Marketing without a marketing budget.
I can almost hear the knowing sighs from those reading this. Those moments where the market hasn’t gone your way, or you are in a scale up fighting for more budget or a start up where there just isn’t the funds available yet. The concept of having to spend in order to make money doesn’t apply and a marketers extraordinary skills need to emerge from the shadows.
It’s not unachievable, in fact, it is perfectly achievable to generate revenue and growth when your marketing budget has been stripped, ringfenced, removed, never existed.
We run a marketing without the marketing budget full day course outlining all the marketing tactics available to create a contingency strategy or to plug the gaps where marketing is stretched but in this article we provide an example for you to take away today and start to implement for anyone trying to make it work during this turbulent market environment. Through the training we are looking to achieve:
A strategy utilising tools readily available to maintain sales through:
– challenging market conditions
– off peak/low spend periods
– troubleshooting unexpected downturn in demand
Leveraging the benefits of owned platforms and resource to maximise opportunity:
– Web/App platforms
– Subconsious targeting of key messages
Small tweaks for large gains without investment or wasted spend:
– Minimal to zero cost per acquisition
– Quick and ready to run actions
– All insight and data-driven
Our tactics centre around driving revenue via the channels at your fingertips and there is one platform which offers a wealth of opportunity. Think hundreds of potential leads daily!
It’s your own website and through very simple optimisation steps, you can convert more of the people visiting your website daily, at no extra cost to you. Let’s break this down for example of a transactional leisure or tourism consumer business:
Your website receives 20,000 unique visits per month of which you convert at a standard rate of 3% = 600 transactions per month.
Let’s say for this example an average order value is 85 and 3 customers per transaction = 1,800 customers and 51,000 in revenue.
But who are the remaining 19,400 visitors to your website that month and why can’t you convet another 0.5% (yes, just 0.5%) to generate another 100 transactions, 300 customers and another 8.5k in revenue?
If you considered the tactics, perhaps you could convert 1% or even an extra 2 or 3? These visitors have already reached your website, no extra work to be done there, we just need to push them over the edge.
But how? Here’s one tactic to try:
– Use your website to survey your visitors. A short pop-up, easy to implement and limited intrusion to the user. (Many platforms have the option to implement this via a CMS independently or your website provider will have a number of free or low cost options available.) Ask up to three key questions about why they aren’t booking today and run for as long as you need to generate a strong sample of results. You’ll get a lot more than you realise.
– The results will tell you what you need to action next. For example:
Decreased customer confidence (thanks covid and 2021 travel) = message change, look at options to clearly highlight flexible booking options.
Can’t find relevant information = Adapt your website user journey so the information is clearer.
Just looking, may book in a few days = Update copy for sense of urgency, book in advance to guarantee entry or the earlier you book the more you save.
It is simple and it’s meant to be. Small tweaks can generate significant gains.
The beauty of your website is that messaging can always be tweaked, updated and changed. The feedback provides your business with a snapshot into the customer psych, so you can start to make insight driven decisions to help nudge that extra 0.5 or 1 % over the edge. Nothing spent, but a continuous stream of maximisation and reward.
Take the challenge above, see what you can identify and change. Let us know your results.
For more tactics to take away, check out our full day training; affordable and flexible, we want you to succeed!
Photo credit savespendsplurge.com