Running a startup (small business) can be so overwhelming especially if it has to be done on a shoe string budget.
You have to find things that can be done on a low budget to push the business forward. I have listed 10 ways that you can market your small business on a shoestring budget.
Check out these tips and share them if they are useful.
- Use The Social Media Strategically
Before you delve into social media marketing, you’ll need to create an ideal customer avatar so as to describe who you want to serve in your business.
This will help you to understand your target audience better and be able to serve them better too.
Where do these your ideal customers hang out?
Identify the social media platform they are most active on and make sure your business is represented there. Start building your Know, Like and Trust with strategic contents that will be attractive to your ideal customer.
Are they members of some closed groups? Join those groups, introduce yourself and stay visible there by participating in discussions.
Effective social media marketing starts with knowing exactly who your most important audience members are, then crafting a content plan meant to amplify your reach and influence.
- Word of Mouth Marketing:
Be sure to let people you meet know about your business. I recommend you talk to a minimum of 3 persons everyday about your business. Don’t make it salesy. Just make an introduction and be sure the person understands the problem that you are solving.
- Ask for Referral:
Every time a customer is satisfied, ask for a referral. Don’t be shy about asking for customer referrals. The truth is that majority of satisfied customers are willing to provide a referral if asked, but very most of them won’t take the initiative to do it on their own.
Getting customers by referrals is a MUST for every small business that is marketing on a shoe string budget. If you aren’t asking for referrals, you are leaving money on the table.
Guest blogging has been named as the best inbound marketing strategy and there is absolutely no reason why you should not be doing this. Millions of blogs will be willing to accept your articles if they are helpful and in-depth.
If you need qualified traffic, motivated leads and sales in your business. You should seriously consider guest blogging because it can give you those and so much more. Guest blogging won’t just drive traffic to your website, but can also increase your revenue.
- Build an Email List:
You most likely have a high level of expertise in your business and what you may not realize is that by sharing a little bit of that knowledge for free you can entice customers and prospects to give you their email information.
For example, if you’re a Chef you can offer simple dessert recipes or more interesting menu for family dinner. If you run a beauty parlor you can offer tips on homemade skin care regimen. And all anyone needs to do to get that information is give you an email address to send it to.”
Building an email list gives you have an inner circle of individuals who are interested in your business and you have the opportunity to indoctrinate them till they are ready to buy from you.
Look out for other businesses with complementary products and collaborate with them. Collaboration rewards your company and is also an excellent way to position yourself among more successful brands. Collaboration is a VERY quick way to break into an industry especially if you have an excellent product or service that people can easily fall in love with.
Find products or services that your business can complement, approach them for a collaboration and be sure of what you are bringing into the collaboration. Make sure it is of high value to their target customers and they will find it difficult to decline your proposal.
Remember your reason for getting into collaboration is first to increase your visibility/positioning and then increase sales. Hence, you should look out for businesses that are way ahead of you in customer base and not those who are just starting out like yourself.
Building a STRONG personal brand will take your business from usual to extraordinary.
Your personal brand is simply the way others perceive you. A strong personal brand takes time and energy to build but in a highly competitive world like ours, it is one of your best strategies for long-term success because it shows your market that this person knows the business inside out. It shows that you truly care about your prospective customers and not only concerned about ripping them off their hard earned money.
When people fall in love with you, it can automatically impact on your small business.
- Offer Discounts to satisfied customers:
Introduce new product/service to satisfied customers on discounted rate. Always make sure you have them coming back. Your business cannot thrive on one time offers only.
- Upsell and Cross-sell:
Upselling and cross-selling are the art and science of introducing customers to better or complementary products to what they are currently interested in.
Upselling is the key to success for many businesses as the initial sale may only have a small margin. It is upselling that is most profitable.
E.g. if you sell mobile phones, you can decide to upsell protective casing and cross sell a headphone. Always think of what extra value you can add to your products or services to enhance customer experience.
- Set Sales Targets:
This cannot be over emphasized. You must have heard the saying that when you aim at nothing, you hit nothing. It is absolutely true especially with respect to sales.
Also, the number of sales you make as a business is one of the best indicators of how your business is growing.
How much will you like to make in sales?
Break this target down into different areas depending on the type of customers you are seeking:
New customers – You need to constantly work out strategies to get new customers who have never purchased your product or service.
Existing customers – what further problem can you solve for your existing customers in exchange for more money? This can be product or service enhancements that you can sell to existing customers.
Past customers – Do you feel you have lost some previous customers? Don’t consider them lost forever. Set targets to pursue past customers.
In conclusion, do you have any topic in mind you would love to read on? Drop your suggestions below.
Hopefully, you have gained new insights on ways to market your small business on a budget. Thank you.