Executing marketing strategies can cost business owners a lot of money. If you have a tight marketing budget, you are not alone. Many small business owners distribute a relatively small percentage of their revenue to advertising and marketing. Whether you are a small start-up or an established small business, knowing how to market your business is vital to its success. Savvy business owners are always coming up with new marketing ideas to help capture market share. Still, you do not need to break the bank to have an effective campaign. There are plenty of great opportunities to earn customers while staying within your small business marketing budget. This Union Commercial Capital blog post discusses six low-cost business marketing ideas you may want to consider.
1. Engage in Social Media
Social media is a cost-effective way to harness all the social media buzz into quantifiable marketing leads. The question is never if you should do marketing with social media, but instead, which platforms make the most sense for your business.
Set goals- Set social marketing goals that make sense for your business and budget.
Know Your Customer- Which platforms are they on? What times are they most active? What type of social influencing is most effective?
Research Your Competition- Determine which social networks their customers are on, and the type of content that appeals to those customers.
Set-up- Register and set up your social media platforms.
Audit- Consistently audit what is working and what is not.
Nothing is easier on your budget than zero-cost marketing ideas. Having a strong social media presence is a great way to market your small business, and it is free. Now is the time if you have not created a business account on Facebook, Twitter, Instagram, LinkedIn, and YouTube. If you already have business accounts on these platforms, make sure they have the same bios and information about your business. A few of the best practices for social media include engaging with your followers, promoting your blog articles and posting relevant news links.
2. Start an Email Campaign
Email marketing isn't expensive. Many software options are cheap and sometimes free for brands with smaller lists. You can start getting emails from customers by making it a part of your loyalty program. When they agree to sign up, they will have to give you their personal information, including their email addresses. You can use it to your advantage by sending customers updates and news about your products or services that let them earn more points using the email addresses they provide. You can build your contact list by having a newsletter signup form on your website or offering a special incentive to paying customers who subscribe.
3. Ensure Your Products and Services Keep Improving
The best marketing strategy is by word of mouth. If your products/services are great, you won't have to approach people because they will come to you. They will spread the word about how great your products and services are to their friends and loved ones, and you will gain loyal and new customers. They will trust you enough to consistently work with your business even if they can get the same products and services elsewhere. Always try to improve your business by staying up to date with the latest trends, equipment and technology. No matter what happens, keep the integrity of your business, so you can keep your loyal customers and attract new ones.
4. Focus on Content Marketing Strategies
Creating a website, writing a blog and posting great content consistently is now part of your content marketing strategies. Just focus on them and you will soon get a good following for your social media accounts. Hire the right creative people for your team. Create a plan and brainstorm with them frequently to keep up to date with how the business is going and what other things you can add or improve.
5. Get Involved In Your Community
We've already touched on the importance of finding your customers online, but don't forget the value of local support. It doesn't take a massive marketing budget to communicate with your local community. Community involvement can increase brand recognition, boost your brand reputation and help your learn more about your client base.
Consumers are more likely to choose your business if they know who you are. And, community involvement can add an extra layer of trust to that brand awareness. Furthermore, consumers are more likely to choose a company that invests in their local community than a competitor that does not.
Ways to Introduce Your Company to Your Community
Host an Event: Host an event to introduce yourself and what you offer to the community.
Take on Speaking Engagements: Share your expertise with the community. Your knowledge can benefit them and position you as an expert in your field.
Apply For Local Business Awards: Business awards are a great way to build brand awareness and credibility.
Give Back: What can your business do for the community, which also can generate positive PR buzz?
Your community will support your business, once they know who you are. Take some time to get to know your local audience, and find meaningful ways to engage with your community.
6. Business Partnerships
Try teaming up with other local businesses. You can promote each other's businesses. For example, you might give your customers a coupon to the other business, and vice versa. Or, you can promote each other to your email lists. Look for complimentary businesses. Obviously, you won't want to partner with competitors. You might look for a business that sells a related product. For example, a sandwich shop might partner with an ice cream store.
Summary
Effectively marketing on a budget is possible. Once you establish a marketing plan and budget, remember that it can be increased or decreased based on how your marketing strategies perform. Marketing on a budget takes effort, ingenuity and constant testing to see what works and doesn't. With perseverance and a little creativity, it can be done. By tapping into these low budget marketing ideas, you can invest in your business and promote your brand without losing money. Then, as your business starts to grow, reinvest in marketing strategies that work best for your brand and produce the highest results.
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