Do you have a limited budget for marketing your company? Here are some innovative low-cost marketing strategies that won’t cost a fortune.
To begin, you must learn the basic concepts correctly.
Before you begin, you should take time to ensure that you have the foundations of marketing for small businesses in the right place.
Learn Your Unique Selling Proposition
A Unique Selling Proposition (or USP) is the feature that helps your company stand apart from other businesses. It could be a distinctive product or service only you provide, or the way you work that makes you stand out. Here are a few illustrations of USPs:
- A carpenter who comes with an exclusive 10-year guarantee on their work
- A web designer who specializes in e-commerce business
- A bakery that sources every ingredient from organic local farms
Once you’ve identified your USP, you can incorporate it into everything you do, even an elevator pitch!
Perfect your elevator pitch.
An elevator pitch is the answer to “so what are you doing?” – it’s a brief, convincing description of your business that highlights your USP and is likely to draw curiosity and further discussion. An example of an elevator pitch might read:
“I run a bakery called Lovely Cakes that creates organic wedding and celebration cakes. Every ingredient we use is 100percent organic. They are purchased at a fair price from local farmers. Have you ever heard of ReedFarmss? This is where we get our eggs.”
Be sure to ensure that the song isn’t too repetitive.
When you’ve got the basics in place, you’ll be amazed at the many possibilities to use to promote your USP and elevator pitch, both online as well as offline. It is possible to use modified versions of your elevator pitch for your social media accounts, for your advertising copy, and for flyers and business cards you’re making, and it will be a fantastic starting point for all your other marketing strategies.
9 low-cost marketing concepts
1. Do something amazing on social media
The time you spend is the money, therefore, it’s not enough time to develop a variety of new social media profiles or a business strategy. Why not simply discover one simple, great idea that you can execute effectively through social media?
For instance, the letterbox brownie business shares images of their products at this point; it’s pretty regular, but they usually add an element of humor or personality to show who the company’s owner is.
2. Run competitions or donate a prize
Everybody loves winning something, so a fantastic, cost-effective method to get your name visible is to hold contests for things that customers really want – whether it’s a prize or a service offered by you, or a simple prize.
If you can get participants to take action to get their entry (such as liking and sharing your page, signing up for your newsletter, or giving you their email addresses), you’ll get the benefit of this without spending a fortune.
3. Let your brand’s name be seen in the world
Recognition online is crucial. However, don’t forget to make your brand visible in the “real” world too! Print ads and business cards, newspaper or magazine highlights, and the branding of your company at conferences are all fantastic ideas that do not have to cost a fortune. Here are some ideas for innovative offline advertising campaigns using guerrilla tactics.
4. Bring in family members and your friends to become supporters of your company
Family and friends are more than just a great source of advice; they’re also an excellent source of free information to build your brand. Provide them with flyers, business cards, and other tools they may require for promoting your company to those with whom they interact daily. It’s an excellent, low-cost option to broaden your reach and expose your business to those who may not have heard of it in other ways.
5. Join networking events
Making use of social media and growing your networks on the internet is essential, but don’t overlook conventional “face-to-face” networking, too! It’s not necessary to search for expensive or membership-only organizations because there are a variety of more modest, less costly events hosted on websites like meetup.com to consider.
Going to a networking event could be an excellent method of boosting your profile as well as establishing relrelationshipsand gaining new business opportunities. So, bring plenty of cards for business and turn into an expert with your elevator pitch before leaving. Also, take a look at our most popular networking tips and dos and don’ts to prepare prior to the event.
6. Organise a meetup or breakfast for clients
Networking isn’t just a good idea for you to engage in; it’s also crucial for your customers. Therefore, why not help them get connected by hosting your own low-cost coffee meetup or regular morning? Set up your office or find a space to rent, or have a coffee morning at a local cafe for one or two hours and invite your guests to join you, pour a cup of espresso, and choose a topic for all to talk about.
Make it an ongoing gathering for everyone to mark on their calendars. Also, take into consideration alternating hosting roles to reduce costs.
7. Make a referral-a-friend program
The recommendations of customers are gold for your company.y Therefore, why not get customers to share the word about your business?s. Implementing a referral program can aid in generating more sales over the long term and generate publicity for your service.
Be sure to take into account the cost you’ll need to pay to cover the cost of these discounts, and ensure that your business is able to accommodate it!
8. Participate in local and industry competitions as well as local ones.
Awards are also an excellent opportunity to increase your credibility and spread the word about your company. Therefore, look out for competitions that award prizes within your field, and don’t forget to look for regional or local awards too. Be aware that even if you just make the shortlist but aren’t able to win, you can still include that award in your marketing materials as well as online to increase your brand’s visibility,y anit d can be worth more than the cost of entry.
9. Be on the lookout on the calendar for special occasions, fairs, or performances
Trade shows aren’t just for large companies with a lot of cash; there’s plenty of room for small businesses to gain as well. Keep track of the events happening in your region and, if you’re able to manage it, find a booth or an exhibition space at an event in which you can showcase your products.
Local events and fairs are usually cheaper in comparison to national ones, and might be a better fit for your company. If you are concerned about cost, it is possible to find lower prices for exhibitors if you wait until the end of time, or you can join with a partner company that is complementary and share the costs.
Even if you are unable to afford to show, you could nevertheless join as an associate member and make it an excellent networking opportunity. Make sure to bring lots of cards for business!