Anyone in marketing knows that the best marketing strategies revolve around efficiency. On bigger scales, investing more money can oftentimes lead to better results, but if you aren't spending that money effectively, the size of your budget won't matter-your return on investment (ROI) will still pale in comparison to what it could be.
One of the biggest mental hurdles for startup entrepreneurs to overcome is the challenge of working with a small budget in early-stage marketing campaigns. Most startups struggle with limited initial capital and almost no working revenue, so those in charge of such campaigns believe it's next to impossible to see meaningful results.
Fortunately, that's not the case; instead, you need to find ways to market your business more efficiently, using the resources you already have.
Be Choosy With Your Strategies
Your first step is to be choosy with your strategies; just because it sounds good or it “seems” like the type of strategy that should work doesn't mean you should add it to your repertoire. Because your budget is limited, you're only going to be able to work on a handful of strategies-the ones you add should be your most likely contenders to succeed.
Do your research and select strategies that have a wide range of impact, like blogging, which as Neil Patel suggests, will serve, not only as the central basis for your web strategy, but can build traffic in a number of other separate channels. You can also select strategies that hold a high ROI for your industry or key demographics.
Start Small
Next, you'll want to start small. Once you've decided on a marketing strategy, it's tempting to go full-force into it; after all, the sooner you start to build a presence, the sooner you'll start reaping the benefits of a larger audience. However, if you invest too much in the wrong direction-like if your chosen strategy doesn't pan out how you envision it or if you decide to adjust your branding halfway through-you could be eating a major loss. Invest in strategies slowly and gradually at first, relying on AB tests when you can to directly compare your results against each other.
Trim the Fat
After a few weeks to a few months of running your separate (but related) campaigns, take a scrutinizing look at the types of results you're seeing. Where are you seeing the highest ROI? Where are you underperforming? Your main goal here is to trim the fat, ceasing investments into strategies where you aren't seeing a positive return, or at least a promising early start.
Again, there's only so much room in your budget here, so if you have three strategies that return 50 percent, 30 percent, and 25 percent on your investments, it's better to ditch the latter two and focus everything on your moneymaker-even though the other two are still positive.
DIY When You Can
Though professional marketing and advertising agencies can help you see bigger, better, more consistent results, you may not have the budget for them-at least not right away. And as Hubspot points out, there really is nothing wrong with DIY marketing as long as you take it seriously. Spend some time researching best practices for any and all marketing strategies you intend to use, and don't assume you know what's best because it intuitively “feels” that way. Back up all your assumptions with hard data whenever possible, and always challenge yourself to learn more. It's a major investment of time, but with such a small budget, it's your best option.
Opt for Freelancers
Instead of doing all the work yourself or relying on your internal staff to handle things, you could opt for freelancers; this is a way of finding outside authorities and experts without resorting to expensive agencies or consultants. The difficulty here is finding a freelancer with expertise in your area of need who's reliable enough to bring on consistently and affordable enough to work within the confines of your budget. It won't be easy, but if the hunt is successful, you'll get practically everything you need without going over budget.
Don't Skimp on the Important Areas
There's one more important consideration here: while it's prudent and sometimes necessary to rein in your marketing spending to accommodate your startup's budget, you must also realize some areas of marketing can't be skimped on. For example, if you hastily throw your brand together without investing in real market research or professional design, your company's entire reputation could be compromised. If your website is clunky and barely functional, it doesn't matter how many people you can forward to it, it's going to make a bad impression. Prioritize the fundamentals, and find ways to cut costs in other areas.
The post How to Run an Efficient Marketing Campaign on a Shoestring Budget appeared first on AllBusiness.com
The post How to Run an Efficient Marketing Campaign on a Shoestring Budget appeared first on AllBusiness.com. Click for more information about Larry Alton.
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