When launching new products or trying to establish brand awareness, having a marketing plan is essential. Entrepreneurs and small business owners usually have to work with a limited budget for marketing activities, so must ensure their efforts are well-planned to ensure the marketing budget is going as far as possible and every penny spent has a purpose.
In this blog, we’ll explore how startups can get a return on investment on their marketing spend, outlining cost-effective marketing tactics which, when done well, will get your message in front of your target market and grow your customer base.
Create a content marketing strategy
One low-cost and easily implemented marketing solution is to create high-quality content on a regular basis. Have a content calendar which plans and schedules blogs to be published on your website.
Posting quality content on your website will educate your audience about your products, and will build your brand awareness as the content will help with your search engine optimisation (SEO). You could also publish guest posts from any partnerships you may have, boosting your reach as they will likely share your blog on their own social media platforms. Include a call to action at the end of every blog, directing users to more information about your products or services, to try to convert new audiences into new customers.
Build your brand with social media marketing
There are many social media platforms now available. Facebook, Twitter (or X), Instagram, LinkedIn, and TikTok are some of the more popular ones which brands use to find and connect with potential customers.
If you don’t have the capacity to build strategies for all of the platforms, do some market research on which platforms will be most beneficial to your business or product then create a calendar for regular social media posts. You could share your blogs on social media, create eye-catching infographics, and mix up your use of media with videos. You could also gift some of your products to influencers who can grow your social media followers by posting about you and including your tags.
Incentivise loyal customers
One marketing campaign which could give you good results for a low cost is by offering incentives to your existing customers. Your customers likely know many people who will be your target audience – people like them who would be interested in your product or service.
Ask your customers to introduce your brand to their friends and family through word of mouth or referrals, and offer them something in return. For example, for all referrals who purchase a product, your customer will receive a voucher or a freebie.
Build a mailing list
When you make a sale to a new customer, you should be collecting their data and using it for marketing purposes. If you create an email marketing journey for people who have purchased your products, you may be able to upsell or cross-sell to them by sending them communications directly to their inbox.
You could also create email campaigns for potential customers who may be interested in your brand but haven’t yet bought anything from you. Collect their email address by holding free educational webinars or posting gated content that requires a visitor to just enter their email address to access. Email marketing can be highly rewarding and cost-efficient when done well. Ensure the emails you’re sending aren’t likely to annoy the receiver into unsubscribing, and you’re providing quality content, useful information, or valuable offers.
Claim online profiles
As part of your online marketing efforts, you should also be aware of all the places where you have an online profile. Some of these are automatically set up for you and you have to claim them, such as your Google Business Profile, whereas others may need to be created by you.
There are many places across the internet where people can leave testimonials about your products and services. Make sure you’re aware of all of them, engage with customers when they leave a review, and address any negative feedback quickly to stop it from influencing any potential new customers who may read it without a reply.
Distribute press releases
When you are launching your business or a new product or service, put together a press release and circulate it to relevant press teams. This is a cost-effective way of getting your name out there and building an awareness of who you are amongst a wide audience.
If you’re a small, local business, reach out to your local press and get involved in the community. If your industry has its own magazine or websites which share relevant news and insights, share your press releases with those for their consideration. Make sure you include a quote to give it a personal feel, and a link to your website so the new audience can find you easily.
The best ways to measure a cost-effective marketing strategy
When you implement a marketing plan, it is essential that you track and measure the results regularly. While the marketing tools you opt for may seem foul-proof, there will always be room for further optimisation once insights become clear.
Analyse the results of the marketing channels you’re using by creating a process for checking, digesting, and exploring the data each of them will provide. Social media platforms and email marketing platforms will have built-in data dashboards, and you can follow the progress of your website using Google Analytics.
When you make a sale, you could ask your new customers how they heard of you to gather further data on which of your efforts are working most effectively.
Learn how to make your digital marketing efforts go further
Whether you’re currently working in marketing or are looking to improve your knowledge of this area which can make or break your business, Wrexham University offers a 100% online MBA Marketing which will set you on the course for success.
Taught part-time, you can fit your studies around your current role or other commitments, putting you on the path to career progression without taking a study break.
Develop your problem-solving skills, gain a thorough grounding in essential business knowledge, and learn how to create and execute traditional and digital marketing strategies alongside peers who are based all over the world.
