If you’re running a small business and don’t have any money to market it, it can seem impossible to bring in customers. But there are ways to market your business without breaking the bank...
In this article, you’ll learn a few tips on how to market without breaking the bank in the process.
Do your research
Know your market. Make sure you know what your target audience's interests are so that you can best serve them with your marketing efforts. Pay attention to the trends in your industry, as well as in other industries, to see what is working now. If possible, do some surveys or interviews with customers or potential customers to get a better idea of how they view your product or service.
Set realistic goals
Marketing is vital to the success of any small business. Without it, you'll find yourself out of luck when it comes to finding new customers. Developing a marketing plan can be tough for a company that's strapped for cash, but there are some ways to cut costs while still getting your name out there. Utilise free or inexpensive social media platforms like Facebook and Instagram to reach your target audience.
Get creative
Don't: Spend your entire budget before you start. As tempting as it may be to do so, this can leave you without funds for future advertising costs.
Don't: Start with expensive ads particularly, radio, print media or TV ads.
Don't: Copy your competitors.
Do: Stick to a budget and make sure to plan ahead in order to spread out your spending.
Do: Focus on online ads like Facebook Ads, Google Adwords, LinkedIn Ads and more because they are usually cheaper than traditional forms of advertising.
Do: Offer specials or discounts in order to drum up interest among potential customers.
Do: Organic marketing, such as lumpy mail, networks, events, groups and forums
Do: Try and use original imagery
Do: Think outside the box
Focus on your strengths and value
Marketing is not cheap. But it doesn't have to be expensive either. Successful marketers know that the key to success is focusing on your strengths and value and promoting them in an affordable way.
Don't be afraid to ask for help
One of the most valuable ways to save money is by asking for help. If you're looking to get some professional photography done, go to your local community college and see if they offer classes in photography. If you need someone to design your logo, try out Fiverr or Elance.
Use social media
Social media is an easy way to stay connected with your customers, build brand awareness, and promote new products. It's also cost-effective because it requires no initial investment. Use social media platforms like Facebook, Twitter, Instagram, Pinterest etc to share content related to your business. Share interesting articles about the industry you are in or just anything that will get people talking about what you're doing.
Tips on a limited budget
Here are some tips for how you can get the most out of your limited marketing budget:
Use organic marketing.
Use free social media channels like Facebook, Twitter, Instagram, LinkedIn etc.
Make sure your website has a modern design and loads quickly.
Pay attention to customer feedback and keep changing things up as needed.
Promote yourself through word-of-mouth and testimonials.
Be creative with inexpensive but useful giveaways.
Don't limit yourself to one kind of advertising at a time.
Get creative with where you advertise; don't just rely on traditional methods like newspaper ads or radio commercials.
Don't pay more than $25/month for any online service.
Maximise every opportunity by sending relevant email campaigns about your company.
Follow current events and integrate them into your marketing efforts.
Keep track of what works and what doesn't.
Keep costs down by hosting fundraisers.
Look for areas where you can partner with other businesses.
Hold competitions, contests, challenges etc.
Track your progress using analytics tools.
Collaborate with like-minded businesses.
Offer incentives such as discounts.
Join appropriate forums, groups, meetups, or better still host them yourself.
Remember that everything takes time so start now!
Keep track of your progress
To help you manage your time and money, and get the best out of your resources, track all your marketing efforts and increase what is working and reduce what isn't working. Aim to have four pillars of advertising and monitor constantly.
Marketing can be the difference between success and failure—especially if you have only a small budget. One way to save money is to plan ahead. The more time you have, the less you'll need to spend.
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