Regardless of their industry, small businesses tend to share a major problem: how do you effectively promote and raise awareness of your brand while operating on a limited budget? How can you compete with larger companies who have more to spend? Let's talk about the best ways of Digital Marketing on a Limited Budget.
In isolation, that question can seem impossible to answer. However, with a strategic approach, you can actually optimize your efforts to make sure that your marketing efforts don't suffer, even with negligible funds to spend.
Digital Marketing on a Limited Budget
Here are 5 steps you can take to optimize your digital marketing efforts for a limited budget.
1) Find Your Core Audience
First, it's important to abandon all efforts that even suggest casting a wide net. Put simply, you probably don't have the money to target a wide range of audiences. Instead, narrow your focus to only those potential customers who are most likely to actually convert.
You can achieve that goal simply by analyzing your current customers. What do those who buy from you most frequently seem to have in common? What is the one group you could single out as most likely to buy from you? This step alone helps focus your efforts.
2) Evaluate Your Potential Options
With your core audience in mind, begin to consider your options. For instance, advertising on LinkedIn tends to be more expensive than Facebook or Twitter. But if your audience does not match the typical demographics of that network, do you really need to spend money on it?
Similarly, you might want to find out whether your audience is likely to Google questions related to your industry, which might require some paid search engine marketing. But if they are simply not aware of their product category, awareness-building ads on social media might make more sense.
3) Start With a High-Quality Website
Regardless of your budget, your website should occupy a central position in your digital marketing plans. That's because for digital consumers, it essentially acts as the hub for anyone doing research into your brand or considering buying your products.
The right website should be more than an online billboard for your brand. It should include valuable content that helps you build your search engine optimization and thought leadership. It should also provide conversion opportunities for visitors who are interested in learning more about you by signing up to your newsletter or requesting more information.
4) Find the Free Supplements
Once your website is built, you can begin to create a digital marketing framework that doesn't necessarily include paid efforts. A regular business blog, for instance, helps you share thoughts on industry trends and development that, through SEO, begin to attract your audience. SEO itself, of course, is essentially free if you can do it on your own.
And the possibilities don't end there. For instance, you can effectively run an unpaid social media marketing strategy without spending a dime. Once you build up an email list, you can use services like MailChimp to send free messages that nudge them closer to buying from you. You will need to spend some money on digital marketing, but can minimize that amount by focusing on at least some unpaid efforts.
5) Evaluate Continuously
Finally, optimizing your budget has to include regular evaluations on marketing performance. You should not spend any of your marketing money on efforts that don't work, and you only know whether that is the case if you always know what your individual tactics actually lead to. Continuous evaluation, in other words, is vital to a successful digital marketing strategy of any scale.
Don't think that a limited budget will prevent you from building an effective digital marketing strategy. You do, of course, have to be strategic, which the above steps help you accomplish. It also makes sense to contact marketing experts who can help to build your strategy, and maximize its success to grow your business.