One of the greatest challenges faced by small businesses is the budgetary limitations which do not let them compete with large businesses. But by making the most of your limited marketing budget, you can give your competition a run for their money.
There are several ways through which you can increase the effectiveness and reach of your marketing endeavors. However, the following four ways are the most reliable and tried & tested methods for getting a higher return on your marketing dollars:
#1 Make the Most Out of Social Media
With over 2 billion active users on Facebook, Twitter and Instagram, social media platforms are the most potent arenas to market your business. As compared to conventional marketing methods such as billboards and TV advertisements, Social Media marketing is relatively cheaper and considerably more effective.
For instance, Facebook allows you to target a specific audience for as low as $1 for an advertisement! Instead of squandering your small marketing budget on expensive billboards and printed material, make use of modern technological tools to make your marketing campaign focused on your target audience.
#2 Network More
Networking provides the higher quality leads than any other marketing strategy. Leveraging a circle of professional contacts can help you spread your word in a reliable and cost-effective way. It is especially beneficial when working on a tight budget. However, you have to be creative to make it work.
For instance, if you’re a software house, you may set up a website for a local marketing agency in return for marketing services and referrals or SEO. Moreover, it will also save you cash as you are not paying them for promotion.
#3 Get in touch with the Local Community
Businesses often overlook an important channel of marketing: the local stores. These local stores offer various marketing opportunities that you can avail without spending a fortune.
Even setting up a stand at a festival or giving away some merchandises with your business logo is a low-cost way of creating a local presence in your community.
#4 Bus Stop Advertising
Last, but not the least, the bus stop station ad board is an excellent way to market your product. It is much cheaper way than TV ads and billboards. If you want to further reduce the ad cost, you can partner with another business relevant to your business and participate in dual advertising and share the cost.
Marketing is important. It helps you bring new clients to your business and keep the brand name relevant. These four value-for-money methods can significantly help you to optimize your marketing strategy if executed correctly.
Article by SEOlium