Written By: Robert Cordray
Even in the best of times most businesses benefit from lowering operating costs. The process of running a leaner operation improves cash flow. Savvy marketing, more efficient systems, web-enabled meetings and training combined with smart shopping can make any balance sheet better.Savvy Marketing
Surprisingly, sometimes less expensive methods actually work better. Nowhere is this more true than in marketing. Unglamorous good old-fashioned direct mail marketing has been quietly and steadily delivering sales results for decades. Flashy expensive television and newspaper spreads cost top dollar with no comparable proof of results. By contrast, a good direct mail campaign has measurable outcomes. All you need is a consumer mailing list, and then you’re ready to send out your advertisement and receive the results. Control and competing packages can be split-tested for optimum conversion rates. The business buying a direct marketing campaign receives more than just a general good feeling of publicity. Rather than fund some ad agency’s pursuit of creativity awards, direct mail brings in the leads that garner sales. It is all about proof.
Even less expensive marketing is only a click away with social media marketing. A Facebook business page or even a company sponsored forum on a self-hosted website can serve as a direct link to customers. Of course, It pays to be open to a dialog with consumers. That means being highly responsive and quickly addressing concerns as well as engaging in self-promotion. Some companies even find it profitable to hire a social media manager to coordinate their efforts.
Naturally, it is always cheaper to keep existing customers as opposed to hunting for new ones. This is where an email newsletter to a private customer list pays off. Existing customers are gently reminded of your business. Of course, overdoing it will land the company message into dreaded spam folders everywhere. Provide valuable tips, tricks and timely messages to get these emails opened and hopefully read. One reassuring advantage with email lists is that the audience already knows about your business. This is an inexpensive way to forge a long lasting business relationship by building upon their good will. Remind them how much they are appreciated.
Smart Systems
Smarter operations, better systems and software behind the scenes can boost productivity. Communication with vendors and customers can be logged into a shared database that serves as a virtual bulletin board for staff. This enables staff to provide a consistent message and service. Labeling systems for stock make a huge difference in managing inventory with real-time data possible. Good inventory control is just good business.
Web-Enabled Savings
Cut the travel budget on out of town meetings or training sessions with the help of a modern day method. A well run webinar is a great way to reach out to colleagues or customers whenever training is needed. Furthermore, a simple Skype call or meeting can save thousands of dollars in airfares, hotel bills and rental cars. If travel expenses are unavoidable then at least use the discount travel sites to get the best deal available. Forgo the luxury upgrades and keep office morale from plummeting by not flying executives in luxury while preaching austerity.
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