Marketing is important for any kind of business, big or small. No matter how exquisite your product or service is, it will not create waves if you do not take a step in marketing your brand. Marketing can be done in a variety of ways, such as getting leads in the digital market, local word-of-mouth, or other conventional methods such as print ads, sponsorships, and mass media.
The great thing about creating marketing campaigns in the modern era is its affordability and wider reach. Even a small business can gain profitability through the use of customized internet marketing strategies suitable for its niche. However, it is important to know that not all marketing techniques should be used by businesses. For those with a modest budget, the essential principle is to focus on finding a digital marketing channel that brings in the best results.
How does one discover the right online marketing strategy within a limited budget? What are some things to pinpoint, and what strategies can one use to not waste resources on marketing efforts? Below, business owners will see a detailed guide in marketing and lead generation for those with modest funds.
Focused Marketing On A Budget: Choosing the Right Marketing Channel with Limited Funds
Invest in marketing strategies with the highest Return on Investment (ROI)
If you have limited resources, you need to maximize the budget you will be using to market your business. Thus, you would want to look into some strategies that bring in the most income, based on research.
According to Inc and Forbes, the top three strategies with the most returns are (on average):
- Email marketing: A good campaign brings in $42 for every $1 spent.
- SEO: Bringing traffic to your website through the use of search engine optimization earns $2.75 per $1 spent.
- Pay-per-click (PPC) ads: PPC ads return an average of $2 for every $1 spent.
If you are strapped for time and money you would want to focus on at least one of these strategies first and expand as you increase your budget. Choosing the right marketing channel with limited funds is all about doing prior research and having the main focus of where your budget will be spent.
Consider your niche
If you have no prior experience with marketing and are completely starting from scratch, another insight you can look into is your business niche. How can you reach quality target customers more effectively if you have limited funds to spend on marketing.
There are several ways to do this:
- Review similar brand products: It can give you an idea if you look at your current successful competitors and which digital channels they use to reach target customers. Are they using social media marketing and email marketing more than they do SEO? Perhaps it best to replicate the strategy to see better results.
- Put yourself in your customer’s shoes: Different targeted audiences have various places on the internet where they “hang out”. For some, this could mean frequently checking their emails or checking their social media feeds. Others prefer to search for information in search engines. Think about your typical customer persona and discover their behaviors to get the right marketing strategy.
- Consult experts: There are many marketing experts who are well versed in knowing the right strategy per business niche. They can also give additional help in other areas such as year-end tax tips for small businesses, web design, or jumping into e-commerce. Consulting an expert if you have no idea which strategy to pursue can greatly increase the odds of your marketing success.
Similar to unique individuals, there is no one-size-fits-all approach to marketing. You would have to add on some, decrease on some, and tweak even some proven methods that have worked for other businesses. Knowing what works for your niche is one beneficial step in getting the right strategy.
Build on free strategies early on
If you have a limited budget, you can also gradually build on free strategies you want to expand on. For example, if you are already spending on PPC advertisements, you can start creating your own video marketing content or social media posts.
In our company blog, you will see some useful strategies related to these various marketing channels. Apply some techniques that you think will work well for your business. Some great examples include:
- Relevant hashtags for social media: On social media platforms such as Instagram, placing relevant and popular hashtags will increase the chances of your posts being seen by your target audience.
- Long-tail keywords for blogs: Using long-tail keywords for your blog posts can help reach your target audience and increase your chances of ranking for inquiries in search engines.
- Consistent posting of valuable content: Although a strategy that doesn’t produce immediate results, simply posting content consistently on your marketing channels will allow you to gain followers, see engagement in your posts and eventually get more leads.
It may sound complex for beginners in marketing, but this concept simply means comparing and contrasting two different samples of strategies. You can spend on a couple of marketing strategies within a given timeline and see which ones have produced results for your business.
A/B testing allows you to assess strategies per the main internet marketing area up to even the specifics of a campaign. Some ways you can do these are seen in the examples below:
- Comparing between email marketing and social media marketing: You can set a timeline, such as in a month to start a campaign for email marketing and social media marketing channels. Spend equal amounts on each strategy and calculate the returns within the month. The strategy which brings the best results may be your main focus.
- Comparing between specifics of a campaign: You can also use the same principle to choose which strategy within a campaign you’d like to focus on. For example, you can set the same budget, keywords, and call-to-action for two PPC ad images. After a week, you can check which one has a higher click-through rate and generating leads, and you can use similar display ads in your future campaigns.
Signing up for trials
Many digital marketing companies now offer a trial period to help you decide on the best strategy for your business. You can sign up for free trials on several companies to know which is suited for your needs.
You can either sign up for free trials on companies offering similar marketing services or the competitive companies per different strategies. Alternatively, you can also sign up for a reputable comprehensive digital marketing company and compare which strategy works best for you.
What are the benefits of free trials?
- Access to key features: Many companies offer the full features in their trials for you to get the maximum experience. Take a look and use all the key features beneficial for your business to review all the results.
- Calculating your ROI: A free trial is given for a couple of weeks can help you assess the pricing and the return on investment for the service you will use. This will provide a clearer picture of how much you will be potentially earning with the marketing service you choose.
- Familiarity with the interface: Free trials will also save you money as you get used to the interface of your marketing tool, such as those with on-site software.
Keep an eye for trends
Marketing, especially in the digital space, is always evolving based on trends. To decide the route of your marketing strategy, watching out for trends is crucial.
Read up on blogs, news articles, and other media updates about marketing trends that may be relevant for your business. Here are some recent examples:
- Integrated email purchases: A new trend in creating campaigns is using sophisticated messages sent to email addresses. These messages have a built-in feature where users can purchase directly.
- Artificial intelligence (AI): Marketers can further use AI to gain insights that will help bring the right sponsored posts, ads, and other offers to the right demographic. These insights are gathered instantaneously based on user data.
- Conversational marketing: Through using chatbots and other forms of automation, users can engage in conversational customer service, allowing for a pleasing experience with your business.
By staying on top of trends, you can further refine your marketing strategy and choosing the right channel for your business.
Choosing the Right Marketing Channel with Limited Funds? Research, Assess, and Focus
The main principle that summarizes all the tips mentioned above is exploring your options, assessing their effectiveness, and improving your focus.