In a competitive market, the challenge for many start-ups and small businesses is to get customers and stand out amongst their competitors. After all, customers are needed to have a sale and make a profit. This is where marketing comes into play. It is defined as a business activity of promoting and selling products or services.
A lot of small business owners do tend to believe that marketing involves a lot of funding. Namely, because they are most familiar with marketing and advertising that cost a lot. Take, for example, paying for marketing services by an advertising agency. However, that is just simply one of the ways to market.
If you are looking to market your business without breaking the bank, here are five cost-effective marketing strategies you can choose from:
Social media platforms such as Facebook, Twitter, Instagram are so commonplace nowadays it would be shocking if you did not have an account on either one of them.
Emphasis on the “social” aspect is a great way to reach out to many people, not just limited to your vicinity but even from across the world. It can also serve as a place to engage with your audience and get quality feedback about your products or services. Start by creating profiles on Facebook, Instagram, Twitter, and LinkedIn. The key here is to time the frequency of your posts.
Social Media Marketing is Content Marketing. It involves creating and sharing online material like videos, blogs, and social media posts. Try not to be upfront in promoting a brand but focusing on stimulating interest to its products or services. Making connections and posting regularly will help your business gain loyal subscribers who can become your customers.
This may not be the exact type of marketing you would expect to find in a cost-effective list but knowing when you can invest your money to launch a precisely targeted inbound marketing campaign and get your brand in front of the right people to generate a high turnout.
Here are some pointers to keep in mind when doing Paid Marketing.
- Improving your quality score To Improve ad relevance and lower your campaign costs.
- Launch remarketing campaigns by segmenting visitors to your website or by creating a custom/tailored audience.
- Try opting for smaller niche networks where you can gain a terrific ROI rather than prominent but expensive advertising networks.
- Email Marketing
Email marketing is a marketing strategy that utilizes sending emails to prospects and customers to develop relationships. Email is the #1 communication channel with most consumers checking their emails every day. The advantage of this over social media is that you own the list without the risk of it being suspended by an administrator. What is more, emails tend to convert better.
Here are the steps to get started with Email Marketing:
- Select email marketing service provider
- Start building your email list with lead gen/ free gifts
- After the first two steps, it is just a matter of refining your lists and your messages, so you reach out to your audience and connect with them.
Though it may not work for every business, having a referral program or affiliate program might be worth trying. Create an affiliate program that turns your customers into a pseudo-marketing team. And the best part is that you do not spend marketing money unless they first make a sale on your behalf.
Partnership marketing involves the collaboration between two or more businesses within an industry aiming to create a mutually beneficial marketing campaign that helps both parties meet their business objectives. This is especially helpful for small businesses struggling on their own, and this method can help a business grow cost-effective wise. Take time to plan, investigate and converse with potential partners and see if you both can come up with a mutual agreement.
The traditional idea of marketing is often thought of as the focus of gaining new customers. In truth, some of the best marketing happens with current customers. Marketing back at your own customers is quite easy and low budget with other great benefits. This is what is known as
Customer retention is a set of activities a business utilizes to increase the number of repeat customers and each existing customer’s profitability. Allow you to provide and gain more value from an existing customer base.
This is in line with other marketing strategies already mentioned above.
- Listen to your customers’ needs.
- Offer a rewards program.
- Consider SMS and email marketing.
- Engage and make time with your clients. …
- Keep offering added value services to your customers…