Cost Effective Marketing

 

Marketing Strategies

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 Promotes Your Brand

  1. Social Media and Content Marketing 

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.

  1. Highly Targeted Paid Marketing

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.

Build your list

  1. 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:

  1. Select email marketing service provider
  2. Start building your email list with lead gen/ free gifts
  3. 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.

 

  1. Referrals Programs & Partnership Marketing

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.

Manage Customer Relationships

  1. Customer Retention Marketing

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…

If you are looking for support in growing your business send us an email at Roy@racmacs.com, or book a  Free 30 minutes Business Consultation call

11 Benefits of Effective Social Media Marketing Strategies to Grow Your Business

Are you maximising your sources of income through digital marketing to access untapped profitability?

If not, you’re putting yourself at a huge disadvantage.

Social media banner
Social Media Marketing is crucial to growing your Business

 

Social media plays a big part in digital marketing. With billions of worldwide social media users who are potential customers, there are several key benefits of using social media marketing strategies to scale your revenue.

See below to find out the key benefits social media offer that you might be missing out on to scale your business.

  1. Brand Recognition

The number of social media users continues to rapidly increase…

In every second that passes, 11 more people use social media for the first time. And today in 2020, about 50% of the worldwide population are active social media users.

Social media makes it easier to position yourself in front of your audience and gain traction in your niche to become more recognizable.

Promoting your business through the means of social media helps to spread brand awareness. This means you won’t be a complete stranger when people come across you when browsing online. 

Social Media Builds Brand Awareness

 

 

 

  1. Resonate Closely With Your Audience

Many customers make and showcase products that don’t sell.

Because no matter how good your products are if it does not appeal to your target customers and they are not made aware of the features and benefits if it will not sell –  as customers have lots of alternative products to choose.

Corroborate trust, social authority and work on growing your followers.

You need something new, refurbished, and innovative to push consumers to take action. Platforms such as Instagram are great for revealing some of the unseen sides of your brand.

Reveal more about the personalities behind your brand and create a real human bond with your followers.

It makes your consumers more inclined to want to see more from you. In comparison to traditional marketing methods, you’re drawing in more people to consume your content as they’ll find you less intimidating, sincere, and trustworthy.

Exposing some of your vulnerabilities and personal characteristics gives consumers the chance to closely resonate with you. It’s also a friendly reminder that you’re not a robot, but you’re human too. You’re very similar, and you’re not just someone who’s trying to sell to them 24/7.

  1. Identified As Thought-Leader

Now that social media exists, it’s one great way to build on your credibility and social status.

Word of mouth is one of the most compelling marketing strategies in the book. If you’re identified as a thought leader in your niche, you’ll gain access to various fresh networks. So, focus on developing a reputable brand that’s going to appeal to consumers.

Once you’re identified as a thought-leader, people are going to assume you have the answers which can lead to an increase in traffic. This steers to the next point…

Social Media can drive traffic to your website

  1. Larger Volume of Traffic

Did you know that Facebook stories have around 500 million daily viewers?

Facebook and Instagram posts or stories that include a call-to-action is a smart and easy way to drive traffic to your website.

Assuming the copy and content is good, readers are going to be compelled to take action. Or even out of curiosity, they’ll at least want to check out what you’ve got in store for them.

Leads are potential customers with interest in your products or services

 

 

  1. Capture Leads

You can leverage off social media to acquire more leads and get them into the pipeline. It certainly counts towards taking your business revenue to the next level by directly connecting with potential buyers.

An exceptional example to learn from here is Jason Capital.

The way he promotes his programme ‘Social Media Boss’ is phenomenal. It’s a classic example of a sales funnel and here’s how it goes.

He promotes his ebook (lead magnet) on his Instagram stories where you can swipe up on a link to get it for free. But in exchange, you give your email. Shortly after, it takes the reader into an email sequence where he sells them his programme.

  1. Influencer Collaborations

Partnering with other influencers in your industry gives you access to a new market you might not have managed to reach.

Often, it’s a win-win situation for both parties involved. Shout-outs from influential figures with a large follower base supports the growth of your business (there are some disadvantages to this in terms of longevity and quality of followers).

The strategy also has an influence on your social status. With the right partnership, you’ll be setting yourself up for further sales, brand awareness, and growth.

  1. Viral Posts

You can maximise your outreach and marketing efforts by making use of the different features such as hashtags, share buttons, and reposting.

Sometimes, one of your posts can suddenly blow up and go viral out of nowhere. This leads to an abnormal, exponential amount of growth in a very short period amount of time.

But always aim to provide good consistent content to your audience. Don’t be that sleazy person who keeps on advertising and posting promotional content all the time.

A CRM system helps businesses to build customer relationships

  1. Audience Engagement

Communication is a two way street. Stay active, post daily and be sure to respond to your audience.

Online forums are a great place to engage in conversations. You can easily learn more about them and find deeper information regarding their pain points, needs and desires.

Social media as a whole, is one of the best places for interacting with consumers. Use it to share content such as blogs, podcasts or videos. Then demonstrate your industry expertise and knowledge by replying to any queries people might have and answering questions.

Measuring relevant metrics are fundamental to assess the Marketing Campaign

  1. Track Metrics

Data-driven resources grants you access to track metrics. Not just for your own business but your competitors too. If you use the information correctly, it’s one smart way to skyrocket your income streams through higher performance in business operations.

Tools like Google Analytics, Instagram insights and SEMrush give you the chance to see what’s performing well and what isn’t.

  1. Industry News

Thanks to social media, it’s near impossible to not be informed and keep on top of all the news and trends you need to be aware of.

Additionally, you can keep a good watch on your competitors. It’s not difficult to see how and what they’re doing differently. E.g. what type of content they’re putting out, what time they’re posting, and how they communicate with customers.

  1. Targeted Advertisements

Paid ads generally perform well for converting sales and generating new leads.

As well as advertising, you can test different types of copy and ads to see what gets the most results. An advantage of using social media is that you can repeatedly test on your audience and refine your marketing strategies each time.

Because every platform is different, it’s important you optimize for each one.

No matter what stage of the life cycle potential customers are in, you’ll be capable of targeting new potential customers (no matter what stage of the lifecycle or buyer’s journey they’re in).

Use Social media to showcase the creative side of your business.

Conclusion

The world is constantly changing. With A.I and technology continuing to evolve alongside your audience, it’s important to continuously make tweaks to your business model.

Are you keeping up with the trend or are you being left behind? Enhance your sales and business profits – register for my webinar here or book a free call with us to start making a bigger impact.

In contrast to the past, a lot has changed. Especially with the way businesses market their products and services. And social media is a prime example of that.

Are there any other benefits you can think of? Comment below!