Implementing marketing strategies on a tight budget gives businesses a real headache.
Luckily, by combining different approaches and plans of action, you can reduce the costs significantly and still get maximum results.
You would be surprised at how much creativity and success you can achieve if only you knew the winning combination, even when the money is too tight.
Don’t be all over the place
Set your goals right from the start and stick to that plan.
Avoid jumping from one strategy to another because this will push your business into a chaotic whirlwind of ideas, and none of them will actually work. Not to mention the money you will waste along the way.
When you start writing your business plan, check the pulse of your target customer group by conducting surveys. Under no circumstances should you pitch a product or a service to everyone. Instead, carefully select the target audience.
The power of social media
Social media is one of the most effective promotional channels, but it doesn’t have to cost an arm and a leg.
Once you determine who your target audience is, try and detect which social media platforms they are mainly using – you can do that by using social media monitoring tools. Not all networks are suitable for every business, and being aware of that can help you reach your goal.
Creating viral content has helped many businesses in expanding their reach. The content has to be interesting, useful, and concise. On top of that, all channels of communication with your audience have to be coherent and consistent.
Your Twitter, Facebook, LinkedIn, and Pinterest accounts should ideally display the gist of your business, and they should also be linked to your website.
Utilize email marketing
Although you may occasionally hear that some businesses have seen amazing results with direct mail to their customers, the digital era we live in is all about the emails.
The ROI on email marketing campaigns exceeds the return by almost 100% compared to direct mail.
The importance of email lists is often stressed because without it, you can unnecessarily complicate things and end up blacklisted.
The email marketing platform of your choice should be in accordance with many factors, including the expectance of growth and your existing customer base.
Of course, the budget increases as you switch to more robust platforms. For this reason, you need to find a solution that suits your needs while still keeping a low-budget.
Never underestimate what an offline promotion can do to make your brand strong and still pull that off on a tight budget.
You can materialize excellent design ideas though booklet printing or brochures, which you can distribute on professional events and industry exhibitions.
Guerilla marketing is also one of the most popular marketing strategies out there. The main thing with this type of promotion is that you have to be original and create a striking presence. Otherwise, the whole campaign may turn into a flop.
You really don’t have to spend a fortune in order to persuade someone to put in a good word for you.
Influential people or companies may as well be in the mood for a collaboration that doesn’t cost a penny.
You can approach them by proposing a product or service exchange, or maybe even a discount for their audience. Sometimes, two companies go and join forces by running a collaborative contest.
An ideal influencer is someone who has a sound number of followers, high engagement rates, and a satisfactory level of expertise.
Choosing them involves keeping track of who your target audience follows and shares on social media. These micro-influencers usually don’t have over 1,000 followers, but are nonetheless authoritative in your niche.
In the end, if you combine these points wisely and keep track of your metrics, success will most likely be guaranteed. Assembling a team of people who know what they’re doing will guide your way through the competitive market. The most important thing is that your brand’s budget won’t suffer too much during the process.