If your business is on a tight marketing budget, or you simply want to see whether spending less can offer the same value, there are several ways to go about it.
There is no denying that a large marketing budget can put your company in a better position. Still, out-of-the-box, affordable marketing techniques should not be discounted. Any of the budget-friendly tips below could be how your company goes from surviving to thriving.
Not every company has the budget to wine and dine their most important clients. Though it may feel like you’re missing opportunities, it doesn’t always take the grandest gestures to convey your appreciation.
Good quality corporate promotional products can be a great way to retain strong relationships while also not spending a fortune. When you add your branding to useful, industry-relevant products, you get to enjoy the added benefit of brand recognition.
The average TV ad can cost thousands of dollars, and there is simply no way to know whether anyone saw it or took action as a result of its message. The same goes for newspaper and radio advertising. The companies can offer you a vague idea but no accurate, measurable results.
If your business doesn’t want to spend a significant sum of money on a “maybe” form of advertising, then look to the internet for your answers. Facebook, YouTube, Instagram, and even Snapchat, provide advertising avenues with real-time, measurable data. These popular social media platforms also allow you to set your budget while controlling who you target.
Many high-profile brands in recent years have formed advertising partnerships with other companies to broaden their reach. This often allows them to spend half as much as they once did on marketing, while both businesses get to enjoy the target market of each other’s products.
Some of the most successful brand partnerships in recent years have involved BMW and Montblanc, Spotify and Starbucks, Ford and Hearst, and Apple and Hermes.
You don’t always have to spend thousands of dollars on giant billboards and flyer drops to get a loyal customer following. Instead, welcoming and keeping new customers can be as simple as offering loyalty programs.
If a customer spends X, they can receive Y. If they recommend a friend, they may even receive a discount on their next purchase. These small, cost-effective marketing decisions have more value than you might think. Instead of spending money on advertising, you get to share it with loyal customers via discounts and special offers.
The business you started may not be the same one you have today. Expansion and growth are only natural, and you may find yourself moving in a different direction than you originally intended.
Taking a less is more approach to marketing can require you to go back to the drawing board and rediscover yourself. Find out who your business is targeting, where your customers live, and what they like. It even pays to find out what’s important to them so you can make ethical decisions that resonate with your preferred customer base.
Marketing has always seemed like a “big business” technique. However, the digital age has opened up many doors for the everyday small business owner to walk through. Even with a small business, you can make a significant impact. You just need to figure out which marketing techniques are going to provide you with the most bang for your buck.