You were just notified from your department head or the CFO that you budget for fourth quarter 2008 has been reduced – or worse yet, eliminated. What do you do now?

Like most organizations I consult with, marketing budgets are defined by reactionary initiatives. What can you do to safeguard your marketing initiatives and still get results?

The Power of Three

It is always advisable to do any type of marketing initiative that will yield three defined uses (create it once, pay for it once, use many ways). That is, if you do a direct marketing piece, you may consider an on-line version and an e-mail version to select recipients. If you’re doing a trade show (money already appropriated), consider some type of interaction at the show that will draw visitors to your online presence and a creative way in which to follow-up with trade show leads. 

Maximize Alternatives and Options

In the case of advertising dollars, some media outlets will allow you to ‘refine’ your budget so that you can reallocate resources to other initiatives – in lieu of one costly ad space, consider spreading your advertising dollars to smaller focused banner ads or thru the media outlet's e-mail/direct mail efforts. Staying connected over time and with more frequency will yield a higher return on investment against budget dollars. (Hint: reconsider costly yellow page ads that can't be tracked and are overpriced!)

Get Others to Pay for It

Lastly, collaborate with all departments and determine what channel partners, associations, or vendors you may have that may garner visibility for your organization. Online reciprocal links, shared webinars, speakerships, collaborative user groups and even shared web pages will multiply your efforts and the bottom-line without incurring any additional budget dollars.  You’d be surprised how many organizations within your network are in the same boat and would welcome a joint campaign to elevate marketing efforts.

Best,

Denice MacDonald