Marketing Tips: How to Stretch a Limited Budget
A good marketing strategy will definitely help your company to be known and that would increase the sales of your company. The most effective marketing strategy is through advertisements, however, most advertisements are expensive and small businesses cannot afford such promotional tools. The biggest challenge for small businesses is how to optimize their small budget in marketing.
Small businesses must come up with a low-budget yet effective marketing plan. A good and effective marketing plan does not necessarily be expensive. Consider what happened to Pets.com, who spent a lot of money on their marketing which indeed hit the market however, it is also the reason of their bankruptcy. An expensive marketing strategies is not an assurance of high increase in sales.
Another disadvantage of having a marketing plan beyond the budget is that it does not allow a repeat of the message. According to studies, the probable customers need to hear the messages at least seven times in order to influence them so if you spend all your money in a single advertisement then you lose the chance of repeating the message.
Studies also found out that utilizing multiple marketing mediums have greater impact than using a single channel. The probable customers will most likely to become your buyers if they read your products in newspapers, magazines, brochures, websites or hear them at radios and televisions. The larger the coverage of your marketing strategy, the higher the probability of increasing your sales.
Here are some techniques which are proven effective yet requires less budget:
Look for the right target
Choosing the right target will help you lessen your expenses by focusing in a particular market. You do not need to go directly for the mass market, focus first on the local, small niche market. Remember that you need to spend a lot of money for a wider coverage market, and for beginners, it is advised to focus on a small, local market and when you have gained the local market then that is the time you expand a little bit wider.
Self-promotion is also effective
Create a news that would make everyone talk about. For example help a person that needs a hand, it is an act of good deed at the same time you are promoting your company because a lot of people will spread the news and in an instant you have a free publicity.
Consider a joint venture
Having an alliance with larger companies will save you a lot of money. A joint venture will allow you to make new distribution opportunities not to mention that you can hitch on their marketing plans and learn a lot on managing a business.
The most effective and the cheapest way of reaching out to your probable customers is through referrals. When a satisfied customer refers your business to their friends they are most likely to be your next customers. That is why, every business should treat well and serve the best to your customers because they are the most credible and effective way of promoting of your business.
1 thought on “Marketing Tips: How to Stretch a Limited Budget”
I learned a lot reading this post, so glad this is the one I clicked! I am currently running an online (shop) business and at first, I was having a difficulty how to spread the word nationwide or how to advertise it. Facebook Page has an option to advertise your posts to become sponsored, I tried it and my page reached thousands of impression. Although spending 40 pesos a day for an ad is quite expensive, I focused on giving my shop exposure so I can no longer pay for ads for the upcoming years. Self-promotion was effective for me before, but when I realized I already told my shop to all my friends and family, I need a new audience if I want to continue to grow my business.
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