6 ways to make your budget go further
One of the biggest challenges for many B2B marketers is deciding where to allocate their limited budgets. B2B teams are frequently smaller than their counterparts in the B2C space, with less in-house resources and expertise. This often means they have to make difficult decisions on what areas to prioritise.
At the same time, many marketing leaders are finding their budgets squeezed. One survey by Gartner, for instance, revealed that in 2024, only 7.7 per cent of total revenue went towards marketing spend, down from 9.1 per cent in 2023 and 11 per cent pre-Covid. As a result, just one in four chief marketing officers (24 per cent) said they have sufficient budget to execute their strategy for the year.
Therefore, leaders currently face huge pressure to do more with less and need to seek out cheap - and even free - marketing methods that can still deliver quick wins. Here are a few essentials to focus on.
1.Get social
Social media channels are an ideal way to connect with customers for free. While you can spend a lot on paid social advertising if you choose, organic posting can also prove very powerful. However, this only works if you have a clear strategy that includes knowing what you want to say and which platforms you want to say it on.
It's also important to be part of the conversation - not just spamming your audience with promos and offers. Seeking out relevant forums to have discussions, offering recommendations and stepping in to answer questions are key ways to build trust and, in turn, generate leads.
2.Focus on SEO
Search engine optimisation (SEO) remains a critical activity for any B2B marketer. It makes for an ideal option because it's not only free - at least in direct financial terms - but is something you have complete control over. You can focus on refining your on-page performance with high-quality content and the right keywords, or work on specific strategies such as local SEO or technical aspects that will be looked on positively by Google's algorithms. This isn't a strategy that will always lead to instant results, but if you've been neglecting SEO in the past, you should be able to see a noticeable improvement within weeks.
3.Reuse, recycle and refine content
Publishing regular, high-quality content is one of the best things you can do to stay relevant and boost your brand awareness. However, creating a steady stream of blogs, videos, graphics and social posts from scratch can be time-consuming and expensive. Being able to repurpose existing content is therefore a great way to make the most of assets you already have. Getting this right does require effort - you can't just repost old blogs with a new date - so make sure you're updating the content for relevancy or adding something extra.
4.Embrace email marketing
Email may seem like a less dynamic channel than options like social, but for B2B professionals, it remains a great way to get in touch with prospects in a place where they will already spend a lot of their time. There are plenty of free and low-cost options to help with this, and it's a great way to upsell to existing customers or re-engage with those who've already expressed interest in your brand - for example by providing their email address in exchange for access to gated content.
5.Offer incentives for referrals
Word of mouth is hugely important in many B2B buying decisions. In fact, one study suggests 86 per cent of B2B buyers say this is the number one factor in making purchase decisions. Leads generated via this method are also more likely to convert and offer a faster sales cycle, so why wouldn't you look to help this along? Discounts or other incentives for both customers and employees can make this a great way to deliver cheap results.
6.Get offline and go face-to-face
Despite all the huge benefits that digital marketing can provide, sometimes there's just no alternative to a face-to-face conversation. Networking events and industry trade shows are an ideal way to get in touch directly with prospects, build trust and make a good impression. You can also get immediate feedback on what customers are looking for and make changes. Meanwhile, dedicated marketing events can allow you to swap tactics with your peers, generate ideas and learn more about what activities are likely to deliver results.
Ready to up your marketing game and join other marketing leaders this September? Join us for our first ever Marketing Leaders Summit on 5th September at the Waldorf Hilton Hotel, London, find out more here.