5 Tips for Marketing With a Small Budget in 2018
Limited budgets and tight margins are a way of life for many small businesses.
But how can small businesses market themselves successfully with a small budget? The good news is that there are lots of actions that you can take without breaking the bank.
Here are 5 tips from Brandollo on how to successfully market your SME with a limited budget in 2018.
Your Value Proposition Is Priceless
When you get your Value Proposition right, it will help people to instantly understand the value that’s unlocked by working with you. Imagine the impact that could have on your sales figures!
Your Value Proposition is a short statement that defines who your business is, what you do and the value you can deliver to your target customers. It might seem like a simple thing but this statement is probably the most powerful marketing tool your business has.
Dedicate some time to crafting your Value Proposition so that it’s short and persuasive. When you’re happy, test it with your colleagues and clients to make sure that the finished product really resonates with your audience.
Get The Basics Right
It’s easy to become confused about where to start and what tools to use. However, the most important thing is to remember that the basics of marketing don’t change. Focus on:
- Who your customer is? (what is their location / age / job title / lifestyle / budget etc..)
- What do they need? (what are the specific problems that they experience – that you can genuinely help with)
- Where can you find them? (Instagram / Linkedin / Facebook / industry events / email lists etc)
If you focus on getting these points right, you’ll be well on your way to understanding and connecting with your target customers. To learn more about how to understand your target customers you can take a short Online course
Build An Event Calendar + Get Networking
If you understand your target customer, then you should know what kind of industry events they are likely to attend. By investing an hour researching online, you’ll quickly be able to create a calendar of relevant networking and industry events to attend. For those with a small budget, industry events are a fantastic way to get in front of your target customer – without spending a fortune!
Events are also a great place to learn more about your customers needs, to connect with new business and to share your Value Proposition in a live environment.
Create an eNewsletter (+ Do It For The Readers)
Most SMEs have a basic customer database or contacts list (perhaps it’s kept on an excel sheet). This database is an priceless source of potential customers that many small businesses overlook. If you have permission to email your contacts, then a branded newsletter can be a terrific way to engage with existing and prospective customers.
What to do:
– Create a list of topics that are likely to be of interest to your target audience. Think about the current industry trends that impact them, and the kind of questions that you are regularly asked by customers. These are the kind of topics that make a Newsletter engaging for readers.
– Next, create some short but engaging content (it can be a blog, a podcast or a vlog made using your phone). Your goal is to help to answer some of the key questions which your prospective customers have.
– Consider using free tools such as MailChimp to create a professional looking email template and once you have created the appropriate content, you’ll be ready to go!
– Some SMEs send newsletters once a month, but most tend to send them either quarterly or twice a year.
– Remember to focus on creating content that is of interest to your target customer and to include your value proposition, along with your company contact details at the bottom of the email.
Get a Marketing Plan
Marketing really can transform your entire business. If you’re serious about growing, then you should have a marketing plan that sets out how that is going to happen. The great news is that your marketing plan doesn’t have to be complicated. In it’s most basic version the most important elements are to:
– Set a few clear objectives
-Identify and describe your target customer
-Define their needs and how you can deliver value to them
-Set out your Value Proposition
-Select your marketing channels – (where are you most likely to find your target audience – newsletter/industry events/social media/website/digital ads/blogging etc..)
-Decide what key message you want to communicate (what is it that you want to share with your target audience)
-Create a calendar of the marketing actions you will take, who will be responsible and how you are going to measure the impact of your activities.
Marketing on a small budget is entirely possible. If done correctly the time and limited budget that you invest in marketing now, will translate in a higher performing business in the future.
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