5 Marketing Tips for Low Budget Business Owners
In economic world, it’s a common perception that marketing programs are expensive and these programs cost a big amount to business. To some extent this perception is right but unfortunately survival of businesses without marketing has become really difficult because services and products can’t sell themselves. It is highly risky if a business chooses not to market because marketing has become the most important factor for the expansion of your customer base and increased revenue.
Marketing is actually a kind of investment that a business does in anticipation of better results i.e. high revenue. Business has to find appropriate mediums of marketing to create awareness about the product or service it provides. Identification of proper and appropriate mediums of marketing is a real job and you have to keep in mind your resources or budgets while selecting these mediums.
Generally, small businesses find it an extra burden for them to allocate budget for marketing activities because of their limited resources. If you are running a low budget business or a small business and you are worried about your marketing activities due to less resources then you should not worry anymore. In this article, you will see that there are many good approaches and ideas which are cost effective for your small business.
1. INCREASE MARKET EXPOSURE THROUGH LIVE EVENTS
For small businesses, this option really works and its costs much lower than other marketing options. If you want community’s recognition without spending thousands of dollars arrange some kind of community events. For example you can plan an event for people with special needs or you can plan a fun based event for your existing customers. This will not only help you to create and enhance the awareness about your brand but it will also keep your business in the good books of community. As we all know, reputation plays a very important role in the success of a business.
2. E-MAIL MARKETING
One of the cheapest sources of marketing is using e-mails for marketing. This option is a real cost effective measure. Whenever a visitor visits your website or whenever a customer places order, ask them whether they would like to subscribe for newsletters in order to get informed about your business’s activities. Send e-mails to those users who approve your e-mail subscription request and inform them about any new activity, launching of new product or about any event which is being held by your business. This marketing option gives your business a global reach without actually incurring high cost.
3. BETTER RELATIONSHIP WITH EXISTING CUSTOMERS
In order to keep your business popular, keep your relationship with existing customers lively by constantly working on it. Engage your customers in conversation with your business and ask them for their feedback. For this, you can have live chat sessions with them.
These conversations and feedbacks will give you a lot of information like what are the expectations of people from your brands, which product or service is more popular among customers etc. Moreover, you will also be able to identify the areas where your business is lacking. Using this information you can make your operations and products effective and this will surely help you to attain high revenue.
It is very important here that loyal customers are the real assets for any business. Make your customers feel special by giving weightage to their point of views. You should ensure that you work on their suggestions and make them stick to your brand.
4. COLLABORATED MARKETING CAMPAIGNS
The main concept of collaborated marketing campaigns is that first of all you find another local brand which complements your product or service and has same target audience as yours. Then you both brands share a medium of marketing to market your respective products. In order to attract customers this kind of marketing often involves some offers or discounts by both brands.
This kind of marketingsaves a lot of money for both brands and it can generates marvelous results. This option increases organic reach of each brand because now both brands have exposure to each other’s customer base.
5. CELEBRITY ENDORSEMENT:
We all know that celebrity endorsement is an expensive option for marketing of your brand. As a small business owner with low budget for marketing, the idea of celebrity endorsement might seem insane at first. But this option can actually work for you and it might bring desired results of high revenue with increased customer base.
All you need to do is arrange a charity event and associate that celebrity with the event. For example you can make the celebrity distribute gifts among needy. Mostly, celebrities are humble enough and they don’t charge much for a charity event. Or if they charge, that amount is usually minimal. The charity event in the presence of a celebrity will surely attract audience and it will be a good source of marketing for your brand.