With the pandemic’s effect on businesses, many things have changed while businesses have also experienced significant blows. As a result, many businesses are trying hard to ensure their survival by saving as much money as possible.
However, traditional marketing strategies such as radio ads, billboards, and other effective methods, can be pretty expensive. So, what budget-friendly yet cost-effective marketing strategies can your business implement? Here are a few ideas.
Focus on existing customers
A cost-effective marketing strategy is marketing to your existing customers. Although new customers are great for business, retaining your customers is more affordable and beneficial. As these customers have already interacted with your business, it is easy to identify the things they enjoy and prefer. You can gain this insight through reviews or feedback. Market your goods to them by capitalising on these preferred changes.
You can also implement loyalty programs offering discounts and rewards to existing customers. Creating personalised email communications is also a great way of marketing your goods and services to your existing customers. These emails would offer information on updates, coupons, and news your customers would be interested in. You can also consider a customer referral program to offer free products, services, or discounts on their subsequent purchases. This not only helps you keep your customers but also provides an affordable way of gaining new ones.
Almost 4.55 billion people worldwide use social media, so your business should too! Your business can gain access to a large audience without worrying about geographical boundaries in traditional marketing strategies. Also, these platforms offer small businesses great marketing opportunities at very affordable prices. For example, some social media platforms encourage users to share reviews on business pages and profiles. This way, potential clients can see your recommendations when they visit or come across your profile. You can also use appealing pictures and videos on these platforms to promote your business.
Sidewalk signs may be smaller than billboards, but they are an effective budget-friendly marketing strategy. Placed strategically by your business, your sidewalk sign can inform people of your business and entice them to come to interact with it.
Your sidewalk sign could be black or whiteboard advertising discounts or specials. It could also be a catchy poster creatively designed by reputable companies online, for example, you can visit this website www.stressfreeprint.co.uk to find out more. Or, you could be your business’s sidewalk sign, handing out flyers to people.
The experience your business gives customers can also be a form of marketing. In-store marketing is one of the most effective low-budget marketing ideas, especially when you have an audience ready to make a purchase. You have to create a positive shopping experience to help them through the purchasing process.
This way, you can easily remarket to your customers by promoting your products, driving cross or up-sells, building your brand recognition, and educating shoppers and prospects.
Marketing is a vital aspect of every business. However, some strategies can be expensive, causing small businesses to miss out on the advantages. Luckily, with these strategies, businesses can market their goods and services affordably.