Given the enormity of establishing a startup and making it a success, it is quite common for entrepreneurs to overestimate the amount of money they require to market their products and services properly. The compulsion to spend more money on marketing activities usually sends them on a tough hunt for funds while overspending also tends to dampen the spirits of investors. Given that small businesses will always find accessing large amounts of cash difficult, it is important to identify marketing strategies that can be effective even when the total spend isn’t very heavy. Some tips on getting your marketing strategies pack more punch for the money:
Formulate Your Marketing Budget
Many entrepreneurs think budgeting to be a redundant exercise simply because they don’t have much money. However, it is the lack of funds that makes it even more important for startups to establish a lean marketing budget and keep you focused on the ROI. When you have a budget, you have a standard of measuring your performance so you tend to be automatically more accountable and disciplined in your approach to marketing. Figure out how much money you can devote to your marketing budget and then see what strategies can be adopted to achieve the maximum impact. EJ Dalius recommends that you observe the impact of your marketing strategy for a quarter or two before making changes to the budget on Neufutur.
Establish Thought Leadership, Suggests Eric J Dalius
Establishing market leadership can be tough especially when you are up against established players in your niche. However, it is relatively easier to be perceived as the industry leader by potential customers if you aggressively promote yourself as a thought leader in your sector. By sharing valuable, insightful, and original content across the large variety of content distribution channels, you can take up a position of authority in your sector. Blogging, whitepapers, and commentaries on the state and future of the industry are relatively painless ways of getting noticed by other content publishers that can pick up your articles and get them across to a larger audience. While establishing authority can take effort, you will not usually have to spend any money, says marketing pro Eric Dalius.
Nurture Social Media Influencers
Even though some of the top online influencers command eye-popping fees from big brands, nurturing an influencer network on a modest scale is something which almost all small business can do. You can identify some micro-influencers with potential in your niche and approach them to advocate your products or services. Often, these influencers who have a relatively fewer number of followers on popular social media networks like nothing better than being recognized by brands and a few product samples thrown in for good to become your company’s ambassadors. Even though their sphere of influence is limited, the higher trust and engagement they enjoy with their followers can help small businesses establish their market presence effectively.
Conclusion
Entrepreneurs will tend to do better if they limit their ambitions and try to expand their marketing reach gradually. They can initially focus on local marketing by getting involved with community events that can elevate their visibility and allow them to know their target customers better for better conversions. Establishing strategic partnerships and collaborations with non-competing brands that have the same target audience can also help to expand their reach and tap new customers.