8 Tips to Help Small Businesses Maximize Their Marketing Budget
According to Forbes, “it’s common for small businesses to allocate 7-8% of their revenues to marketing, splitting that between brand development costs such as websites, blogs, sales collateral, and promotion costs, as well as campaigns, advertising, and events.”
As an agency, we look at marketing as an investment. We’ve seen the returns from a great marketing campaign. But we also know that there are a lot of things you can do as a small business that have little to no cost. A number of small business marketing tactics take little more than time to execute. Here’s a list of simple, effective ideas you can put incorporate when creating a marketing plan.
1. Share Valuable Content
Making a purchase is 85% emotional. Find ways to create an emotional connection with your audience through producing your own content.
2. Start a Referral Program
Leverage your current clients and brand advocates to start a referral program. According to Nielsen, people are 4x more likely to buy when they are referred by a friend.
3. Ask for Customer Reviews
Build your online reputation. Sometimes, it’s as easy as simply asking your customers. Use those reviews for social content by posting each week with a customer spotlight and review.
4. Partner Local
If you are anywhere near a city, join the shop local trend. Recommend products that complement one another. Sponsor a local event involving your target audience.
5. Apply For Business Awards
Most applications are free. Let someone else market how great you are. If you win, make sure it’s known.
6. Nurture Your Relationships
Stay in touch with your customers through an email marketing program. Send them valuable information and establish your relationship as a thought leader in the industry. When it comes time for them to need a service like yours, you’ll be top of mind.
7. Get Social
In this day and age, you need a social presence. It doesn’t have to be fancy, but having a profile creates credibility in the minds of your potential customers. Be human, be authentic.
Be responsive and take the high road. Like Michelle Obama’s favorite quote, “when they go low, we go high.” Respond to negative feedback with grace, inviting them to bring the conversation offline.
8. Add Value
Discounting your service or product suggests in the minds of your consumers that your service is not worth full price. Think of how you can add value, over discounting, with your customers.