How To Achieve Marketing Success When On a Tight Budget

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Businesses complete their operation by surrendering their products to the customer/consumer. On a number of occasions, the customer would not take or buy the product until they have been convinced or asked to buy. They won’t buy something they don’t know.

This is where marketing comes in. Marketing is a tool in business that helps convince a customer to buy products or services.Through marketing, businesses and firms create value for a customer while building strong customer relationship so as to capture value from them in return.

Marketing can, therefore, be viewed as a tool through which firms and organization can earn a return through a sale of their products. As a tool for business success, marketing evolved over the years. If well utilized and used in a logical and procedural manner, marketing is the bedrock of a business growth.

Marketing uses time and funds; however, we live in a very dynamic world. In the process of marketing, a business can be faced with a block of a tight budget that hinders effective and efficient marketing processes.

In such a case of inadequate marketing funds, businesses and firms can still achieve marketing success by applying certain tactics. Below are techniques businesses can employ to succeed on a tight budget.

1. Partnerships

Under a tight budget, a partnership is cost effective. Your business can use synergy with another player in the industry to conduct the marketing as a single unit. This involves practices such as co-advertisement on non-competing brands in the same industry but different value chain. This both increases cost effectivity and resource connections.

2. Social Media

We live in a modern world of information where very few things have the potential of social media. Social media platforms like YouTube, Facebook, Twitter, Instagram, and many others command huge following and networks. This can assist your firm in conducting very successive marketing of its products. The good thing is that you can use most of these platforms’ features are free of charge. These platforms can be utilized in the following ways:-

Instagram – for product catalog (images)
Facebook – brand visibility and advertising
Twitter- for brand updates, stories sharing, and customer support.
LinkedIn- for building professional connections.
Snapchat- to reach unique audience and optimize real time campaigns.

3. Networking

Networking is a way through which marketing can be achieved by enlarging the business circle of trust through negotiations. You can achieve this by making use of the business friends, associates, and acquaintances to acquire the resource and obtain opportunities for the business. This helps build a reputation and credibility for the firm thus enhancement of the business brand. This method is extremely cost-effective and encouraged on all scales.

4. Referrals

This involves asking customers for referrals. The customer works as your business ambassador. In return, you can give them bonuses, discounts, and rewards. This method can encourage future business and essentially free advertising under a tight budget.

5. Using influence of others

The business can use the influence of others to roll their marketing strategies when operating under inadequacies of funds. The method involves using well-known celebrities to endorse the goodness, uniqueness, and affordability of your business or product. This method can be more costly, but it can have dramatic effects and reach.

6. Target marketing

This method encompasses serving a specific set of buyers that share common characteristics and needs. Under this method, the business will only concentrate on the specific customer with the potential of high return thus saving on cost. For instance a company that sells winter clothes and gear for winter sports, such as snowmobiling and skiing, will concentrate their marketing in areas that experience cold weather and terrain where such sports are popular.

7. Giveaways and Offers

Customers will always be hesitant about buying your products or services especially if you are a startup and with new product. To start with, give them offers which can be discounts, samples, free trials, or plan a giveaway. Once a few customers have tried out and trusted the products or services, your reputation spreads like fire, and you will start getting new customers. All you want to ensure is consistency and quality products or services.

Through the use of these ways, a business will be in a position to achieve marketing success on a tight budget. This takes us back to the quote by Tom Fishburne “the best marketing doesn’t feel like marketing.”

Hope you enjoyed reading and learning from today’s post. Let us know below what your thoughts are!

Thank you for reading.