According to the Small Business Administration, most businesses with less than $5 million in sales allot roughly 6% to 8% of their bottom line for marketing costs. While that might not seem like a ton, it adds up quickly. And if you get particularly excited over a campaign, it’s easy to let marketing overtake your budget.
But you can effectively get your small business’s message out without breaking the bank — an increasingly important goal in the current business climate. Whether you’re making necessary cuts or just looking to be a little more financially prudent, here are several ways you can market your small business on a tight budget.
Partner Up
They say two heads are better than one. If that’s true, wouldn’t two (or more) wallets be better than one, also? By partnering up with other small businesses, you can split the marketing costs and get double the exposure for half the cash.
Just make sure you and your partners complement each other. No one would bat their eyes at a fishing guide who paired up with a bait-and-tackle shop. A tax attorney and a wedding planner?
Not so much.
Reach Out to Influencers
What if we told you that people with huge social media followings were willing to help you peddle your wares for nothing more than the wares themselves?
That’s the basic premise of influencer marketing.
While top-tier influencers will ask for cash, you can often find plenty of micro-influencers who will take your product or service in trade for their endorsement of it. As with finding a marketing partner, however, it’s important to find a pairing that makes sense. Just any influencer won’t do.
Give Email Marketing a Shot
Email marketing offers the best dollar-for-dollar return on your investment: Each dollar you spend earns you roughly $40 back on average. If you already have a list of people waiting with bated breath to receive your missives, perfect! If not, however, cold emailing can be an incredibly lucrative strategy, provided you follow a few rules!
Try Direct Mail
Despite what some marketers would have you believe, direct mail isn’t dead. In fact, done correctly, it can help you reach a whole new audience that the rest of your marketing strategies are missing.
Yes, direct mail has its costs — postage, design, etc. The key, then, to direct mailing on a tight budget is to focus on nailing down your target market, rather than blanketing every mailbox in town.
Outsource Your Marketing
This might sound counterproductive, but bear with us: Hiring an experienced small business marketing agency (like, say, Mischa Communications) can actually save you money in the long run.
How, you ask? Well, marketing is all these agencies do. They don’t have to split their attention between internet orders, product design meetings, and the myriad other tasks that you, as a small business owner, perform on a daily basis. Their sole focus is to help you grow your business.
Add in the fact that a marketing agency has a type of experience most entrepreneurs simply don’t, and the decision seems obvious.
Marketing Doesn’t Need to Cost an Arm and a Leg!
Marketing is an integral part of any small business’s budget, but it doesn’t have to break the bank. There are plenty of ways to save a pretty penny while still driving customers straight to your doors!
Looking for more ways to make your small business a bit bigger? We have you covered! Get in touch today and let’s get started!