How to Market a Small Business on a Budget

YEC
Fri, 13 Sep 2024 18:12:08 +0000
Accounting, Advertising, Budget-marketing, Budgeting, Business-finance, Content-marketing, Marketing-on-budget, Promote-startup, Marketing-on-a-budget

Increasing the visibility of your company is key, especially when you're first starting out. But when money is tight, marketing is usually the first to get cut. For businesses operating on a shoestring budget, entrepreneurs share creative and affordable solutions to market and promote a new startup.

What is one tip for marketing a new business on a tight budget?

1. Host educational contests

Incorporating an educational component into contests or giveaways can align closely with a business’s mission or products. For instance, a business offering eco-friendly products might challenge participants to share their best home recycling tips. Hosting these contests on social media and pairing them with informative content and attractive prizes engages participants meaningfully, encouraging discussion around relevant topics. In addition to drawing attention to the business, this strategy helps build a community of informed consumers who are likely to support the brand's values. —Brandy Hastings, SmartSites

2. Leverage free online tools

Businesses on a tight budget can significantly boost their visibility by leveraging free online tools. Canva, for example, is a fantastic resource for creating professional-looking graphics and social media posts without needing a design background. You can easily create eye-catching visuals that reflect your brand's personality and attract your target audience.
Also, tools like Google Analytics are invaluable for understanding your website traffic and audience behavior. When you’re able to see which pages get the most views, where your visitors are coming from, and what content resonates with them, you can tailor your marketing strategies more effectively. Using these free tools not only saves money, but also empowers you with the insights and resources needed to grow your business strategically and sustainably. —Danielle Hu, The Wanderlover
3. Establish collaborative partnerships

If you want to promote your new business on a budget, focus on establishing partnerships and creating collaborative content. I do this by identifying other brands or organizations in my area that share a similar target audience but aren't direct competitors.
Other small businesses are often looking for an affordable way to promote their brand, too. Once we connect, we work together on guest posts, product bundles, social media giveaways, and much more. If you're not partnering with other brands and content creators in your industry, you're missing out on a pretty big opportunity to expand your reach and build rapport with other people in your industry. —John Turner, SeedProd
4. Utilize positive customer reviews

I actively use positive customer reviews and testimonials to enhance the credibility of my business by prominently featuring them on my website. I have a dedicated testimonials page and also strategically place select reviews on high-traffic pages, such as the home page and product pages.
This method showcases real customer satisfaction and helps potential customers feel more confident in their decisions. By integrating these testimonials, I visibly demonstrate the trust and satisfaction previous customers have with our services, encouraging new customers to convert. —Axel Lavergne, reviewflowz
5. Implement affiliate marketing

You can promote a new business on a tight budget through affiliate marketing. All it requires is for you to launch an affiliate program. When you onboard affiliates, they promote the solutions you offer for you. They do all the heavy lifting to help you attract a relevant audience.
All you have to do is offer a small amount in exchange for their services which is paid only when you've scored a conversion. It's an absolute win for you. You don't have to spend your budget on marketing or promotional activities. You just pay a fraction of your profits as commissions to your affiliates. —Thomas Griffin, OptinMonster
6. Send business updates to local media

I utilize DIY public relations to keep in touch with local media, ensuring our business regularly captures public interest. Each month, I send updates about our latest services, community involvement, or customer testimonials. Keeping a steady flow of information helps keep our business a topic of conversation and interest among the media.
These ongoing efforts have led to multiple features, keeping the community engaged and encouraging customers to become enthusiastic supporters. This regular exposure helps us maintain a robust and active customer base that naturally promotes our business through their networks. —Kyran Schmidt, Outverse
7. Leverage user-generated content

One of the most effective ways to promote a new business on a tight budget is to leverage user-generated content. People are less likely to trust new brands or companies they're not familiar with. They seek recommendations from others and rely on their experiences. Leveraging user-generated content makes it easier for you to get more eyeballs and encourage your audience to try your products or services.
Since the content you're sharing is created by your customers, there's no cost associated with the process. All you need to do is identify relevant platforms to showcase the positive experiences of people who have already purchased from you. —Jared Atchison, WPForms
8. Develop branded content

