Trying to make ends meet as a startup isn’t easy, and many otherwise innovative businesses fail to get off the ground because of their inability to stimulate cash flow. It doesn’t help that, in the face of the many setting up costs and overheads entrepreneurs have to pay, a lot choose to scrimp and save in all the wrong areas.
You see, while it may seem like an easy cost-cutting option, winding your marketing efforts right down or even scrapping them all together is completely counterproductive. Marketing is actually the thing most likely to keep your money coming in.
So, if you want to avoid liquidation, then have a think about what marketing strategies you could employ that won’t break the bank. To help you out, here are 6 of our favourites.
One of the best ways to market your business without too much (if any) investment is to create content for an on-site blog, regular podcast, or YouTube series. It’s a sure-fire way to boost traffic, particularly if what you create is informative, engaging, and relevant to what you do.
By creating content and letting individuals have access to it for free, you offer them value. While that may sound like a pretty one-sided transaction, the fact is that, in time, those people will come to recognise your brand and understand what it is you can do for them. So, the more traffic you’re able to get, the more likely you are to hook in future loyal clients and customers.
To really maximise the gains you make through content writing, you should take some time to understand the fundamentals of SEO. There’s a reason 61% of marketers say that improving their SEO is their top priority, and it’s because it gets results.
Beyond attracting a wider audience to your online content, a solid SEO strategy can also really benefit your online presence more generally. With a well-structured, keyword-enriched website, you’ll be able to attract way more targeted prospects. Find keywords and phrases that don’t have a great deal of competition, and watch as your traffic begins to soar.
Social media marketing
Marketing on social media can be really effective, but only if you pitch it right and make sure you stay engaged. If you don’t keep the ball rolling, it’s all too easy to lose traction.
For solopreneurs or startups that have limited people power, then it’s probably worth focusing your efforts on one social media platform. Just be sure to pick the one that resonates the most with your target audience. If, for example, you run a photography business, then swerving Instagram for Twitter just wouldn’t make sense.
It’s important that you take your brand’s image into your own hands, by getting press releases and other articles out into trustworthy news outlets and other popular media platforms. To do so successfully, all you have to do is write up the press releases yourself and send them out to journalists you think will be interested.
In many ways, PR is more effective than advertising or other traditional marketing techniques, because people want their experiences with businesses to more personalised. In fact, 70% of consumers these days prefer getting to know a company through articles rather than ads.
If you want to boost your credibility, then you could try applying for business awards. You’ll find that most industries have awards that you can put yourself forward for. Win one or place amongst the best, and you’ll garner more positive attention and increase your sales. And, even if you don’t win, at least you’ll know what the hosts are looking for next time you apply.
Spread the word
It might sound simplistic, but word of mouth is one of the most effective ways of getting the word out about your business. The fact of the matter is that people are more likely to trust a recommendation from a friend or family member than they are an article. It’s most certainly more trustworthy than advertising.
There are a couple of ways you can encourage the word to spread about your business. One option is to reach out to satisfied customers and ask them for testimonials. Another is to offer an incentive to clients who refer a friend for your services.