How to Create an Effective Marketing Strategy on a Shoestring Budget

Posted on Tuesday, October 1st, 2013 at 8:32 am by shauli

shoestring budgetMarketing is such an important part of creating a successful business and for some small businesses that are just starting out, setting aside money specifically for marketing may seem near impossible. The money needed may be nonexistent and revenue may not be coming in yet.  For some, marketing may be put on the back burner until revenue start coming in, but this is not the best strategy for a new business in need of a client base.

Here are a few tips you can use to increase your marketing impact as a new or small business on a tight budget:

Refer a friend:  Use your existing client base as your first source of marketers.  If they love what you are selling, they will surely tell their friends about it.  So give them a little incentive to really get the word out there.  Create coupons and referral discounts to those customers that bring in new business.  Tapping into the referral networks of those that are already committed to purchasing your products or services is a great way to amp up your business.

Get noticed in the community: A great way to get noticed in your local community is by getting involved in social causes and festivals.  Your company advertising will be seen by many new and potential customers.  It is also important to build relationships with other companies in the local community that will help promote your business at other local events.  Having a neighborhood connection can be a very profitable relationship in the long run.

Use target marketing: When you are spending some of your budget on marketing, make sure you are getting the biggest bang for your buck.  Know your target audience and make sure your marketing campaign is geared toward that specific population.

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