Some businesses surely dream of having an unlimited budget to spend on different departments, mainly marketing. It’s something that entrepreneurs would love to have, but unfortunately, it’s often the other way around. Small companies and startups typically operate on limited capital, and it’s a constant struggle to stretch their resources.
Since marketing is an essential aspect of running an enterprise, you should always include it in your monthly or yearly expenses. Thankfully, there are different creative ways for you to reach more people despite being on a restricted budget. You could still do more while having less if you’re smart enough to know your priorities.
Below are some strategies you could use to stretch your marketing budget when the situation calls for it.
1. Know the Numbers
To get started, you have to know first how much money you have for marketing. You can’t possibly work with something you’re not aware of. In this case, having the exact figure would be helpful so you can make better decisions and prioritize what needs to be done. Stretching the budget means there’s at least an amount, no matter how small, that you have allocated for your promotions and advertisements.
So, it goes without saying, it’s time to start thinking of ways to come up with the money you need. If you’ve maxed out your capital and still need more for your marketing plans, you could consider tapping into business long-term loans. This is for you to have the funding you require to start moving things around. Financing solutions aren’t new to business owners, especially if you want to focus more on running and operating the trade instead of worrying about your cash flow.
Once you’ve acquired the money you need, you could move forward with your marketing plans. Thus, you may now think about how you can effectively stretch the budget you have. The goal is to grow profits and revenues so you could keep the business afloat. Hence, brilliant marketing is one way to make sure your brand is advertised accordingly.
2. Be Creative with Public Relations
One cost-efficient way to reach your target audience is by making the most out of Public Relations (PR). When launching new products, announcing company news, or unveiling partnerships, you can take advantage of PR tactics. This could help you spread the word to a larger audience. One good thing about public relations is it’s cheaper compared to other marketing strategies. Although, the results can be more promising when done right.
You could start by building a good relationship with bloggers, product reviewers, content creators, reporters, industry experts, and editors. These are the professionals who could make an impact in increasing brand awareness through their wider reach and credibility. If you want to stretch your marketing budget, PR is an excellent way to start.
3. Tap into The Power of Online Marketing
With more and more consumers shifting to digital marketplaces, it’s only wise and practical to look into the potentials of online marketing. This might be an effective way of promoting your brand.
Social media platforms, for example, can be highly effective in expanding your customer base. This might be true if you know where and how to start your marketing efforts. Digital marketers firmly believe that social media is a crucial component that makes online marketing a feasible strategy.
Aside from increasing exposure, social media could also help you drive more traffic to your website. You may make a compelling post about your products and how they can help consumers with their daily struggles. This could already make a difference in reaching your desired audience. Also, you could place a link to your website and the product listings so readers can easily click on it to check what your brand has to offer.
If you have a business page on social media platforms, consider going for paid advertising. This may help you achieve your goals easier and more effectively than free advertising. Remember, paid advertising means spending a portion of your marketing budget. Although, it’s still more affordable compared to traditional techniques that don’t promise any favorable results in the end.
4. Focus More on Creating A Personalized Customer Experience
While automation may have its merits, most customers still prefer a personalized experience when interacting with brands. The key is to know when to automate to save on labor costs. This will help you focus more on creating an experience your audience will appreciate even better. For instance, your social platforms could use automation whenever someone sends a message or inquiry. But when replying to comments and tailored questions, make sure a live agent or staff member is available to respond.
To add, engaging with customers is inexpensive but could be significantly effective if you play your cards right. Just be prepared to spend more time on it since it’s hard to predict when customers will reach out. But if you think about it, this method can be a reliable approach to know your target audience better. You get to learn more about their shopping behavior and what time they usually reach out. Thus, you can time your ads and posts accordingly.
5. Reuse Resources And Content When Possible
Reusing content is a good marketing strategy if you want to stretch your budget. This applies to photos, videos, and articles that you post on different platforms. However, be careful not to post the same content without altering anything. By doing this, it will be flagged as duplicate content by search engines. When that happens, your SEO ranking can be affected.
You can freshen up the content, particularly those that did well in the past, according to the number of shares or interactions. You can add new photos, videos or crop the ones you already have. If you hired a professional photographer to take pictures of your products, make the most out of them by using the images on different platforms.
Marketing shouldn’t be taken for granted, but it doesn’t mean it has to be expensive. Even with a bit of budget, you can make the most out of it if you know how to stretch the number you have effectively. You can reuse resources and content when possible. Also, you may tap into the power of digital marketing, engage with customers to create a more personalized experience and get creative with public relations.
Stretching your marketing budget isn’t an easy task. However, it’s not an impossible goal to achieve. With the right tactics and strategies, you could surely make it happen.