years from now - but in June of 2018, you can have 2,000 contacts on MailChimp for free. So as you build your email list, you don't have to worry about sending out direct mail, and that can keep your costs low. So going digital is typically a lot cheaper than to do something more traditional like putting your name on the back of like a magazine which could cost you three to four thousand dollars, and you don't know who's looking at it.

 

Christian: [00:08:06] Very true. So yeah. We're not saying to completely get rid of offline marketing, but definitely limit it because of the power of digital and how cheap it is.

 

Aaron: [00:08:20] Yep. Still very, very cheap, and as of the recording here, we just want to make an announcement that there is Instagram TV. It's called IGTV which is a digital platform. So if you create good content, which we talked about previously, there's not- Not everyone is technically creating content there. So that's a great way for you to potentially maximize the marketing budget by not having to spend a lot of money and reach most of your people by using something that's pretty new. I guess this came out June 21st. We're recording this in June of 2018. So go check out IGTV if you haven't heard about it yet, and more importantly, to segue towards the end unless Christian has anything else-

 

Christian: [00:09:01] Nope.

 

Aaron: [00:09:02] Please make sure that you subscribe so you do not miss any episodes, and if you are a business owner and you have some questions, absolutely you can send them into us. Send it to us on Facebook or Instagram, or if you would love to come on the show and talk about your product or service, we have guests from time to time. So happy to have you guys on that way. So make sure you subscribe. Don't miss another one, and then please if you have a friend who's just starting a business, make sure you share this episode with them so they can try to figure out their marketing. A lot of times they're starting their business. They understand what they do, but they just don't understand the marketing or how to budget it. So this podcast will help them out, and you just tell them that it's less than 10 minutes. Super easy listen.

 

Christian: [00:09:45] Yeah.

 

Aaron: [00:09:45] All right. We will talk to you guys next week.

 

Christian: [00:09:48] Bye.

Other Episodes You Might Like