Don't underestimate the power of content marketing. If you haven't, start a blog or YouTube channel related to your business and products. You can use this opportunity to share your expertise and help the community, which will position you as a thought leader and build trust. Helpful, informative content will naturally attract potential customers. While time-intensive, it doesn't cost a lot to start creating eye-catching, branded content for your site. —Chris Christoff, MonsterInsights

9. Optimize Google My Business

Google My Business is a very good platform to promote your business on a tight budget. All you have to do is create the listing and get reviews from your customers. Make sure to add details of your services/products in the listing. When customers are looking for your types of businesses on Google, they will see your listing if you have good reviews and your listing is optimized. These results are hyper-local, so if someone finds you locally, you have a higher chance of converting them. You can also run Google Ads on Google My Business, which are less expensive compared to regular search ads. —Piyush Jain, Simpalm

10. Use guerrilla marketing tactics

One tip for promoting a new business on a tight budget is to use guerrilla marketing on social media and platforms like Reddit and Quora. This means you share your business in creative, low-cost ways that catch people's attention. For example, join relevant groups or discussions and provide helpful answers or interesting content that ties back to your business. The key is to be genuine and not make it obvious that you're just there to promote. By being helpful and engaging, people will naturally become interested in what you offer without feeling like they're being sold to. This approach can help spread the word about your business without spending much money. —Travis Schreiber, Erase

11. Write guest posts for third-party websites

There are countless websites that allow others to write for them and publish their content. All you have to do is find the ones that resonate with your niche. Publish quality content on them and strategically place links that direct readers to your website. This way, you will engage the visitors of other relevant websites and get to promote your brand without having to spend a dime. —Chris Klosowski, Easy Digital Downloads

12. Utilize micro-influencer partnerships

Leverage the power of micro-influencer partnerships. These are social media personalities with a moderate follower count, typically 1,000 to 50,000. Because they usually operate in specific niche areas, micro-influencers tend to have high audience engagement. Moreover, their followers are more likely to consider their endorsements as more personal and trustworthy than larger influencers. —Jared Weitz, United Capital Source

13. Build referral agreements

Build referral partnerships by identifying complementary businesses and proposing referral-partnership agreements. For example, if you run a web design firm, partner with local marketing agencies, IT services, or print shops. Offer incentives for each referral they send your way, and reciprocate by recommending their services to your clients. This approach has very little upfront cost. Remember to ensure the partnership is mutually beneficial and focuses on driving growth for both parties. —Jack Perkins, CFO Hub

14. Maximize word-of-mouth marketing

Improve your product or service first, then maximize the use of social media and word-of-mouth positive experiences before traditional ad spending. Do your product or service right, and ask nicely if people can spread the word. This is better than spending a lot of money on ads to promote a product or service that is lousy to begin with. —Zain Jaffer, Zain Ventures

15. Attend events and tradeshows

Attending events and trade exhibitions is an excellent method to meet new consumers and highlight what makes your company distinctive. Exhibiting at a trade show or attending industry networking events can help you create contacts and generate leads.
To get the most out of these activities, make sure you have certain goals in mind before attending. Whether you want to generate leads, increase brand recognition, or just network with other experts in your industry, having a clear plan can help you make the most of each event. —Rebecca Xing, Trustana
16. Optimize your website

You can have a small marketing budget and still reach new clients. Optimizing your company website's SEO can significantly improve visibility. Use free tools, such as Google Analytics, to gain insights and data on where you can improve. Incorporating SEO will drive traffic to your site and generate sales.
Another way to boost your company's online presence is by using social media. Companies can boost their visibility even with no budget by posting interesting content and engaging with potential customers. Having a big marketing budget is certainly nice, but doing these few things starting out can make a big impact. —Daniel Kroytor, Tailored Pay