5 Ways to Stretch Your Marketing Budget

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So here’s the good news: marketing budgets at organizations across the country have been growing. For a lot of nonprofit and credit union marketers, though, that means more eyes are focused on how those dollars are spent. The same can be said for budgets that are stagnant or have even gone down. No matter what the state of your budget is, with a few tips and tricks — and a little forethought — more eyes won’t be a bad thing.

  1. Don’t Reinvent the Wheel

Even if your budget has increased, it may not be a given to spend time coming up with a brand new campaign. If your current campaign has proven itself with positive results, focus instead on expanding its reach, or finding alternative means of communication.

This can also be applied to what Entrepreneur calls “modular content” where you can create a single design that can be inexpensively updated with new headlines and copy for different markets. This idea leads into our next tip.

  1. Do More Testing

Maybe your current campaign isn’t quite hitting the mark, but you’re not ready to throw it out. There’s a chance what you’re saying isn’t the problem, but how you’re saying it — or even where. Portion some of your budget for testing different looks, headlines, and taglines all in different platforms, i.e. direct mail, social, digital ad buys, radio, etc. Put money into researching how and where to speak to your audience, and you’ll reap the benefits.

  1. Trust in Technology

While direct marketing is by no means losing its usefulness for companies, digital efforts can be more effective in reaching your audience and can garner phenomenal results. Initiatives like targeting, retargeting and paid search have a high reach, and an almost-frightening level of targeting. More than that, it’s much easier to track its level of success, with the ability to follow members or donors from the first click all the way to conversion.

  1. Focus on Quality over Quantity

This is a hard sell for a lot of marketers, with the focus typically on getting access to as many people as possible. But the odds of conversion increase drastically the narrower you look. Take Facebook Sponsored Posts, for example. The less targeting you choose, the less expensive each impression is. As you narrow results, though, the price jumps. The same can be said about purchasing research. Yet credit unions in particular have limited membership areas, and targeting outside of those areas is throwing money away. Investing in a narrow focus will result in higher conversions.

  1. Know When to Invest in an Expert

It’s a no-brainer that doing things in-house will initially cost less. But it’s also true that most nonprofit and credit union employees wear many hats and may not have the knowledge-base or bandwidth to be experts in everything. When you manage your marketing initiatives with proven marketing experts, it decrease your odds of misfiring while increasing efficiency and effectiveness. A trusted partner can offer new solutions and open up a whole new world of opportunity.

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