Marketing your business on a budget
When you think about marketing your business, do you think you need to spend large amounts of money?
Contrary to popular belief, marketing your business on a budget can deliver great results. It’s simply means making the most of what you’ve got by being creative and focusing on one or two things that will give you your best return on investment.
We recently shared Three Things You Can Do To Market Your Small Business. Following on from that, here are five things you can do to market your business on a budget.
- 1Target, target, target
- 2Email is da bomb!
- 3Social, social, social
- 4Real life social
1. Target, target, target
As a small business, making sure you know your target market is crucial.
Do your research and get the best results for your budget. While it might take some time initially to understand who your target market is, that time will be totally worth it.
And remember, your target market isn’t Everyone. Why, because not everyone is going to be interested in your product or service.
Being specific about who your target market is means you will attract people who are happy to pay for your products or services because they see the value in what you are providing.
It can be scary reducing the number of potential customers you are targeting, however, if you are marketing to the right people, then they become your customers more easily and are more likely to spend more with you, more often.
So, think about who your potential customers are. Put some time into finding out what drives their decision making, where are they located, what influences them to buy and where they hang out. For example, what social media platforms they are on?
Then, invest your marketing by focusing on engaging with your target market through the appropriate marketing mediums or platforms.
There’s no point in reinventing the wheel. If you know what works, tweak it for this year and roll it out again.
2. Email is da bomb!
Email marketing is one of the most cost-effective marketing tools out there.
It’s a great way to let people know about your products and services, get your brand out there, and stay front of mind with your customers and target market.
You can use email marketing to send:
There are various email platforms out there that are simple and easy to use (and some are “free”).
These platforms allow you to segment your database so you can send emails to specific target markets. For example, you might send an exclusive special offer only to your best customers as a thank you for their business.
The email platforms will give you information on how many of your database opened your email, clicked on any links, etc. So you know what emails give you the best return on investment.
Still need convincing? Check out Three Reasons To Use Email Marketing.
Bonus Tip: Be creative, keep your email content simple and catchy
3. Social, social, social
Yes, we know we’ve mentioned social media in lots of previous blogs, but really – it is a great way to promote your business.
You can use most social media sites like Facebook, LinkedIn and Instagram for free (that’s $ free not time free). So social media really is a no brainer.
You can read about Why Social Media Is So Important here.
And you can share information in different ways. From creating posts, to sharing photos, to video, to stories, to creating polls, and more.
And if you want to spend money on your social media, you can be very targeted with who your ads get in front of. Plus, you don’t have to spend extraordinary amounts of money to see results.
While social media can be used effectively without spending your hard-earned marketing $$$, it isn’t time free. However,there are stacks of scheduling platforms out there that you can use.
That way you can plan and schedule all your social media posts for the week or longer.
Check out our Five Favourite “Free” Social Media Tools.
4. Real life social
Is your local area a great place for local networking events for local businesses?
Albury Wodonga certainly is, with the Albury Northside Chamber of Commerce and Business Wodonga, regularly holding networking events.
Getting social and attending events is a great way to connect with your local market on a personal basis. A lot of local networking events are free or not a huge financial investment. They do need your time though. And you need to network regularly. We recommend at least one event per month.
Bonus tip - Don’t go to a networking event with the goal of handing out as many business cards or meeting as many people as you can. And don’t go just to sell your product or services. Go to make genuine connections.
People will buy from those they know, like and trust – particularly in the local market. And it takes time for people to know, like and trust you.
Create a connection. The more someone has a genuine connection with you, and develop an ongoing connection with you (over time), the more likely the are to either purchase or refer you.
Make the most of your marketing by using the free marketing tools that are available. There are stacks out there.
Just remember, try not to be distracted by the shiny thing. Make sure you have a marketing plan to guide your marketing activities and help you focus on those couple of things that will give you your best bang for your buck (your return on investment).
Make the most of your marketing - regardless of the size of your budget.
If you need help with making your marketing, then let us know. We'd love to help you.