When you are just starting your business, it’s completely normal for money to be tight. There are always a couple of expenses that you didn’t count on, but they pop up anyway. Of course, even businesses that have already been established for years can face difficult times in this economy.
There’s always a need for you to tighten up your budget in order to ensure that your business is kept afloat and it's running smoothly. A good way of doing this is by examining every single cent that comes out of your pockets. You can also make a couple of changes like in marketing.
As you may already know, marketing is very important for the growth and profitability of your business. So, how do you market your business in a cost-effective way and at the same time maintain your profits?
The good news is that we have some strategies that can help you with your problem!
Keep on reading as we have ways on how you can advertise your business even on a tight budget.
Social Media Marketing
Anyone who’s serious about marketing a business on a tight budget knows that they need to be well-versed in social media. Yes, this strategy is most definitely low cost, but it’s very hard to make real traction without you having to reach out to power users and influencers who can champion your goal or cause for you.
However, you will be amazed how the playing field of social media is filled with a billion consumers who want your services or purchase your products. It is just a matter of successfully reaching them, which you can do by employing the best marketing tactics and strategies. If you do, those potentials will turn into actual customers.
Social media marketing requires some serious know-how and understanding of how online marketing and human behavior work. You might need a bit of cash to get the visibility that your service or product needs, but that is only in the beginning. Also, it’s money well-spent, especially if you've made sure that the right seeds were planted when it comes to your message and offer.
Email marketing is not just a low-cost way of getting the word out about your business, but it’s also an excellent way of getting a good return from the time that you have invested. Still, you have to attract and catch the attention of the right people in order to be successful with email marketing. This is definitely something that’s not as easy and simple as it sounds.
By building user-friendly and useful content like online tutorials and infographics, you will be able to capture the attention of the right customers – those who will sign up to your email list. Once they have signed up, you still have a lot of work to do as you have to share valuable information with them and while trying to convert them into clients.
You can be effective at email marketing if you take the time to master the art. It is a skill that can be developed for your business. We suggest that you think more about your customers and add value to their daily lives, so you can succeed over time. Remember, this won't happen overnight but it’s definitely worth the effort.
Giving Out Freebies
We are all familiar with reading or hearing ads that promise a free item or service for the first 100 people who'll call a particular number or visit a certain store. The freebie can be anything, even a red rose or an ice cream cone! T-shirts, mugs, ball caps, and pens are popular as well. Basically, anything you can slap your name on.
We are familiar with this type of promotion because it has proven itself to work! People always love receiving things, especially when they are free.
Aside from using freebies as a way of promoting your business, you can also use frequent giveaways as "rewards" for your clients. It can be as simple as a picture frame. It may not be grand and it surely does not cost you much but your customers will appreciate the thought. What’s more, they'll think positively about your business!
Ask for Referrals
A satisfied client is the best PR tool for your business. After you complete a job, ask your clients whether they'd give a referral. If they agree, then make sure that you post the referrals on your social media pages and on your website. Gradually, you will be able to build a long list of satisfied and happy customers who are more than willing to vouch for the quality of your service.