December 27, 2019
5 Cheap Marketing Ideas for Small Businesses
The explosion of social media in the past decade has led to some new marketing opportunities that are surprisingly cheap. They include, but aren't limited to, organic growth through Facebook and other channels. On the other hand, some classic techniques, such as cold calling, are still affordable and effective. For some marketing methods, like SMS messaging, the right tools can make or break your campaign.
Marketing Is Becoming Expensive!
Due to increased competition and lower barriers-to-entry for new businesses, marketing is more important than ever. However, it's also more expensive. Besides competition, there are numerous reasons marketing costs are increasing. For instance, changes in Facebook ad algorithms and the rise of ad blockers may be factors. Regardless of the reason, many small businesses struggle to keep marketing costs down. The SBA recommends spending 7 to 8 percent of gross revenue on marketing for companies that earn below $5 million annually. It can be hard to meet that target when costs are growing. Luckily, there are a variety of cheap marketing ideas you can try. Many of them are even more effective than expensive options. In this post, we'll explain how you can market your business, even on a budget.1. More Competition
With the advent of online marketing, companies can reach more potential customers than ever before. The ability to reach a broad audience is great for business, but it also means more competition. There are currently more than 30 million small businesses in the U.S. alone. eCommerce companies face global competition as overseas businesses target American consumers. Increasing competition means that small businesses need to get creative with marketing. Doing so will let you stand out in the marketplace without breaking the bank.2. Lower Barriers-To-Entry
Starting a business used to be something that many people dreamed of doing, but there were many barriers. Some of those barriers are now much lower or have entirely disappeared. New businesses have more options for startup capital and funding than ever. If traditional funding options aren’t the right fit, you can even crowdfund startup costs. Starting an online business used to require web development and design skills. Now, sites like Etsy and Shopify handle everything behind the scenes. These sites include tools for managing inventory, accepting payments, and bookkeeping. It’s good for the economy and for aspiring entrepreneurs that starting a business is getting easier. It also means current business owners should carefully consider a variety of marketing options.Cheap Marketing Ideas: What Can You Do At A Low Cost?
Some cheap marketing ideas are easy to implement but requires a little time and patience. Others involve elbow grease but offer fast results. And, some simply require the right tools. All of the ideas listed below are proven to work and are worth the effort if you want to save money.1. Organic Social Media Growth
Paid marketing, such as Facebook and Instagram ads, is not the only way for businesses to leverage social media. Organic marketing includes methods such as posting or tweeting content that drives engagement. For example, users are likely to share posts that contain entertaining or educational content. These shares can lead to greater brand awareness. One key aspect of organic social media reach is building trust with your audience. Customers are savvier than they used to be when it comes to advertising techniques. Millennials are particularly wary; a 2014 survey found that 84 percent of them don’t trust traditional advertising. The good news is that organic social media marketing can be more effective than paid marketing. Typically, this is because consumers find it more authentic. Organic social media growth is also one of the cheapest marketing ideas for small businesses. Content marketing costs an average of 62 percent less than traditional marketing. Some organic methods are free, while others involve a small cost, such as offering a discount to new followers. Software that allows you to automate tweets or other posts is often affordable.