7 ways to cut your marketing spending in '09

It's the end of 2008 and the current economy is causing a lot of businesses to cut back or discontinue marketing. Not a good idea! A slow market now means that marketing is more important than ever to attract the customers who need you. Instead, look at ways to reduce your marketing spending. Here are 7 quick and easy ways you can cut costs in 2009:

1. Save on printing. Every business needs marketing collateral, even if just forms. Your printer can tell you the most cost-effective paper and format for your project and you can potentially save hundreds of dollars, even more, a year by using "stock" paper they keep on hand instead of a special order. You probably won't even notice the difference.
2. Get more mileage from fewer ads. Complement your paid advertising with news releases sent to your area media. Make sure you format the release correctly (see earlier post on news releases).
3. Partner with a complementary business. Purchase joint ad space, or offer a co-promotion. One billboard or ad for 2 complementary businesses can work well and save a lot of money.
4. Track your response rate. Then put your marketing dollars to work only where they are the most effective.
5. Don't spend money marketing to the whole world. Identify who your best clients are and then place ads that will reach THEM.
6. Eliminate mailing costs. Use e-marketing to replace direct mail. Your printing and postage costs will go away, and you'll be helping the environment at the same time.
7. Get new business from existing customers. They are a lot less expensive to reach. Piggy back ads on your invoices or receipts, and include a promo or coupon in your newsletter.