Marketing is a vital component of your business’s operations because it ensures that you get customers— the very lifeline of your business. However, despite its importance, marketing strategies can often cost your business a lot of money. Research shows that businesses spend about 6% to 14% of total revenue on their marketing. As a start-up, your budget is quite tight, so how would you ensure that you effectively reach your target audience to reach your business’s goals? Fortunately, there is no need to fret! Here are some cost-effective marketing strategies you can consider for your start-up.
Turn Your Employees into Ambassadors
Your employees are the first point of contact any stakeholder would make with your business. Therefore, they can also serve as a cost-effective method of attracting potential customers to your business. Fortunately, you can make your employees ambassadors for your business in several ways. For instance, your employees can wear branded shirts with the company logo and slogan. This helps register your business in the minds of potential customers. Handing out flyers and leaflets is also a great idea as they make it easy to inform your potential customers of your business. However, for this to be effective, you must consult a quality flyer printing company to ensure your flyers and leaflets are impressionable and easy to read. Another effective way your employees could serve as your marketing ambassadors is by making them happy! Happy employees are passionate about their workplaces and want to see them succeed. This can rub off potential customers they interact with, causing you to gain more customers.
Consider Implementing Guerrilla Marketing Tactics
If you are familiar with warfare tactics, “guerrilla” shouldn’t be new. Coined from the strategy of surprising the enemy in war, guerrilla marketing involves using surprises or unconventional interactions to advertise and promote your business. You can consider several guerrilla marketing strategies, such as astroturfing or buzz marketing. However, it is advisable to carefully plan out your preferred guerrilla marketing strategy to avoid various risks, such as being misunderstood, which could negatively affect your brand. Another risk you may be exposed to if you use this strategy is the legal repercussions of some of the actions you may carry out in this regard.
Start a Referral Programme
Like your employees, your existing customers can also be a cost-effective marketing tool. This can be done through referral programmes. Encouraging your customers to spread the word about your business is a great way to attract more customers. Your existing customers can refer others to your business in three main ways: experience-based, reputation-based, or specialisation-based. No matter the kind of referral your customer chooses to give, it is important to incentivise this process to ensure you get great results. You can reward existing customers with loyalty points or earmarked discounts whenever they refer friends or family to your business.
Even with a modest budget, there are several marketing strategies you can take leverage to ensure your start-up enjoys the success you have envisioned for it. In addition to the strategies mentioned above, you should explore other cost-effective marketing strategies your start-up can enjoy to ensure its success.