smart ways to do marketing on a tight budget

The ability to put your products or services in front of the right customers is a recipe for success.

And this is no secret, everyone knows it

But the problem is that some popular marketing techniques require money, money that many small businesses don’t have.

This is why we discuss a few ways small business owners like yourself can still market their products or services effectively with the little money they have.

Four (4) Smart Ways To Market Your Products and Services

1. Marketing Research

 

Many small business owners don’t spend enough time researching the most effective way to market their products and services to their target audience.

They don’t ask enough questions and generally avoid researching because they think it’s unnecessary.

After all, they know what would work until they start marketing.

Carrying out marketing research can help your small business save a lot of money.

With research, you can determine how your competitors are currently marketing their products, what resonates with customers etc.

Conducting simple marketing research can unearth helpful insights that can help you spend the little money you have for marketing wisely.

2. Collaborate Marketing (Co-marketing)

According to HubSpot, “Co-marketing is when two companies collaborate on promotional efforts for a co-branded offer. In a co-marketing partnership, both companies promote a piece of content or product and share the results of that promotion.

By levering the relationship and reach of a partner, co-marketing campaigns are designed to deliver more leads, buzz, and awareness, with less work.”

The benefits of engaging in co-marketing are crystal, your small business can reach more customers than it could have alone, the cost of the marketing campaign is shared between the participating businesses.

Essentially, your business can reach more customers at a lower cost.

Now, before you launch your co-marketing campaign, you should note that choosing the right partner helps.

So, do your research and infer if their goals, audience and reputation would be a good fit for your small business.

3. Give Value For Free

Customers love free things.

So, give your target customers something of value for free.

What that item of value is, may differ from business to business.

But if done right, you will find that this is an effective strategy.

A great example is a small business owner distributing free samples of their orange juice to the customers at Ikeja Mall.

Or software companies giving out free trials to customers.

It could also be that you’re giving customers valuable content for free.

But for this strategy to be effective, make sure you’re offering it to targeted customers who want what you’re offering and are already paying for it.

A good place to start is to target your competitor’s customers.

4. Referral Marketing

Referral marketing is another way to market your product or services on a tight budget.

It is an affordable way to reach customers that you may not be able to reach even if you spend a lot of money.

Besides, the customers you get are great because they are similar to your existing customers.

Read our guide on referral marketing if you want to implement it for your small business.

One bonus way to market your product or services is by joining a business network or a mastermind group.

Especially when your business is a B2B (business-to-business).

This way you have the opportunity to network with them, understand their problems before offering your products or services to them.

And if it’s good, you can make evangelists of them too.

If you choose to join a mastermind group, you can even learn some marketing strategies that other business leaders have done and gain the practical insights you need to up your game on a tight budget.

Learn more about our Mastermind group today – Join us!!!

 

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