All businesses need marketing to survive, but not all have equal marketing budgets at their disposal.
Most small businesses have to market themselves with a limited amount of funds, while still competing with larger brands to caption the attention of their target audience.
Even if you’re working within a strict budget, there are plenty of cost-effective ways you can use to get the word out about your business, drive sales, and help your company advance to the next level.
You don’t have to be intimidated by big companies that can afford to keep throwing money at various marketing campaigns all year long.
There are low-cost marketing strategies you can implement to connect your business to the right customer base and achieve tremendous results.
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Focus on one marketing channel that brings in the most ROI
A lot of small business owners end up stretching themselves too thin by trying to leverage the powers of every marketing channel out there, whether it’s a good fit for their business or not.
Since you’re working with limited resources, it is important to invest your marketing funds in the right channels that will provide guaranteed returns for your business.
You cannot afford to deprive your company of the increase in revenue and growth that comes from focusing on the most beneficial channel.
Each marketing channel has different uses and attracts a unique demographic, so your business will thrive and generate better results on some channels than others.
To determine which marketing channel is bound to bring in the most returns on your investment and avoid wasting time and money on others that won’t perform as well, here are some crucial factors that you need to consider:
- Learn and understand each of your marketing channels and the value they bring.
- Define the goals or objectives you’re trying to achieve with your marketing strategy.
- Find out what marketing channels your target audience prefers and responds to.
- Research the channel that is beloved by most businesses in your industry.
- Analyze your marketing data to see where most of your leads and sales come from.
Once you have all of this figured out, you will know what marketing channel aligns best with your business goals, so you can prioritize it and channel your resources into it to maximize results.
Build email lists and connect with customers on social media
Most consumers are not going to buy from your brand unless they interact with it. This is why you need to constantly be in their faces and cultivate a strong relationship that will eventually motivate them to open up their wallets.
Email and social media marketing are the best ways for you to keep in touch with your target audience until they’re ready to buy from you. Research shows that email generates returns of $38 for every $1 invested in it, which makes it the most effective marketing channel out there.
If you’re looking for a low-budget way to connect with new and old customers, grow your digital presence, boost conversions, and accelerate revenue generation, you need to focus on your email campaigns and social media efforts.
Try to spend at least 6 hours a week posting, interacting with your audience, and responding to messages on your preferred social media channels.
Ensure that you’re sharing valuable, interesting, and relevant content that people will want to engage in your email campaigns and on social media.
Create and share great content consistently
Customers today want to learn more about a product, service, or business before they hand over their money.
They have needs, questions, and challenges that they need solutions to, so the best way to grab their attention and win them over is to provide content that addresses their issues.
If you don’t already have a website and blog for your business, set up one right away. By having a blog, you’ll be able to improve your visibility in search engines, increase brand recognition, build customer trust, and be discovered by more consumers, amongst other benefits.
Additionally, optimizing your content for search engines as well can significantly improve the reach and impact of your blog. Keep in mind that content marketing goes beyond just blogging.
Try to diversify your content offerings to include other formats such as videos, webinars, free ebooks and guides, infographics, podcasts, images, and other mediums through which people consume information.
As long as you keep putting out quality, relevant, and useful content regularly, you will enjoy sustainable growth in website traffic, leads, and sales over time.
Develop mutually beneficial partnerships with other businesses
Consider strengthening your network by building connections with complementary businesses. Partner with them to launch marketing campaigns that will be mutually beneficial to everyone involved.
For instance, a company that helps people take care of chores like cooking, shopping, cleaning, and gardening can partner with workspaces and companies that rent apartments to create a bundled service package for each other’s customers.
They can cross-promote on each other’s websites and social media pages and split any additional advertising costs.
Since the businesses are not competing with each other, and their clients are in search of both services, the partnership would benefit both brands by exposing them to a new base of customers.
Don’t just sit around your office and wait for connections to fall into your lap. Go out and meet people. Visit the businesses in your area to learn what they do and if there are ways you can partner up.
Attend networking events and meet potential customers and people from other small businesses, and talk to as many people as you can about what you do.
You don’t have to spend too much money to effectively promote your brand. With these strategies, you can upgrade your marketing efforts and continuously grow your business.
You just need a little determination, patience, and a willingness to put in the work to get your brand to where it needs to go.