3 Tips For Funding and Fine Tuning Your Branding Strategy
When you’re trying to grow your entrepreneurial branding efforts, you’ll need to close the gap between competitors to make a name for yourself.
In fact, we’re facing a shift in the career landscape in which people of all career paths need to make branding a huge priority. Whether you’re selling digital products as a solo entrepreneur or trying to make your name as a dentist in a practice, branding is everything.
No matter how you plan to brand, it’ll require you to have a marketing budget in place. Use this three-pronged guide for funding your next marketing venture.
Determine Your Benchmarks And How Much Money You Need
First things first, it’s crucial that you set some benchmarks in advance that will help you start putting together a budget. You’ll need to assess what you hope to accomplish with your marketing.
Are you trying to get an uptick in sales for a short-term campaign? Maybe you’re trying to reach a demographic.
The main point is that you need to set out benchmarks that you can make plain. This way, you’ll be able to reverse engineer and figure out how you’ll execute the branding strategy, and how much it’ll cost you to reach those goals.
Start speaking to some professional marketers about everything from search engine ads to video content to begin getting an idea.
Manage the Cost of Your Marketing
The best thing you can do is lower your costs is use smaller ventures to fund bigger ones.
For instance, selling eBooks can help you fund or offset the costs of your YouTube ad campaign. If you’re hiring a professional marketing team, always make sure that you get their rates up front so you’re never caught off guard.
Lowering the overhead costs of your business as a whole can help you find more room for marketing.
Thankfully, there are plenty of areas that you can lower overhead costs since we’re in the digital age. Using cloud storage, outsourced IT and other matters can lower these expenditures considerably. Keeping track of your data is crucially important in today’s Web 2.0 climate.
Today, co-locating is a strategy that a lot of professionals are leaning toward to reduce overhead costs.
With this strategy, you’re able to share an office space with multiple businesses, making use of the same infrastructure and square footage. This makes it easier to conduct meetings, hold a permanent mailing address, and share IT equipment, without you having to come out of pocket for each and every expense.
Sharing working locations not only reduces overhead costs, it also increases your potential for networking and future business opportunities.
This comes full circle, because being able to cross-promote with other businesses is one of the best ways to get your brand out there.
Consider these tips to get you started with your marketing efforts.