Marketing is a vital aspect of a successful business. However, it can also drain your resources, especially if you’re not careful about where you spend your marketing budget.
A constant challenge to business owners and managers is how to implement successful marketing strategies without draining the company’s financial resources. But don’t worry; you can stay frugal with your marketing efforts without sacrificing your goals.
Below we’ll take a look at some creative, free or low-cost marketing ideas to help you save money.
Maximize social media’s basic features
Advanced features of social media channels do have some advantages but they come at a cost. If you’re on a tight budget, you can always stick with free features to cut recurring premium subscription fees.
In social media marketing, the key is to give readers engaging, valuable and strategic social posts. In fact, they can be as effective as those done with paid advertising. For example, you can use relevant hashtags to widen your audience reach at no cost. Sharing regular updates about your business on social channels such as Twitter, Instagram, Facebook, and LinkedIn is also free of charge!
Focus on quality marketing efforts
Launching numerous marketing campaigns can be costly. You can significantly reduce your marketing costs if you focus only on marketing efforts that have great ROI. For instance, if you’re getting more leads from digital ads display, then you should invest more in this initiative instead of juggling around multiple average projects.
Explore new marketing strategies and technologies that guarantee better returns or cost-efficiency. An example of new technology is Kedet, programmatic advertising platform developed by War Room, where you can automatically bid and buy digital ads display. Investing in marketing campaigns that have proven results will definitely help cut your costs.
Avail of free services and advice
The beauty of the digital world is that there are a lot of free services and resources. Aside from free social media channels, you can create a basic website for free (or at a very low cost.) There are also plenty of resources from top marketing professionals available online. You can learn from their tips, techniques, and strategies that can help you make effective marketing campaigns.
Although an organic marketing department has its advantages, it can be costly. By outsourcing your business’ marketing efforts, you don’t have to worry about the costs associated with maintaining an in-house marketing team such as salaries, training, and equipment. Furthermore, outsourcing gives you an assurance that your marketing is managed by experienced marketing specialists.
Capitalize on free publicity
Free publicity is something that many business owners don’t take seriously. There’s always the notion that you have to pay to get the best results. But the truth is that free publicity can attract customers the same way paid publicity does.
To get free publicity, you can contact free press release websites, public relations companies, and local journalists to feature stories about your products or services. You can also send a press release to them. You can launch a charitable event and invite news teams to cover the event. This is a great way to promote your business for free.
Reach out to influencers
With a large number of avid followers and solid fan base, social media influencers have the ability to effectively persuade users to buy a product or service. Influencer marketing is an incredibly effective marketing tactic that relies on the endorsement of an influencer.
A good way to reach out to influencers is by giving them free service trials or sending them free products. Choose influencers whose followers are your target audience. Influencer marketing is a relatively cost-effective marketing technique with very promising results.
Update your marketing strategies
Not many business owners know that regularly evaluating their marketing efforts can actually help them save money. Some business owners are unaware that they are still paying for outdated marketing practices, such as clickbait or cold calling social media posts. Other businesses may still be spending on traditional marketing tactics that don’t work on the current market trends and audience. For example, marketing strategies such as direct mail, cold calling, and PPC advertising just don’t work on millennials.
Old marketing methods, such as TV and web advertising, tend to be very expensive but are also becoming less and less effective. As such, these advertising campaigns are best left out and changed with new forms of digital marketing.
Spend time doing your research, evaluating your present marketing tactics, and exploring new strategies and technologies for more effective marketing. Only invest in marketing tactics that guarantee good results for your business.
Who said marketing should be expensive? There are many cost-effective ways to run your marketing. You just have to be diligent and invest your time studying and implementing these strategies!