The idea of starting and running a low-budget business is a very hot topic, not just for business owners who love saving money. The good news is that it doesn’t have to cost you a fortune to start your business… if you are willing to put in some time and effort. In fact, it is entirely possible to start your business on a limited budget and grow it with minimal investment.
Build Your Email List
Email marketing is a cost-effective way to stay in touch with your customers, promote your products, and increase brand awareness. It is a long-term activity that may not lead to immediate sales, but building an email list is a business goal that every small business owner should have.
Understand Your Customers
The central part of any effective marketing plan is a comprehensive understanding of your target market. The better you know and understand your customers, the easier it will be to sell them what they need and want.
Use Social Media
If you haven’t started using social media for your business, you may be missing out on an easy and cost-effective opportunity to reach your target audience. Social media has become the most used platform in online marketing, and your customers now expect you to have a Facebook business page, for example. You can use social media in many ways to promote your business, including creating a blog for your business, subscribing to other relevant blogs and regularly commenting on blog posts, recording videos for your business and uploading them to a branded YouTube channel, listing your business on Google, starting to signal your business content online, and creating a Pinterest account for your business that showcases your products or services or other resources.
Offer Something Free
Everyone loves getting something for free, so offering a sample or a free gift can be a great way to attract new customers. You can offer free giveaways by providing discount vouchers or samples when customers sign up for your email list, organizing a contest that awards a product to the winner, or designing a free conference call or local workshop for your target audience.
Use Traditional Methods
Sometimes, there is no better way to promote your business on a budget than traditional methods – getting out on the street and talking to people. Even if your operation is primarily online, you still have a local community with other local businesses, and expanding your marketing efforts to include those businesses can be a great way to build support.
Some of the more obvious ways to leverage your local community are to join the Chamber of Commerce or other local professional organizations. Then, once you join, you want to be prepared with an effective elevator pitch and business cards before you start networking.
Here are some other ideas for locally marketing small businesses:
- Launch a strategic partnership with a complementary business
- Sponsor a joint event with another local business
- Use wearable marketing (T-shirts, hats, bags) to promote “on the street”
- Use a sidewalk billboard to promote your products and services
Like any other marketing technique, taking the time to create a marketing plan and develop your strategy increases your chances of success. This is especially important when working on a small budget because every action you take must be meaningful. Use this marketing planning tutorial to incorporate any or all of these quick marketing techniques into your business.
Source: https://www.thebalancemoney.com/promoting-business-small-budget-2951734
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