How To Save Cost In Advertisement Fees And Increase Business Revenue?
During this crucial period, most of the business are tight with cash flow. Is there a way on how to save cost in advertisement fees and increase business revenue? I am running a business too. I did adjust my advertisement cost with a few optimizations on marketing strategies.
To a business, shall we cut down advertisement fees or increase the fees? Sales and marketing is a department that brings sales (blood) to a business. Cutting marketing budget or reduce the fund do not solve the sales problem at all. I have done some adjustment to the marketing plans and it works better.
Review & Revise The Current Marketing Plans
After MCO happens, I review and revise all current marketing plans. If I am able to cut off those not so perform well ads or campaign, this is how to save cost in advertisement fees too.
I listed out all the marketing strategies such as Facebook ads & Google ads and performance metrics such as cost per click, cost per lead, cost per acquisition, the return of ads spent and so on.
All these reports, we can get it easily from Google Analytics, Google Search Console, Pixel and Hotjar. We can have a better visual to analyse each marketing performance with chart and table. Though we already have this report and optimization every month, since MCO, new direction and strategies must be made to cater for the current situation.
I will further optimize again with software tools to make sure all the lead generation will be fully automated so that can further reduce the manpower to manage it. Because salary is definitely a main fixed expenditure in the business. Basically it is building a system.
Open for Others Marketing Strategies Option
It’s time to go through what will be the new marketing trends happens in local and global. Analyse all the new option with current marketing strategies then work according to your budget and suit your business nature and model.
Create new profits
This is the best time to do digitalization if all this while you are running the business with a physical store. Even the business has run very well with traditional marketing, there is no harm to create other new profits with the online channel.
It’s time to ask for a referral from your friends and current customers. You will be surprised a cost per referral will be lower when you do an advertisement. On top of that, you will have better credibility and easy to convert when there is a user to refer the business for you.
Create a better compelling storytelling content with relevant keywords to educate the potential customers why they should use the products or services. With great content, the business will have better engagement and build up the trust too to the brand, products and business without advertisement fees.
FB LIVE, Instagram LIVE, YouTube LIVE or Commerce Platform LIVE have become so popular for business to introduce their business, doing the selling, building community and etc. The most important is absolutely FREE and the outreach has no boundary at all. Save lots of advertisement fees. You can watch me in FB LIVE too.
Build & Leverage On Community
Look back to the business customers list. Build rapport with the customers again with email, Whatsapp, telegram or messengers. If you do not have the community, start to build one now.
Survey and Applying for Business Grant or Financing Scheme
During MCO, a few business grants and business loan are available to assist businesses. So, with the grant provided by the institution, you can reduce marketing funds because you do not need to fork out from your own pocket.
There are a lot of grants available in Malaysia but sometimes you really need to do more research as the guideline is always changed and who is the right person to talk to. I will list out those grants are more related to digitalization or e-commerce based grant. Hope it helps.
Currently, this SME digitalization Grant is the most popular among SMEs. As long as the SMEs operate at least 2 years and turnover at least RM50,000, the business is eligible to apply for it. The business relief grant is 50% off or up to RM5,000 to kickstart the process of digitalization. If you want to know more how to apply from a digital marketing agency, please click HERE.
Business Scale-Up Programme (Biz-Up Programme) is an integrated assistance programme aimed to enhance the capabilities of small and medium enterprises (SMEs) through business advisory services and financial support. This programme supports a wide range of capacity building initiatives to assist SMEs to grow and expand their businesses locally and globally.
Financing to women entrepreneurs focusing on migrating micro-entrepreneurs for business expansion and growth which includes asset acquisition and working capital.
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