Do you want to know three sterling marketing strategies? Do you have a small marketing budget but are determined to make an impact in your marketplace? If so, that is the right attitude! Let us begin. Keep reading to learn how you can generate amazing marketing results on a shoestring budget.
The online marketing arena, and the internet in general, are evolving at a rapid pace. Therefore, new technologies and marketing channels are popping up with little competition. Being the first brand in your niche to capitalize on these new technologies will give you an advantage. Read on for 3 marketing strategies that could be the next big opportunity for your brand.
Social Media Posting
Create a semi-automated social media schedule that releases new content periodically. This technic can increase brand recognition and engagement. The schedule will vary depending on your brand—with posts going live daily or a few times per week, but consistency is key. Your audience should become accustomed to receiving content from your brand.
Several top social media platforms, including Facebook, Instagram, Twitter, and LinkedIn, are a huge advantage. Registering an account on each platform is free, but it is important to keep it updated once you have the account.
So here are a few ways that you can cut costs while marketing on social media platforms:
Repurpose content:
- Social media posts can originate from your email or blog content. Take snippets and repurpose them into social media posts. Further, this is an easy and cost-effective strategy for social media. So it means if you have long blogs on your website, you can reuse that content by breaking the post into smaller chunks.
Research your competitors:
- Need more content ideas? Take a look at what your competitors are doing. Do not try to copy them, of course. But instead, pay attention to what is being posted. It is mostly images, videos, or words? What is the tone—informational or comedic? Competitor research will help you gain a strong understanding of what content type works best with each audience.
Test different content:
- Monitor your social media analytics to single out your top-performing posts. When on a tight budget, you cannot afford to release content that does not perform well with your audience. Therefore, testing different types of content is a great way to increase the engagement rate and conversions.
These tips for marketing on social media platforms will prove helpful. Remember that you must specialize your strategy for each social media platform. For example, LinkedIn requires a formal tone, whereas, on Instagram, a more casual tone can be better. Forming a customized strategy for each platform will yield the best results.
Influencer Marketing
Influencer marketing is one of the best ways to leverage an existing loyal audience. You can do this without making a big dent in your marketing budget. This marketing strategy works by contacting influencers and offering them free products or money in exchange for a marketing message.
So here are a few tips that you should keep in mind when searching for potential influencers:
Pay attention to audience size:
- You may be eager to target influencers with the biggest audiences in your niche. However, this is not the best approach if you are on a limited budget. Target small to medium size influencers that are still in the early stages of growth. These influencers will be more likely to market your product at a lower price. And in some cases, they may promote your product if you provide it to them for free.
Look for a relevant audience:
- To get a better conversion rate, look for influencers that operate in your niche. The match between your target customer and their audience should be as close as possible. Spending time and money on influencers with an unrelated audience will not help your business or bottom line grow.
Try product demonstrations:
- Get influencers to work with you by doing a product demonstration. A sales video or review from an influencer handling your product will go over well with the audience. An influencer’s honest review is a seal of approval that allows potential customers to learn about a product they are not familiar with.
Influencer marketing is highly valuable for 89% of marketers—especially when compared with other marketing channels. This is a strategy worth adding to your marketing arsenal. So should you give influencer marketing a shot?
Loyalty Programs
A loyalty program is an excellent way to encourage customers to purchase repeatedly from your store. While loyalty programs will cut into your profits, the cost is typically less than acquiring new customers. Additionally, loyalty programs generate customer loyalty and trust. Moreover, loyalty programs directly reward customers for their purchases, a common internet practice and near necessity in today’s market.
Conduct research on your competitors and the type of rewards or loyalty programs that they offer. This can provide insight into what your customers expect and how you can differentiate your brand.
So here are a few ideas for starting your loyalty program:
Cashback:
- Reward customers with money to use on future purchases.
Coupons:
- Provide coupons of increasing value based on the customer’s buying history.
Prize drawing:
- Customers can enter a prize drawing for high ticket prizes like cars and vacations.
Content
- Offer free content such as eBooks and videos.
Points
- Create a points system that customers can use to buy
The trick is to generate loyalty program sign-ups at a high conversion rate. Because offering good discounts on the first order works like a charm. Therefore, you should try it if you are on a tight budget. This is a strategy used by many eCommerce stores with great results.
Final Thoughts
The low-cost marketing strategies in this article are just the tip of the iceberg. There are a lot of opportunities for creative marketers that are not afraid to experiment.
The internet levels the playing field for businesses that do not have a lot of resources. Companies with deep pockets still have an advantage. But, you can turn the tide in your favor by choosing your marketing strategies wisely. So stop worrying and starting implementing these strategies.
Also, check this article out:
Marketing Channel Strategies You Shouldn’t Avoid
