5 ways to save money on marketing and still increase profits
We know you have spend money to make money, but if you’re a small business, or running a home business as a side gig, it can be hard to get the funding together to design and produce effective marketing strategies.
Big companies can afford to spend a good third of their income on advertising, and still make a profit. But as a small business owner, not only do you need to spend twice as much, but you’re not likely to see anywhere near those profits for your first few years.
It’s a terrible catch-22. A lot of great ideas die at the hands of bad marketing.
Luckily, in the age of social media and side hustle, you’re not completely helpless to the gods of advertising money. There are plenty of free marketing options you can make use of yourself, without spending much, if anything.
It takes a lot of work, and some time. But these five tips can help you grow your business, without shrinking your bottom line.
- Outsource Your Marketing
It sounds counter-productive, but hiring someone to handle your marketing can save you money in the long run. In the first place, it means you don’t have to take time or spend money learning to market yourself.
It also means spending more time doing what you love, and what you’re good at. Which means you do what you need to do to grow your business, and leave the growing of your client and customer base to those who know it best.
Outsourcing means utilizing freelance consultants and experts when you need them, and getting exactly what you pay for. Which is a lot less expensive than designating a marketing team from your own staff.
- Only Spend Where It’s Effective
With so much spent on social media and online marketing strategies, like email campaigns, mailing lists, and online courses, it’s easier than ever to keep track of how effective your marketing strategies are.
Spending money to make money is a good strategy, but it means saving money on the less effective methods. If you’re noticing a spike in online sales thanks to social media links, while less customers interact with your online courses or blogs, it makes no sense to spend the time and money improving the blog.
Instead, redoubling your efforts where your customers are interacting makes much more sense. Pay attention to your analytics, so you know what’s worth your money and your effort.
- DIY Marketing Methods
Though we mentioned hiring someone, there are certain types of marketing that can be done quickly, simply, and effectively. If you have a personal social media presence, it’s a good way to personalize your brand.
The 21st century consumer is media-savvy, and these personal touches can help you connect with a wider customer base, with very little effort.
Best yet, it also costs almost nothing, and can be done in your off hours! if your own social media presence needs some work, ask to guest write for a blog your ideal customers might frequent. Get your voice, and your product, out there.
- Be Your Own Word Of Mouth
Some of the cheapest low-cost marketing methods require some out-of-the-box thinking. You might not think of simple word of mouth, but it works.
Visit clubs and groups which might need your products and services. Go to other local businesses. Print fliers. Offer to give talks on your area of expertise.
Becoming a known presence among your peers and customer base will help you expand your business, and even meet others who can help you go even further with your business.
- Use Your Resources
Friends, family and colleagues make an important resource when you’re starting a new business. They’re a great opportunity for early reviews, and to increase your social media presence. They offer word-of-mouth to prospective clients and customers.
They may be able to help you cover ground and get into rooms you wouldn’t be able to yourself. Not to mention the invaluable advice, and a shoulder to lean on when it gets tough! It doesn’t stop with friends and family. Mentors and professional colleagues carry their reputation.
If you know anyone in your field, or offering a similar service, now’s the time to call in favors. If you have existing customers, remind them to leave reviews, or even tell friends.
Getting real reviews from real people, and finding other ways to widen your reach through word of mouth, offers a huge boost to your marketing strategy, with very little cost to you.
Starting a small business comes with a lot of overhead costs. When you consider the portion of profit that most major businesses spend on marketing, it can get discouraging fast. Bad marketing strategy also costs you time you could better spend growing your business.
But rather than spending money on marketing tools doomed to be obsolete in six months, there is a surprising amount of marketing you can do yourself, with a little help, a little time, and almost no money! Which is great news, when what you really want to be doing, is growing your business.
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