Eric Siu shares five ways to cut marketing costs: take advantage of cheaper ad prices, create a no-brainer offer, focus on key metrics, rotate creatives fast, and build long-term partnerships.
Marketing costs are increasing, but here are 5 things you could do to counteract all the rising costs in this crazy economy right now. Number 1, stay the course. People right now are dialing back all their costs on marketing because it's the easiest thing to cut. That means costs are cheaper for you right now to advertise or do any form of marketing. Number 2, create a no-brainer offer where people would feel stupid not to take it. Could it be a free product? Could it be a free service? What is it exactly? Number 3, stay the course when it comes to your metrics in terms of staying focused on the key few. That means not trying to optimize for 25 different metrics, maybe 3, maybe 5 max. You don't want to go any further than that. Number 4 is on the creative side. Think about how you can be creative and flexible. That means refining your creatives, rotating them quickly, and then moving on. Number 5, last but not least, focusing on key partnerships that will last for the long term.
