Marketing your business is vital as it helps you expand your brand, increase sales, learn the market, and earn trust from your audience. However, it is normal for a company to run on a shoestring budget that it can’t support some marketing strategies. This may be due to expansion activities, seasonal fluctuations, insufficient capital, or expenses not being monitored.
Regardless of your company’s financial status, you can’t pause marketing. You need to continue employing marketing approaches as they will help you get new leads that will increase your profit margin. The following are six effective tips for marketing your business on a budget.
1. Ask for Referrals
It is effective to actively ask your existing customers for referrals. Research shows that 60% of marketers have attested that referrals generate high volumes of leads. Therefore, you should encourage your customers to mention your business to their loved ones. Their word of mouth will cost you nothing, yet your customer acquisition rate will increase.
Referrals always work because people tend to trust the testimonials of people they know. Besides, your customers know the right people who can benefit from your business. Thus, when you ask for a referral, they will think of them, and inform them immediately. Referrals usually lead to more referrals, so they can help you increase your brand awareness at no cost.
You can also use incentives to motivate clients to refer your business. This will still not cost you a lot as you will use manageable incentives such as discounts, gift cards, or limited free subscriptions.
2. Open A Google My Business Account
If you don’t have a Google My Business account, you may be missing out on getting new clients. This feature was introduced by Google to help users find businesses, either through the search results or maps. For instance, if someone in your locality searches a keyword that relates to your business, Google will include your map among the top ones.
In your Google My Business listing, you will include your business name, products or services, contacts, business hours, and address to provide a reader with adequate information. Opening this account is free, so it’s one of the most affordable marketing approaches for business owners.
3. Use Social Media
The advent of social media has helped many businesses grow tremendously without breaking the bank. Statistics show that in 2020, 3.6 billion people were on social media globally, and the number is expected to increase to 4.41 billion by 2025. With these high numbers, it is easier for businesses to reach a large audience via a screen.
Hence, you should open an account on a wide array of platforms to reach different markets. Moreover, it is essential to have a social media team that takes care of the posting and engaging with the audience. However, you need to be creative to win clients via social media. For example, you should tag your customers on your pages and ask them to tag you on theirs.
4. Participate in Trade Fairs
Trade fairs or shows offer a cost-effective platform for businesses to showcase their products and services to a large number of customers. Thus, it is important to participate in those that are organized in your region to help you raise your brand awareness. Besides, they will allow you to meet with customers in person, and in turn, build relationships that will benefit your business for years.
These events are usually affordable as all you need to have is a simple booth, your signage, technological accessories, business cards, and refreshments for your employees. By the end of the event, you will have captured the attention of hundreds of clients who will come to your business location.
5. Collaborate with Another Business
Collaborating with other businesses is another marketing approach that you can employ with a tight budget. However, you need to make an informed decision to ensure this plan benefits you. For instance, you should not collaborate with a direct competitor. Also, you should work with a local business to help you reach your target audience easily.
Business collaboration is not necessarily a partnership strategy that requires you to sell your shares. You can choose to only have a marketing relationship with the other company. One of the ways to do that is by cross-promoting each other’s brands on social media. You and the other business can have a social media contest, whereby your company will manage the contestants and your partner will award them.
For instance, if you run an auto shop, you can collaborate with a restaurant. Then, you can ask a question like ‘the best ways to make car tires last longer,’ and the first contestants with the right answers will win dinner at the restaurant.
You can also cross-promote another business by including their leaflets or business cards in your brochures and they will do the same for you. This can help you reach a new pool of prospective clients.
Guest posting is another strategy that you can use to collaborate with another business. In this plan, another business will allow you to write an article or blog for their website, but you will provide a backlink to your website. This can expand your network significantly as it will help you catch the attention of new customers.
6. Apply for a Business Award
The chances are different awards are held in your region, so you should consider applying to them. Just being shortlisted as a nominee in a category of the award can increase your brand awareness as voters will want to know about your business, which means free marketing.
Additionally, winning an award can help you get new contracts and supply channels. For example, if you win an award for the best interior designer in the region, you can rest assured that a significant percentage of home and business owners will trust your work and will always consider you first.
Marketing your business on a budget should no longer be a challenge. The tips discussed above are inexpensive and practical so they can help you acquire new customers without straining.