With the swift and sudden changes to the global economy, startups everywhere are grappling with how to best allocate their financial resources to ensure they can weather any pending storms.
And for many businesses, marketing is one of the first functions to be hit.
The current global economic climate has forced startups to be prudent with their resources.
One of the departments that have been most affected is marketing, and all businesses must now consider how to manage this effectively.
If you’re a startup and need some ideas for budget-friendly marketing strategies, we’ve got you covered. We have come up with a list of 7 amazing marketing ideas that can be done for under $1,000!
Don’t miss out on these helpful tips and tricks to help your business spend money on marketing.
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For startups, word-of-mouth marketing is still one of the most effective strategies available. By introducing a well-thought referral program, you can encourage your existing customers to promote your business to others.
This will help boost sales & increase your customer base with minimal effort.
Referral programs, like the popular “you get/I get” variety, are becoming increasingly common.
Existing customers receive a discount code and referral link to share with their friends, providing them with a great incentive to recommend the product or service.
Existing customers are rewarded for sharing referral codes with their friends. These rewards can come in the form of discounts, free upgrades, company swag, or anything else that can be used as an incentive.
For smaller or newer startups, launching a referral program may just entail creating a few coupon codes and spreadsheets to track activity.
If you’re expecting high volumes of customers, however, then you should look into using advanced automation tools like Ambassador for the job.
According to reports, you can begin using the tool for a price that is way below $1,000. This is a great way to spend money on marketing.
Implementing a referral program can be beneficial in the long run, as it’ll generate more profits than what was initially invested. If done correctly, it’s guaranteed to reap the rewards.
Targeted press features are one of the most effective ways to spend money on marketing. You can reach a large audience and create great SEO benefits at the same time.
Additionally, people who read about your company in digital articles will often click through to your website.
There’s no need to invest in costly PR firms to get your PR campaign going. HARO (Help A Reporter Out) is a great way for both entrepreneurs and marketing teams to get the kind of media coverage that they desire.
Benefit from a free account and receive HARO email blasts each day that comprise of journalists looking for specific information for their current stories.
Crafting a pitch based on the desired requirements of a listing is all you need to do, and if it is appreciated, you will have your business featured in the article! It’s as effortless as that.
Taking the time to craft responses to HARO inquiries can be tedious, but it pays off. You can get thousands of dollars worth of free media coverage if you invest in creating high-quality answers, plus lots of publicity for your business too.
If you’re looking to generate quality links and leads for your business, consider a content campaign.
Future Founders has a content campaign running with the objective of providing valuable resources to its audience in exchange for information.
For instance, they offer ‘How to Craft an Elevator Pitch,’ a guide to creating a great impression quickly. This tradeoff is beneficial for both parties involved.
If you’re a small business owner with a graphic design firm, then investing in an in-depth guide to social media graphic sizes and; specs is a great idea.
It will definitely increase your company’s visibility and boost productivity. Many small business owners who design their own graphics may find this guide useful and helpful.
By offering the guide in exchange for their emails, you will be able to build a list of potential customers that you can easily target in the future.
After creating your content, it’s important to share it with a wider audience. You can use social media, email newsletters, and your website as a platform to increase the reach of your content.
To effectively reach your target audience, effective marketing strategies need to go beyond just online sites & platforms. Establishing a presence in forums and communities where your customers spend time can give you an extra edge in connecting with them.
Do some research to find online platforms where your target audience congregates.
This could include websites, Facebook groups, or subreddits. Spending time on these sites can help you understand your market more intimately and stay ahead of the competition.
Become a member of the group and work to establish yourself.
You can achieve this goal by regularly engaging with other members, offering advice related to your profession, answering queries, and disseminating high-quality content.
It’s essential to be aware of the inherent risks when engaging with online communities.
It’s therefore important to exercise caution and mindfulness when engaging in such activities.
Community groups generally don’t appreciate it when brands join just to quickly promote their business without engaging in the conversation or getting to know the people.
This tactic usually doesn’t bode well and instead generates a negative impression of the brand among its most essential customers.
If you plan to use online forums or communities as part of your marketing efforts, remember to think of it like a garden.
It’s important to take the time to ‘plant’ the seeds by engaging with users and ‘water’ them by providing support and content before you start harvesting the results.
Who says things in life aren’t free?
If your brand is operating with limited funds, running a digital contest or sweepstakes is an excellent way to attract attention and enhance your follower base without a huge financial investment.
You don’t need to invest a lot of money in web-based tools like WooBox, as these giveaways, forms, contests, etc can be utilized for free. With such platforms at your disposal you can leverage the use of polls, coupons & quizzes to optimize your business and generate better results.
Running promotions and giveaways can be an effective way to build anticipation among your current customers & followers, while also allowing you to grow your audience base.
WooBox and other such tools provide brands with the opportunity to reward participants for taking certain actions, like sharing their social accounts and reposting about a contest on their own pages.
This not only encourages people to join in the fun but also gives them even more chances to win.
Leveraging incentives like this will boost your brand awareness and; growth in an exponential manner as followers spread it to their own connections with the hope of claiming the reward.
By becoming involved with a social cause, your startup can increase its visibility and make friends. For example, one type of initiative is to donate a certain percentage of profits.
You can provide your employees with opportunities to volunteer with local organizations, or you can leverage your marketing platforms to share information and events related to donation drives.
Adopting a social cause can be an effective way to generate publicity and goodwill for your brand.
However, there are some things you should consider before executing this strategy correctly. While there’s, of course, a marketing and PR benefit to this strategy, it must be done through genuine goodwill.
In most cases, brands that seek to adopt a social cause will fail if their motives aren’t completely honorable.
By collaborating with a local fire department foundation, the startup has created an opportunity to connect its brand messaging with that of the community.
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