Suffering from tight budget? Want to promote & advertise your business? No worries! Some strapping marketing ideas are here which can be used to market your business even if you are facing a tight budget. These ideas won’t allow your budget to blow as well.
When budget of a business organization is limited, the first expenditure which is considered to cut is marketing budget. Because outmoded advertising techniques are so costly that they cannot be measured easily. Businesses always search for such strapping marketing ideas that prove to be cost effective and do not consume much of their budgets.
Following are some strapping and powerful marketing ideas that will help your business to market yourself efficiently and cost-effectively.
- Giveaways & Contests
Who doesn’t love free gifts? No one! Everybody appreciates free gifts. So, the first idea for
marketing your business at low budget is to conduct contests and giveaways. This will construct the brand awareness, increase goodwill of your business, and associate with your potential customers.
But one thing to take into consideration is that giveaways should not be so expensive. Things should be of such nature that do not cost you much but customers attract towards them. These things can be fridge magnets, notepads, pens, key chains, and smartphone wipes etc.
Products can also be promoted by offering discounted prices or products are given totally free of cost. This way, your customers get taste your product and come to know the actual benefits. This activity benefits results in the honest reviews regarding your product along with huge awareness of your product or business.
Different contests can also be conducted like the most famous Ice-Bucket Challenge which was conducted by a charity organization, ALS. In this challenge, people started daring their family & friends for pouring themselves with ice-cold water in 24 hours. The ones who aborted the challenge had to donate money for ALS.
- Go Guerrilla
Guerrilla marketing should be used by the businesses with tight budget if they want to compete with giant companies in their own industry. Guerrilla marketing is imaginative, creative, and original in context of promotion of the product.
This idea is commonly useful by the small businesses in which they contact with the final consumers to market themselves. This way, without any third party being involve businesses make their customers aware about their products and services. This form of marketing is very cost-effective therefore, preferred.
For example, a well-known company Sony used this technique and hired some agents who asked people to take pictures of them and then they bragged about their cameras. This way, strangers were convinced to the outclass features and quality of the cameras.
- Milk The Networks Of Media
Highlighting your business by the usage of media is also a type of free marketing. You can use this strategy when you run out of marketing budget but still want to promote your business. In order to milk the networks of media you can use these tactics and can capture the media’s attention so they may cover it.
- Publicity stunts can be create to grab the attention of people and media as well. Think about some crazy ones.
- Earn people’s hearts by doing something for society and before doing this call a press conference e.g, hair dressers can do free of cost haircuts to those who can’t afford.
- Sponsor any event through donation of your products & services.
- Avail yourself by the opportunities of being interviewed in TV or radio.
- Build the Elevator Pitch
For the success of your business it is necessary that you keep on marketing your business all the time no matter wherever you stand. That’s why you need to have a convincing elevator pitch.
According to a research, average span of attention for adults is about 6 to 8 seconds. And these 6-8 seconds is the only time you possess to grab the attention of your stakeholders. And if you grab their attention successfully then you possess a little more time, normally more than a minute, to sell your product.
Therefore, invest you time to build a killer and sound elevator pitch. This investment of time will result in huge dividends and in creation of various business opportunities.
- Request For Referrals
Never feel shyness in asking your customers to refer your product. Majority of your customers will be ready to provide referrals of your company products only if they ask about it. Otherwise, a very few number will do this by their own.
Such referrals are free of cost and easily promote your business. It opens doors for new customers without any hard work. And if you feel shy and don’t ask for referrals then definitely you are missing opportunities.
- Build Relationships
Maintaining old customers is as important as gaining the new ones. Even sometimes it becomes difficult to retain the existing customers and you have to put a lot of effort to maintain relationships with such customers. Therefore, building powerful relationships with customer base is all time crucial job.
To tackle this situation, you should keep in touch with your customers by the means of email marketing. When customers visit your website or store take the email addresses of them so you may remain in touch with them.
Then, build your communication relationship helpful, informative, and professional. And provide your customers with such information which they are looking for. This way, you would get a healthier relation with your customers and overall consumer base will be improved.
- Leverage Accessible Advertising Channels
When a business has a limited budget for marketing their business then they keep on seeking some cheaper methods of advertising. Whereas, traditional methods of advertising like newspaper, TV, and Radio can cost insurmountably. The remedy for this ailment is online marketing which is cheaper and cost effective as well.
Facebook ads and Google ads are two examples of such marketing. Following techniques are useful to promote your business in a very cost effective manner:
- Telephone message that are playable, carrying the promotion of your business, while customers keep on hold.
- In retail shops, decals used on windows regarding new offers
- Bumper stickers and car magnets are useful for displaying the advertisement of your business wherever the vehicle goes.
- Birthday coupons, holiday discounts, & surprise rewards.
- Piggyback With Other Businesses
When there is a small venture having a tight marketing budget, it is a sensible move that you collaborate with some other complementary business. These businesses can be vendors, suppliers or manufacturers. This way, both business face win-win situation and not only benefit mutually but also gain the credibility when some other business recommends about you.
Business exchange the lists of their customers and then offer commission to the other business after each sale. But to maintain the goodwill, businesses must take permission of their customers before sharing their information.
Partnership is find out in the existing base of customer-ship. Word of mouth is of great importance when it comes to cost effective and low budget marketing. Companies should work on it keenly that customers promote their business through beneficial word of mouth.
In nut shell, just don’t get panic if you have a tight marketing budget. Marketing business with a tight budget is not a herculean task but completely possible. There is just a need of extensive market research and having cost effective strapping marketing ideas. Managers have to think creatively & out of the box. Where there is problem, there is always a solution, need is just to crack it with proper technique.
Suggest us your marketing ideas in comments section so we may get benefit from your precious knowledge.