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As the economy continues to shrink, marketing budgets get smaller and smaller. In tough times, marketing budgets should actually be getting bigger not smaller. Why? Because there are many bargains to be had. Now is the time to negotiate with vendors who are losing business due to the economy. Things are tough all over. That gives you a chance get more for less and enhance value you get for each dollar spent.

Now that things are difficult for online ad networks, magazines, and newspapers, it’s a great time to negotiate rates. Are you still paying top dollar for ads? Due to the difficulty in measuring the impact of a particular advertisement, many companies are cutting back on traditional ad spend. This creates more inventory and with more inventory comes lower prices. It really is all about supply and demand.

Take stock of all of your marketing spend. Whether it’s for online advertising or simply direct mail, get a good understanding of all the costs involved in your project. Perhaps you’ve been sending post cards to your target prospects. Speak with your printer or mail house and see how they might be able to improve their pricing. With direct mail you have numerous options. Don’t be afraid to negotiate the cost of supplies.

Another area that marketers are reviewing more closely is their online budget. Even though Google Adwords and other sites remain competitive in your pricing, now’s a good time to evaluate what aspects of your online spend are most profitable. If you’re not sure, use a free resource like Google analytics to better understand where your money is best spent.

After a thorough review of your marketing expenses, your are in a much better position for determining how you can group promotions to lower costs and improve sell through. Consider how you might take advantage of your current campaigns. Do you ask customers to forward a promotion to a friend? Are you communicating to your mailing list on a regular basis? Are you collecting information about your consumers that can help you customize your campaigns and improve conversion rates? Think through each touch point and how you might improve your sales.

In order to survive during this difficult time and still be successful with a smaller budget, you really need to consider how you can manage the balance between a smaller marketing spend and the need for increased results. Sticking with the marketing basics is paramount. Focus on the needs of your market and offers that get people to respond.

A complete review of your marketing expenses can go a long way. When considering the initiatives you have underway and what you have planned for the remainder of the year, focus on those marketing methods that have generated positive returns for you in the past. Also, think about how you can get more from what you already have. Referral campaigns, loyalty programs and so on can help you get more from your existing customers. If new client acquisition is expensive, then ask you customer base to help you. Ask for referrals and recommendations. Applying these methods cost less and can improve the overall effectiveness of your marketing regardless of budget size.