Digital marketing is, perhaps, an understated part of a growing business; and also one that can be tricky to get right. If you want your small business to grow, you must ensure that your online strategy is suited just right for your venture.
However, it can be expensive if you don’t know what you are doing or looking for. This goes double for a small business or startup trying to get its footing.
Below, we cover some online marketing ideas for SMBs on a shoestring budget. But first, we will cover why so many “expert” strategies have such a high price tag, and if it’s even right for you.
Why Are Marketing Strategies So Costly?
It’s important to remember that the cost of marketing isn’t necessarily related to the amount spent on advertising, but rather how much is invested in a campaign and what it costs to execute.
It’s a concept we’re all familiar with: more money means more success. The more you invest in your marketing strategy, the higher the return will be, at least on paper.
However, if there isn’t enough spending budget for everything, then you must decide what is most critical to your business. This means prioritizing your spending to focus on the most efficient strategies first.
The marketing cost is a big issue for many small businesses partly because it can be hard to quantify. A lot depends on the solution type a small business opts for, such as keeping the marketing in-house or through an agency.
Typically, agencies charge by the hour, which makes sense because they have overhead costs associated with their staff and office space. However, the visibility of what these agencies do are often shrouded in mystery and business owners risk paying for a vague description of services.
Another reason certain marketing campaigns are so pricey is that they require multiple touchpoints. For example, say you want to advertise your business in a local newspaper, you need to pay for ads in both print and online publications. This will likely mean paying more than just once.
Additionally, some companies offer discounts for bulk purchases. However, this doesn’t always apply to smaller businesses that don’t have the available spending budget for bulk purchases.
There are no free lunches when it comes to marketing. You either spend money on advertising or you don’t. You can, however, spend what you can wisely on a campaign that can generate ROI.
Do Small Businesses Need a Complex Strategy?
Simply put, small businesses don’t need a complex strategy. There are times when it’s necessary, however, like if you were trying to launch a new product or service.
A successful campaign will require awareness of your brand and building trust among potential customers. This is where having a strong marketing plan comes into play. Without a solid digital strategy, it’s hard to know what steps to take next.
The type of industry you’re in can also be a factor in the type of strategy you need. Some industries are very competitive, while others just aren’t. The same goes for certain products or services.
Five Budget Marketing Tips for Small Businesses
With strategies costing an arm and a leg, it’s easy to feel like you can’t afford them. Fortunately, there are ways to market your small business without breaking the bank. Here are five tips to keep in mind:
1 – Create an Organic Online Presence
The internet has changed the way we do business. It’s not just about marketing and advertising anymore, but about building a brand that people can trust. A brand they want to follow.
If you are looking for ways to build your online presence, there is no better place than on social media. Social media allows you to connect with customers in a personal manner, and it gives them a chance to see what you’re all about before making a buying decision.
Your posts should include information about your business, including pricing, contact details, and even testimonials from satisfied customers.
2 – Build Customer Engagement
When you start talking to customers, you realize how much they care about their brands. As a business owner, you need to make sure you provide exceptional customer service when sought.
One of the easiest ways to engage with your customers is through email marketing. When you send emails to your subscribers, you can ask questions, give advice, and let them know about special offers.
Try replying to any online reviews or comments on social media sites, even the negative ones. This builds a line of communication with new customers and helps retain prior ones.
3 – Use Video Content
Most businesses nowadays use some form of video content to get their message across. You can use video content to promote your business, share tips and tricks, and educate your audience.
Various platforms are available today that allow you to upload and share videos. YouTube is by far the most popular platform, but there are plenty of other options.
The rise of TikTok, Instagram Stories, Snapchat, and Facebook Live means more people consume video content than ever before.
4 – Get Social With Influencers
Influencer marketing is a powerful tool if you know how to use it. You can find influencers in your niche through sites like Instagram, Twitter, and LinkedIn and doing your due diligence.
Once you identify these influencers, you can create a plan to work with them. For example, if you run an e-commerce store, you could offer them free products in exchange for a review on their vlog or TikTok short.
This can provide visibility for your brand while giving them exposure. It also helps you establish credibility among your target market.
5 – An Inbound Content Strategy Curated to Your Audience
Inbound marketing is one of the best strategies for growing your business. It focuses on creating valuable content that attracts visitors to your website.
This strategy works because it provides value to your readers. They want to learn something new, so you must be able to deliver this type of content regularly. Performing market research on the audience specific to your niche goes a long way.
