7 Effective Methods to Market Your Business without Breaking the Bank
When a business is pinching pennies, the marketing budget is often the first thing to consider. For many business owners, it’s more important to continue paying employees and to pay utilities than it is to try to attract new customers.
However, neglecting your marketing altogether is a mistake that can cost you in the long run – and there’s no need to do so. Here are 7 methods that you can use to market even if your budget is tiny.
#1: Make Cold Calls
There’s no way to get new customers or clients without having a “first touch” that introduces them to your company and lets them know what you can do for them. That’s where cold calling comes in.
Some companies prefer hiring cold calling services but it’s the task they can do in house if they are willing. For the best outcomes, do as much advance screening as you can and prepare a cold calling script for callers to use. It’s also a good idea to think about what time of day people will be most receptive to hearing from you.
#2: Start Referral Program
Referral marketing is one of most effective and affordable ways to get new clients for your company. A referral can come from an existing client or from another referral source such as a professional colleague or local business owner.
It is a good idea to offer some incentives to people for referring their friends, family, or customers to you. One idea might be to offer rewards where people get a free product or service if they refer a specified number of people. Alternatively, you could offer a points system that allows customers to “level up” to unlock special rewards and perks.
It is crucial to create clear rules in advance before initialing any referral program. Will you offer rewards for a lead or only for a paying customer? If you provide a service, does a new client need to stay with you for a specified time before the rewards kick in? Make sure that all participants understand the rules.
#3: Get Involved Locally
COVID-19 pandemic has reminded people of giving importance to local businesses in their communities. You can gain some goodwill and increase brand awareness by taking part in community events.
In-person events might still be rare, but you can get involved in local charities and other events that are being held virtually. If events are being planned, you can step in at the planning stage and offer advice and support. Either way, it will help you get your business in front of the local people who are most likely to be your customers.
#4: Create Useful Content
Content marketing is one of the best marketing methods as it doesn’t cost you an arm and a leg. You can write blogs, create interesting graphics, and even film videos without going over your budget.
If you don’t want to spend a lot, you should first determine how your content is going to serve your target audience. A short video that explains various ways to use your product will be immediately useful and people who watch it won’t need to connect any dots to understand how it has helped them.
Remember that the content you create can be shared on your website, with your email list, and on social media accounts. Cross-posting is free and it’s always useful because the people who follow you on Twitter may not follow you on Facebook – or vice versa.
#5: Take Advantage of Free Social Media Features
Businesses can certainly spend a great amount of money on social media marketing but they don’t always need to do so to get the results. Let’s make it clear. Any content you create can be shared with your followers without any cost to you. You can also choose to promote your most important pieces of content.
Creating a poll for your followers and running social media contests are other free options. People love getting something for free, and creating a contest is an effecting idea to get your content in front of fresh audience without paying for it.
If you decide to go the contest route, make sure to incorporate Likes and Shares into your contest rules. One common tactic is to give your followers one entry for liking your post, one for commenting, and a third for sharing. You could even give additional entries for people who share your contest on multiple platforms. Track everything meticulously and articulate the rules to prevent misunderstandings.
#6: Partner with Other Businesses
With a lot of small businesses struggling, it is essential for local business owners to help each other out whenever possible. One way to do that is by joining hands with a complementary business and creating a cross-marketing campaign that benefits both of you.
For example, if you own an HVAC company, you could do a cross promotion with a local AC technician or HVAC dealership.
The most important thing if you choose this option is to choose a marketing partner whose products or services will appeal to your customers. There might be a remote chance that the same person who bought an AC component from you will want to have a seasonal service from you whenever required, but the crossover is likely to be minimal – so stay focused.
#7: Look for Options to Highlight Your Business
Trust badges, certificates, and awards are everywhere online. If an award committee accepts nominations for awards, you may want to ask someone to nominate your business for the award.
The benefit of winning an award is that it offers you the opportunity to promote and raise the visibility of your business without dipping into your marketing budget. You may get a nice badge or trophy symbol to display on your website and you may even get some free promotion from the organization providing the award.
As you can see, it’s not difficult to market your business with a small budget. All you need is some creativity and time.