Marketing on a Budget

Marketing on a budget by Adam KidanIf you operate an online business and want it to grow (and let’s face it, which business owner doesn’t want that?), then that requires a marketing strategy.  But focusing on a bad marketing strategy does nothing but drains your money and resources for nothing.  To choose the right marketing strategy, keep in mind the product and your business model.  But most importantly, you need to budget, which can get tricky: even if you have the best marketing idea in the world, it doesn’t mean much if it costs resources you don’t have.  Yet fear not!  I recently read an article that shared some strategies you can employ to ensure that your marketing campaigns are successful and don’t go over budget.  Here’s what they had to say:

Uniqueness > spending: Successful marketing isn’t about spending more than your competition, but rather having a better and more unique product.  If you don’t have a product that’s worth buying, then all the marketing in the world isn’t worth anything.

Think specifically about your target audience: Your product, no matter what you might think, isn’t going to be for everybody.  Not only does having a specific target yield better results, but it’s the best way to spend your money: you’ll make more sales by spending the least possible amount on marketing, which is a win-win.  When you’re developing your product, do so with a specific group of people in mind, and target your marketing towards them.

Leverage the internet: Even if you don’t think anybody is paying attention, all online information about your business, even the bad stuff, is vital to your growth.  Positive feedback generates more business, while negative feedback helps tell you where you need to focus your attention.  Find influential online personalities with large followings and court them to write a review about your product; it’s cheap, simple and allows you to reach out to a built-in target audience without much effort.  

Leverage social media: As we live so much of our lives online, that’s where you need to be spending your marketing.  Constant and meaningful interaction with both your current and potential customers online is a great way to build a larger audience you would otherwise never be able to reach.  Identify the social media platforms that will reach the most people and post regularly about your industry, business and products.  This will allow you to figure out who your audience is, which will give you a clearer picture of how to reach them.