Marketing your business on a tight budget

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For entrepreneurs endeavouring to grow their business, the prospect of marketing on a small budget may seem overwhelming and impractical. However, there are many cost-effective ways you can market your products and services.

Maximise social media efficiency
Putting in the effort to create your own social media posts, blogs, and other marketing material can save you a lot of money from paying an employee to do it. This can be time-consuming, so it may be helpful to repurpose old content that you can revamp. Unlike traditional media, social media is built around frequent updates. By being active on social media, you can help your business stay relevant and top of mind, even if some of your posts are just reposts from other sources.

Another way to gain more online attention is to hold competitions or giveaways that encourage your social media followers to share your content by commenting on your posts or sharing your posts on their own accounts.

Partnerships or sponsorships
Partnering with a non-competitive business to promote each other’s business can help to boost sales and improve your overall reputation by association and credibility. This could be as simple as placing business cards or brochures at another local business’ storefront. Another way to expand your reach is by getting involved with local communities by offering services or products at events. You may also consider sponsoring a non-for-profit cause, which can not only help you reach new audiences, but also portray good business practice.

Participate in business events
Events provide business owners with a vast amount of opportunity to gain exposure, network with other entrepreneurs, promote their products and services, and build customer confidence. It may be a good idea to consider speaking at industry-relevant events or participating in panel discussions.

Trade shows and exhibitions are a great way to promote your products or services to a particular target audience, as they are generally targeted at an industry or people interested in an industry.

Ask for referrals
It’s common for people to hesitate when it comes to asking for referrals as they can make you feel awkward, desperate, or demanding. However, referrals are a great way to gain credibility and trust from potential customers. Here are some strategies you can consider when asking for referrals:

  • Instead of asking everyone for a referral, focus on the clients or partners that you have the best relationships with. Chances are, they’ll be happy to give you a referral.
  • Make it easy for people to give a referral. This can be done by providing a script, or only asking for a few points that you can elaborate on and re-write yourself (with their approval).
  • Offer incentives to your customers for giving a referral, such as a gift card or a discount.
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