4 Strategies for Marketing on a Smaller Budget
Just like how making a movie on a limited budget often requires more creativity and some compromises, the same is true for marketing. Marketing on a smaller budget requires greater precision, a clearer purpose, and an appreciation for the value it will return to the business.
While stylish marketing has its place, it must be substantive enough to spur potential customers into action. Anything less should be viewed skeptically. Here are four strategies for marketing on a smaller budget.
Here’re Strategies for Marketing on a Smaller Budget
1. ROI is Critical
Knowing the ROI of a marketing campaign is essential to see it through. Operating with less information means that marketing executives will be spending valuable time or financial resources – both finite – without having a reasonable idea about the outcome.
Marketing where the ROI can be monitored is more beneficial than a series of marketing campaigns with no data behind them. Better decisions including a higher ROI are made possible through the review of past marketing data.
2. Use Streaming to Your Advantage
It’s now possible to use FREE streaming software to connect with early adopters or your top customers. This can encourage them to purchase more of the products or services.
For more complicated services, running a sales webinar through a streaming service for a few key prospects is helpful because it allows you to respond quickly to questions. By not having too many participants in the live stream, fast follow-ups get past sticking points sooner.
Offering a free presentation and a bonus at the end when signing up or purchasing the product or service is a good approach. It’s also inexpensive, and it’s possible to get rapid feedback on what’s disliked too. This is highly valuable, allowing the business to iterate through product versions to improve them.
3. Ask for Referrals from Happy Clients
If you’re running a small agency or startup with a limited marketing budget, asking for referrals from existing clients is another way to go. Invariably, working with SMEs, they know entrepreneurs or other employees in a similar role. They may not immediately think of referring business to the company. However, if they’re happy with the service they’ve received, it’s something they’re usually pleased to do once a request is made.
4. Get Interviewed
Another interesting way to get your brand in front of a newly receptive audience is to be interviewed. The interview may be for a podcast, an article, or something else. The idea is to be able to talk about the business without being overly promotional about it. If listeners or viewers have had their interest sparked, they’ll look up the information later.
Also, when the interview is posted online, many interviewers will ask for a link to direct people to where they can find more information. This allows your business to collect subscribers to a newsletter to stay in touch or to directly link to the product or service mentioned in the interview
While online marketing such as pay-per-click advertising is widely utilized to reach a certain demographic, it’s easy to blast through a marketing budget in no time! Getting a good ROI for paid online advertising is tough to do. Therefore, the smaller the marketing budget, the greater the need to be creative in promoting the business in other ways.