Tips For Small Businesses With Small Budgets to Get The Most Out Of Their Marketing
Around 50% of small businesses fail in the first five years of their inception. While this statistic is spoken about a lot, no one ever looks at why this happens.
Many attribute this problem to poor marketing decisions, while business owners often complain of not being able to market their businesses efficiently due to budget constraints.
The average small businesses can only spend 2% of their revenue on marketing as compared to larger enterprises.
However, many companies are proof that it is possible to be successful at promoting your business on a more modest budget.
Follow these tips to market your business on a smaller budget:
One of the biggest mistakes businesses make in marketing is to overspend too quickly, without conducting proper research.
It is crucial that you start small and find out what works through trial and error. Not only is this more cost-effective, but in the long run helps you understand how to reach your customers.
An example of this is to start publishing more engaging, interactive content on your website or social media accounts. Networks such as Facebook and Instagram show post insights for free, so once you learn which posts are best at engaging your prospects, you can start spending money on ads on these networks.
Schedule a free consultation today to learn more about increasing growth through content marketing.
Expand On What Already Gets The Best ROI
Knowing what tools get the best ROI is crucial as it permits you to learn the most effective marketing methods for your brand. This, in turn, allows for better budget allocation.
If you find that your business gets the best ROI through SEO or Email Marketing, allocate more resources to these avenues instead of equally distributing resources.
Get access to an ROI email marketing focused program here.
Making the most of your budget means spending resources in areas that will be beneficial. It also involves cutting costs on marketing functions that won’t deliver quick and powerful results.
Learn how to calculate your digital ROI here.
Around 86% of people search for local businesses online before making purchase decisions, grounding their choices on the business’s online presence and reviews left by other customers. This shows why it is imperative to maintain a good relationship with existing buyers.
Doing so will ensure their loyalty and result in word-of-mouth or referral marketing as they tell their friends and family about you and your offerings. This matters because, according to the New York Times, about 65% of all new businesses come from referrals.
So, if you want to increase your market share, referral marketing is the right direction.
On the other hand, Network Marketing is defined as person-to-person marketing, generally through a salesperson. This usually resonates with the customers of a small business as it creates an impression of commitment and personalization.
Moreover, a big issue faced by small companies is discovering leads through marketing tools, but not following them – Network Marketing can help you do just that.
There you have it, three tried-and-tested ways small businesses can get ahead in their marketing game without spending billions. By implementing the steps mentioned above, you’ll be able to further your marketing budget and achieve your business objectives.
If you have any more queries about marketing on a smaller budget, get in touch with us here and we can help you come up with an effective strategy to increase your growth and boost sales.