If you're advertising in print media such as newspapers and cannot put a verifiable hard dollar figure on the return, you may want to either stop altogether or ask for a deep discount. If your local paper does not offer an online edition and include print ads there as part of your contract I would seriously consider eliminating this part or your advertising mix. Traditional newspapers are struggling amid declining readership and are simply not a good bargain compared to other options.

Taking the time to audit your advertising contracts can save as much as 50% of your budget and may even allow you to lock in the lowered rates for a year or more.

Now let's take a look at marketing and advertising that is just not pulling its weight any longer.

Although probably a small part of your overall budget, goodwill marketing is rarely an effective marketing strategy when compared to the return.  Goodwill marketing can encompass everything from sponsoring little teams, yearbook advertising, charity event sponsorships, civic and youth group events and fundraisers, and involvement in non industry specific community events like job fairs and carnivals. While all these causes are worthwhile, in lean economic times they should be carefully evaluated.

While discount coupon packs and card decks are still viable, individual direct mail is not. In lieu of formal and sometimes costly coupon mailing packs, you might consider partnering with five or six compatible service companies and create your own mailers and send to each other's prospect lists.  One successful program is creating a 4x7 refrigerator magnet with all the service companies listed and distributed to all current clients.