It’s that time of year. Time to review the budget and get next year’s stamped and approved. Perhaps you’re working with what scraps of the budget you have left for this fiscal year or the new budget isn’t as large as you hoped it would be. Whatever the reason, you need to cut costs—now!
We’ve put together three tips to help you manage your assets in a way that doesn’t leave you scraping the bottom of the budget.
1 – Re-purpose
All that marketing collateral that you have in storage from this past year’s campaigns can get re purposed. Flyers and trifolds can be used in multiple ways. You can incorporate them in sales meetings as you’ve most likely already have been doing, but you can also send them to prospects as direct mail. Or you can bring them along to your next trade show to hand out at your booth.
You can even upload collateral as a digital file to your website. Allow visitors to access the content by providing you their name and email. These are all ways to reinvent marketing collateral for a fresh approach, which allows you to cut down on fulfillment costs.
2 – Go through your Collateral with a Fine-toothed Comb
From your inventory, what pieces of marketing collateral did your company find to be effective over the past year and what assets weren’t as effective? Based on the type of document, the way it was used or the information it conveyed, can you find pieces to rule out in the future? Perhaps you created a trifold and a postcard highlighting the same information. Which piece was more effective? Was it because of the format or how it was delivered? Talk to your sales team and ask what pieces they find to be the most effective.
Assessing your collateral in this way will help you determine which pieces aren’t worth the money.
Create a list of 2-3 assets that are essential to your business, such as business cards, and identify those as the forms of marketing collateral you will order regularly. Then create a second list of the pieces you’ve determined gave you the best bang for your buck. This will help you in the future order the kinds of assets that will work well. Finally, create a list of collateral that wasn’t worth the investment so you don’t make the same mistake again.
3 – Talk with your Sales Team
It may be the case that your sales team is overusing your marketing collateral. They bring eight trifolds to a meeting and either haphazardly hand all of them out, or perhaps forgets the ones they didn’t use. In either scenario, your collateral was wasted. It may not seem like much, but imagine every person on your sales team misused 8 pieces of collateral a week…can you imagine how much that would waste? If it was only one person that would be 8 pieces per week multiplied by 52 weeks to equal 416 trifolds!
One way to remove this issue is to discuss this with your sales team. Make it apparent to them the costs they are accruing the company. You may even want to limit your sales personnel from bringing large amounts of marketing collateral with them to business meetings.
Implementing these practices will put you on the path to a cost reduction in marketing collateral. Plus, managing which assets are effective and which miss the mark will also help increase your return on your investments.