When you run a business, more often than not, budget is your biggest enemy. Be it for the product promotion, development, salaries, etc, everywhere, budget is a constraint in many cases.
Why Is Budget Important
Though budget is not a friendly term for growing businesses, it is a must for any business to succeed. Without a budget, one can lose direction and sense of their business. Budget is the limit you fix for various parts of the business, after careful analyses of not only the costs involved but also the financial situation and the liquidity available at hand.
More often than not, it is the marketing that suffers due to lack of sufficient funds. When there are insufficient funds, many businesses make the mistake of cutting back on promotions and assume investing more in product development will take care of the marketing automatically.
In reality, no matter how good or bad the product is, it needs to be marketed right. This is because nothing sells on its own, unless people are aware of its existence and purposes. This is why effective marketing is a must for every business’ success.
However, as pointed out earlier, when budget is a concern, what can one do? Focus on marketing without developing the product? Spend on marketing without paying the employees? No, there are other alternatives. One can market well without spending much.
Cheap Marketing Strategies
For those businesses that cannot really spend much on marketing and promotions, here are some cheap strategies and ideas that can help your business grow much more than anticipated:
Content – Every business has a website today. It is important to focus on the content rather than the visuals in it. Hence instead of spending the money on the creative front for visuals, invest in a good writer or write it yourself. Get some help with the grammar and presentation. This way, your customers will get more information about your business and this is what will convince them to opt for your product or service
Videos – One can publish many free or low budget videos online. Rather than going in for the big professional teams, opt for a student looking for an opportunity. You never know where new talent is hidden. These students will not only be ready to put in extra effort and time for fraction of the cost, but will also be up to date with the latest trends in the field.
Advertising Discounts – Instead of paying big money and going in for a full fledged advertisement campaign, look out for ad promo credits given out by social media and web hosts. These are generally offered at a discounted price for a new membership. Though you will have to pay for it, the amount required is considerably lesser but the reach will be the same.
Social Media – There is no better place than social media to reach a big crowd these days. These pages can be created for free and you can keep posting content and videos for no cost. Not only will you be spending nothing but the reach will be good and you can target the people you want to reach. You can advertise or post to groups that are similar to your businesses. For example if you are selling a car polish, you can post it to a group that discusses about cars and its parts or the latest races. This gives you a wide window and a direct reach to the target audience.
DIY – There are many tools and software available for free or a nominal amount, that can be downloaded from the internet. Use them to create your own digital advertisements or websites. you will be saving a considerable amount by not going to a professional or using an expensive tool. Though this may not look professional or appealing at first, you can improve with time. You get to learn as you help your business grow. It is a win-win situation.
Use Old Content – Never let your old content be forgotten. Rehash it and use it in different ways. Promotion videos can be used as instruction videos by adding some “how to do it” instructions in the end. Mix up the old content and come up with a comprehensive new video. With this you will get new views and hits without actually spending on shooting or developing a new video.