Whether you have just come up with a clever idea for a product or are already operating a business, you must continuously market your brand to stay relevant in your industry. Many small business owners don’t know what marketing channels are available to them that would properly accommodate their budgets. The good news is that there are plenty of marketing ideas that can be implemented that won’t cost an arm and a leg. We present three of our favorites in this blog:
Videos are replacing text as the new medium by which people search for and process information. Many businesses are putting their name on the map by creating instructional videos on YouTube. This platform provides free access to its 1 billion users around the world.
Although you can make the videos elaborate and allocate a big budget to this endeavour, all you really need is a phone with video capabilities and an Internet connection to get started. Make sure that you are an expert in your field, providing useful and engaging advice to your viewers.
More and more companies are utilizing videos as part of their marketing campaign, and finding it to be extremely effective. In fact, one source states that “a user’s positive experience with a video ad increases their purchase intent by 97% and brand association by 139%.” We like those stats!
Focus on Cross-Promotion
Remember that no man is an island and that other small business owners are struggling to market their companies as well. Spending money on marketing materials can be expensive, but it can be affordable if you split that fee with one or two other businesses.
Don’t just involve any company, consider what is relevant to your customer base, and approach those owners. In addition to creating a co-branded advertisement online and in print, you can also increase your advertising exposure to new customers if each business promotes the other one on social media and in house.
Go Where Your Customers Are
You can spend your money on a television commercial, but will your target clients see it? The most effective marketing is targeted marketing, meaning you need to know your customers and where you can find them.
If your customers are local because you operate a store, then you should focus on becoming an active member of your community. Sponsor school events, charities and local little leagues to get your name known in your neighborhood.
If you operate an online business, knowing the demographics of your customers will help you learn how to target them. Younger people tend to check Snapchat and Instagram often, while professionals gather on LinkedIn.
Each and every one of these ideas can be implemented completely free, but having a marketing budget can help you reach your marketing goal faster. IOU Financial is committed to helping business owners start and grow their businesses. Contact us today to inquire about getting working capital up to $300,000 in less than 48 hours.