When you run a small business, you may not have as much money in your budget to work with as you would like.
That doesn’t mean, though, that you should cut your marketing expenses when funds are tight.
As a small business owner, marketing is one of your most valuable tools. As such, it is one that should never be neglected. While you may not have the money to run multi-million-dollar campaigns, there are marketing methods that are affordable on even the tightest of budgets.
If you are looking to get the most out of a limited marketing budget, keep reading to discover some helpful tips in this guide to marketing your small business.
Get a Clear Picture of What You Can Afford
If you know that you have a limited marketing budget but don’t know exactly how much you can afford to spend, now is the time to crunch some numbers. Before you dive into creating a campaign, you need to figure out exactly what you can (and can’t) afford.
Coming up with a marketing budget can be tricky. If this is something that you are struggling with, talk to your accountant. They’ll run the numbers for you and help you determine how much money you can afford to invest in your business’ marketing efforts.
Create an Elevator Pitch
As a business owner, you should be marketing all the time regardless of where you are. That’s where your elevator pitch – a short statement intended to engage someone and pique their interest in your products or services – comes in.
According to a study conducted by Microsoft, the average human attention span is a mere eight seconds. In other words, you only have eight seconds to engage someone and make them want to know more about your business. From there, you only have around a minute to sell them on your service or product and make them want to buy.
In short, you need a killer elevator pitch.
If you are good with words, writing your own pitch is your best bet. If it’s something you struggle with, though, paying a professional writer to help you out is well worth the investment. A solid elevator pitch is something that you’ll use time and time again, and the return on your investment will be huge.
Invest in the Right Swag
When you are working with a limited budget, trying to market your business with wholesale hats or t-shirts might seem out of the question. Hear us out, though.
While the initial cost of investing in branded swag for your business may seem out of reach, there are ways to make this type of marketing more affordable. And using the right promotional items can provide a huge return on your investment.
Buying customized pens or keychains has a smaller upfront investment than buying t-shirts or hats, but think about what usually happens to those items. They end up in junk drawers or trash cans and are never seen or thought about again.
Something like a hat or t-shirt, on the other hand, is likely to be used time and time again. If you buy wholesale blank t-shirts and print your logo on them, every time someone wears one, they become a walking billboard for your business. The number of impressions that can be made by a single hat or tee is huge, so this type of swag offers a lot of bang for its buck.
If you can’t afford to pay for custom-printed apparel or accessories for your business, there are ways to make it more affordable. You could, for example, buy wholesale blank t-shirts and customize them yourself using iron-on vinyl decals. Another option? If you have a friend or associate with a screen printing or embroidery shop, see if they would be willing to customize your blank hats or shirts in exchange for the products or services your business offers.
Embrace Digital Marketing
Digital marketing is huge, and it should be a part of every small business owner’s overall marketing strategy. When you consider the fact that email marketing has an average return on investment of $38 for every $1 spent, there is no denying that money spent on digital marketing is money well spent.
Email isn’t the only option, though.
Search engine optimization, online advertising campaigns, social media marketing, etc. can all help you build awareness of your brand and connect with your target audience. Don’t try tackling it all on your own, though. Working with a marketing agency is well worth the investment. Keep in mind, too, that most agencies offer service packages at various price levels to make it possible for even smaller businesses to afford their services.
Consumers don’t want to be sold to. They want to have meaningful relationships with companies that provide the products and services they need. Rather than inundating members of your target audience with advertisements and marketing materials, get to know them. Provide them with valuable resources that will help them out without costing them a single penny.
Keep in mind, too, that keeping customers is less costly than acquiring new ones. Make customer retention a primary focus in your business. Keep your current customers happy, and give them an incentive to share your business with their family and friends. Treat people the way you would like to be treated, and you will likely see an uptick in your revenue.
You don’t have to have a multi-million-dollar budget in order to successfully market your small business. As you can see, there are all sorts of affordable marketing methods that will enable you to build brand awareness, gain new customers, and keep existing ones without spending a small fortune. You may need to get creative, but you can market your company on even the tightest of shoestring budgets.
Guest Post: About the Author
Brenda Kimble is a writer and stay-at-home mother of two daughters and a son, plus their beagle named Duke! In her free time, she loves crafting, spending time with her family, and writing for companies. She also enjoys strolling the streets of her quaint neighborhood in Austin, Texas to find the trendiest hot spots for fashion, food, and live music.