Marketing on a "tight" budget

June 4, 2018

 

A little can go a long way – you just need creativity, drive and determination

 

Although billboards in London or Times Square and sponsorship of major sports are sure to get your brand recognised, they are not the only way to get your message heard. In fact, it could be argued that they are not even the best way. Audiences are accustomed to blanking out the endless layers of advertising they are now bombarded with. If you are a small company with a limited marketing budget, you should see the challenge of marketing on a micro budget as an opportunity. It will force you to be more creative in your approach, which is likely to create more valuable leads.

 

      1. Engaging promotions
Nobody knows your customers better than you. Use your knowledge of what they like to play on their inquisitive side, and then challenge them to either produce, perform or otherwise participate in your promotion; whatever best suits your brand. A prize can simply entail being a loudly proclaimed competition champion – which will in turn generate increased publicity – or be a product or service from your offering. The overall aim is to encourage your customers to feel enthusiastic about your brand, and to start building up a proactive community that will promote your company amongst their peer group and display brand loyalty.

 

      2. Suitable partners
Teaming up with another like-minded company or group of companies to share the cost of marketing can often provide benefits both direct and indirect. In addition to reducing the cost, you will also increase exposure through the increased awareness it will attract from your partner’s existing customer base. By carefully selecting the right partners, whose services compliment but do not compete with your own, you will benefit from both the association and the increased resources at your disposal.

 

     3.  Existing leads
While new prospects are always welcome, your existing customer base is already active and proven in their interest. Targeting new customers can often be hit and miss whereas customers who have previously purchased from you have already shown a commitment. Rather than having to introduce them to your brand, you merely have to reinforce the original message which was previously successful. Past and current customers are also an invaluable link to one of the most productive means of marketing available to any budget: word-of-mouth. If you can encourage repeat custom once, you are much more likely to build a pattern of it. This is also why it is important to collect contact details and permissions from your customers whenever possible.

 

See all the angles and make the most of your opportunities – for information on all our 1 & 2 day Masterclasses visit thevaluespace.com today.

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