Whether you’re a small company just getting started or you’ve simply had a bad year, having a small marketing budget is not the end of the world, and this is true no matter how crowded your niche or industry might be. Below are some expert tips for getting the most out of every single one of your marketing dollars.
Getting the most out of a small budget means that you’ll need to create a budget to start with. There’s nothing wrong with starting small and working your way up but setting aside some money to market your company to the masses is very important. It’s simple to do and involves understanding things like your sales funnel, your operating costs, and your current growth stage. With this information in mind, you can create a decent budget no matter how large or small your business might be.
One of the biggest mistakes you can make involves attempting to be a jack of all trades. This is especially true when it comes to social media. Too many very small businesses take on Facebook, Twitter, Instagram, and even Snapchat and truly believe they need to have a budget in place that covers all of those. If you try to be social on all these platforms, it will likely backfire. Instead, plan and budget for only one social channel, but be really good at that channel. Look at the different platforms and then consider your business practices and industry before you make up your mind.
There’s nothing like organic engagement when it comes to Facebook, but the truth is that for most small businesses, organic just isn’t enough. You’re going to need to take the pay to play route here, especially in the beginning. Fortunately for you, boosted posts and Facebook ads are some of the most affordable out there, and they really are effective at helping you reach your target demographic, too. Most small businesses spend about $250 to $500 per campaign and they get a pretty decent ROI.
There are plenty of people out their claiming that email marketing is dead (and has been for a while), but this is simply not the case. You should absolutely invest your money into email marketing and stop worrying yourself with direct mail altogether. You may feel comfortable advertising in the newspaper or phone book, but email has a much broader reach. Per Harvard Business Review, email marketing is 100 times cheaper and performs 95% better. Let that soak in and then shred your direct mail.
A small marketing budget can absolutely help you grow, but only when you’ve taken the time to come up with one – and only when you follow a few simple tips and tricks. Don’t overwork yourself and focus on the things that matter. Choose one social platform and if you haven’t already, start email marketing today. It will make all the difference – especially on a small budget.
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