8 Ways to Do Big-Time Marketing Without Spending a Fortune

Power of Marketing

8 Ways to Do Big-Time Marketing Without Spending a Fortune

Marketing is essential for every business. Traditionally, advertising channels such as newspapers, radio and TV can be costly. Furthermore, they may produce little or no RIO. Contrary to these earlier practices, your own marketing strategy does not need to be as costly as you may think. Below, are multiple strategies you can apply in order to save your self from investing while ensuring that your message is received by your targeted audience.

1. Do partnered giveaways

Team up with other brands to generate large contests with grand prizes instead of organising small, standalone giveaways. All of the involved businesses should pool distribution support and marketing manpower, as well as share email lists and social media followings. One example to take inspiration from is Oklahoma’s News on 6, a TV station that has partnered with different local businesses in Oklahoma to promote giveaways.

2. Foster user-generated content

Get users to build content and broadcast your company. BuzzFeed utilises this method by encouraging community posts. HerCampus.com is largely community- driven, with the majority of its site content created by university women. Another tactic is to create a contest for the best user- generated content. For example, Deritos offer a yearly  Crash the Super Bowl contest with a cash prize to get fans to produce Super Bowl video commercials for the brand.

3. Promote customer referrals

Encourage customers to refer their friends to your product or service. Airbnb and Uber grew considerably thanks to their powerful referral programs, both of which only involved small incentives. All you require is to do bolster your referral program is to provide a little money or discount to the source and recipient of the referral.

4. Use social media

Social media offers multiple cost- free avenues for advertising your brand, consisting of Facebook and Twitter. Another growing opportunity is hosting a Reddit Ask Me Anything (AMA) and inviting Reddit users to ask any questions. A wide range of individuals and companies have hosted Reddit AMAs, from celebrities promoting movies, to employees of large corporations, to founders of start- up companies. Before  starting your own- make sure to read through a few relevant threads to get a sense of what best practices are for marketing your business ad for answering questions.

5. Hire brand ambassadors

Employ friendly individual to be brand ambassadors for your product or service. Brand ambassadors act as representatives of the company and spread the word to the public in many types of ways. Businesses, such as, Lyft’ and ‘ Amazon’ hire university students as brand ambassadors to advertise their services across college campuses.

6. Transform old campaigns into new ones

Rather than starting a marketing campaign from scratch, repurpose or update a previous one to save time and money. Refashion what works and toss out aspects of the campaign that were not successful. In addition, this strategy should help maintain the consistency of your message, and according to Rand Group, a consistent advertising message may improve brand recognition. An inconsistent one on the other hand can be costly- it can lead to significant setbacks for brand recognition.

7. Exploit online marketing tools

There are many free or low cost marketing tools on the internet that support companies save money and time on marketing efforts. For market research, SurveyMonkey provides free online survey questionnaire tools for polling your target market and analysing their responses. MailChimp provides free email marketing service for sending emails using newsletter templates, managing subscribers and tracking email results. If you feel the need for powerful tools, try out a 30 days free trial of HubSpot, and extensive inbound marketing and sales software.

8. Dispose of weak ads

Do not spend money on poorly performing ads. 46% of ads go UNSEEN. Many businesses invest on ads that never reach towards and audience. Keep track of what you are paying for and why you are pursuaing certain tactics. If there are marketing channels that have little RIO, then curb your ad spending, reevaluate your current strategies and carry out effective advertising approaches.

 

Reference: https://www.entrepreneur.com/article/248780

 

 


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