The business world is always competitive. You need to find a solution to compete effectively and emerge successfully. You need to have good marketing strategies that are cost-efficient and smart. No matter how big your business is or how outstanding your products and services are, what matters is that you reach target customers.
Marketing is the nucleus of any business. It can make the difference between a struggling business and a promising one. The right combination of marketing strategies makes your business successful. Traditional marketing techniques like radio, television and print ads are quite expensive. With the development of technology, there are so many options for marketing. Since cost-cutting is one of the major factors contributing to the success of most businesses, what you need is to find the proper combination of marketing strategies at a very low cost.
After much research, I can suggest these 5 low-cost marketing strategies that work for businesses with small marketing budgets.
The market is the most important aspect of any marketing strategy. Market surveys give you a basic idea about how your products and services are faring in the market. You can either conduct the survey yourself or outsource the survey. Market surveys bring you a clear picture of your target clients. You will know exactly what customers are looking for from your company and brand. You can have a questionnaire for customers who participate in a survey. Surveying is the most popular and cost-effective tool for marketing. While conducting a market survey, the following points need to be considered:
- Target Location
- Target Customers
- Target Product
- Time Period
A market survey conducted at the right time and targeting the right customers in the right location for the right product will provide valuable information, which will help in many marketing policy decisions. The questionnaire has to be prepared to serve the purpose of the survey.
The customer is king in every business!
It is important to treat your existing customers in a royal way. They are already aware of your products and services. Bringing in new customers is a very difficult task. Since our aim is considering low-cost marketing techniques, feedback from your existing customers is a great way to attract new customers. Take your customers’ feedback seriously and attend to them one-on-one without fail. This makes your existing customers happy and considerate, which will encourage them to recommend your brand to their connections.
Encourage them to provide genuine feedback on your products and services through special campaigns or with loyalty programs. This will keep them loyal to your brand. Special events such as dinners arranged for them or personalized gifts sent to them make them feel special. These same existing customers can be your marketing tool. So, always build a good relationship with existing customers. Use their feedback, which is considered credible by other customers, for your marketing campaigns.
Digital marketing is the most important and effective tool of the new generation of marketing tools, and it is very low-cost. Digital marketing involves online marketing, email marketing, social media marketing and the like. Twitter, Facebook, Instagram, mobile, and blogs can be used as the marketing media to reach out to a large section of society across the world. Through social media, you can start a fan page or product page where you can promote your products and services. You can promote offers and even take the reviews from the customers.
This is the most modern marketing strategy widely being used across the world. If you want, you can even start online sales also. Content is the king in digital marketing. One of the most successful ways to go about content marketing is by starting a blog. It is the best way to attract quality leads to your website or business location. Blogs can easily promote the business by showcasing the company’s success and the solutions it offers to the customers. They also convey a message to the customer about your class of business.
Mobile marketing is also a part of online marketing, as most customers use their mobiles as mini-computers. You can send offers and campaigns as mobile messages to your target customers. Guerrilla marketing is something very interesting and popular nowadays in the market. You can upload a viral video on YouTube or other sites in which you can ask your customers to offer their feedback and upload some images with your products. These viral videos have a huge reach in the market. These are very low-cost strategies.
Maximum Usage of Real Estate
You can use your company’s building or office premises, sidewalks, stairs and walls to promote your products and services. This will prove to be very cheap. You can put up banners, hoardings, and standees also. You can use your company vehicles or your personal vehicles as moving billboards. This will create an impact on your target clients.
You can also opt for smaller hoardings instead of huge ones that are very expensive. This will directly impact directly your target customers. You can fix a strategic location for your advertisements to be displayed. You can keep updating them with current-affairs-related content, which will be eye-catching. Maximum utilization of your own premises for marketing is the best way to cut costs.
Public Relations Work
PR work is very important in any business. You cannot keep away media from your business. A media story about your company in newspaper gives 25 times more value than an advertisement. This easily increase the credibility of your business in no time. But it is tough to attract journalists’ attention. All the time, journalists are looking for convincing stories to tell. So, showcase ideas about innovative products, services, and customer contacts. You need to keep a good rapport with the media for business expansion.
As you dig deeper, you will find cheaper strategies to expand your business. Before you start any business, you should have some brainstorming sessions for using some free social media and online strategies for marketing. You need to always think out-of-the-box. You need to strike the right balance or the right combination of such business strategies that are low-cost as well as quite efficient.
While some of the strategies take longer to establish and produce results, most of them will increase your brand awareness.
Levin George is a Search Engine Optimizer at OfficeRock.com. He actively pursues interests related to latest internet marketing trends. He spends his leisure time reading, meditating and enjoying the joys of technology.