Marketing Ideas for Small Business Owners on a Shoe String Budget
If you contact a B2B marketing agency today to promote your products, they’ll probably come up with a plan that’ll increase your expenditure. Though their plans and strategies can bring you good business, your shoestring budget won’t allow it. 20% of all small businesses fail to survive in their first year. One primary reason for that is a weak marketing campaign.
However, there are many ways you can create brand awareness, promote your products and even attract more customers without having to spend a lot of money. Take a look at the following marketing tips for small business owners, to kick start your journey towards success.
1. Use Various Social Media Networks
There are over 3 billion active social media users in the world. What have you done to engage them? If you still don’t have an active Facebook, Instagram or Twitter profile to promote your business, I’m afraid you’re missing out on a lot. Social media marketing is considered one of the most effective marketing strategies out there.
The best thing about this channel of marketing is that you barely have to spend any money. In fact, you can even go ahead with it without spending a penny. If you can create engaging posts that receive a lot of likes, views, and shares, you’ll have thousands of followers in no time. As you grow your business, you can always run paid promotions that are quite low priced, to enhance your reach and derive better results.
2. Launch an Attractive Website
Over 3.5 billion people are using the internet. Therefore, it has become essential for all small entrepreneurs to launch a website. A website not only helps you get orders online, but it also lets you use many digital marketing techniques to promote your products. However, in order for your website to generate organic traffic, you need focus on SEO and rank better on top search engines.
3. Collaborate with another Business
We aren’t asking you to join hands with a competitor! Instead, you should look for a business that you can collaborate with to promote each other’s business. E.g., you can offer a discount coupon for your partner’s business every time a consumer buys from your store. Your partner business can also do the same thing. That way, you’ll both benefit in generating more revenue without having to spend any extra money.
4. Retain Your Customers
It can cost you five times more to recruit a new customer than retain an old one. Therefore, you need to start making plans to convince your customers to come back to you. You can start off with a loyalty program. This initiative will provide your customers with benefits every time they purchase something from you. In addition, you can also offer a referral bonus to encourage them to invite others to buy from you. Another effective way to bring back your customers is to approach via email or calls. You can offer a special discount to them to attract them to make another purchase from your business.
Marketing for small business or a startup can be tough on a low budget. However, thanks to various digital marketing techniques and low-cost promotional tactics you can easily promote your products and still manage to save a lot of your investment. The marketing tips for small business owners listed above are highly useful and have proven to do wonders for many businesses around the globe. – give them a try and experience a rise in your sales without your expenditure going above the red line.