Startups have to deal with many challenges, but few are as precarious as struggling to stay cash positive. Despite the relatively low costs associated with the pursuit of an entrepreneurial venture in this day and age, the numbers are only the expense of putting up an enterprise. New companies must also cover employee salaries, fees for office leasing, equipment, materials, and other operational costs.
Many inexperienced entrepreneurs who find themselves in this dire act of balancing finances make the mistake of doing away with investments they deem superfluous, and advertising is one of them. But the irony in this approach is that neglecting your marketing strategy will only stifle business growth, limiting its ability to generate revenue and pressuring it to work on more restrictive financial resources. But the reality is that marketing doesn’t necessarily need to be expensive. So with that said, here are some low-budget marketing tips for startups.
Create a referral system
An excellent way for cost-effective marketing is to have a program in place where the customers do the job for you. This is especially useful when considering that consumers are more likely to spend on products or services that people outside the brand or company have positive things to say. For this reason, it makes sense to create a referral system for your business. It could be as simple as a discount for successfully referring a prospect to a cash reward if you have it in your budget.
Implement content marketing strategies
While content marketing may take various forms, they usually don’t require a considerable investment of time or money. One of the simplest and easiest ways to begin is by managing a blog and regularly publishing high-quality and relevant material that entertains and informs in practical or unique ways. These days, it’s not only written pieces you can use—podcasts and videos are increasingly becoming more common in content marketing. And these mediums can create brand awareness, improve reputation, and generate a greater volume of inbound web traffic.
Search engine optimization
These days, it’s not easy to find a business that doesn’t have an SEO strategy in one form or another. After all, the technique effectively improves both the volume and quality of traffic that a website receives. As a result, companies can increase their conversion rates significantly. Best of all, it’s not as tricky as it sounds. Beyond the use of targeted keywords, all you’ll need to do is post quality content, improve your website’s user experience, and build backlinks that guide users to your online domain.
There are also professional services available if you’d instead outsource the work. It’s also a reasonably cost-effective approach to take when you compare it to other advertising strategies like PPC or pay-per-click since you won’t have to spend every time a user clicks on the ads. Once the SEO strategies have been implemented, they stay where they are, and you won’t need to pay whenever they generate traffic.
Utilize the social media platform
Social media has become a popular marketing tool for businesses across various industries due to the sizable market the platform holds. While it isn’t something that can be done casually, it’s freely available. And with enough time, you’ll be able to gain proficiency in it if you choose to handle it yourself. To begin, you’ll need to first establish your brand on all the popular channels like Twitter, Instagram, and Facebook. Then, make sure that you flesh out the company’s profiles on all these social media sites and create content that will appeal to the target audience.
If you want to build a long-term relationship with your market, reach out and remain connected with them. Doing so will help you grow your followers and give you a steady stream of website visitors, which, in turn, will present you with more opportunities to make sales.
These are just some of the many marketing strategies you can use that won’t cost your company a small fortune to implement. So the key takeaway is that you shouldn’t immediately cut marketing out if you’re struggling with finances. Instead, look for creative ways that will aid you in building brand recognition without the need for a significant investment.