Unless you’re lucky enough to score a large investment to fund your startup, it’s likely you don’t have a great deal of cash to spend on your marketing for your business. That’s really too bad. Why? Because if you’re spending all your time building your new business, how will it grow if nobody knows it exists? Whether you want to admit or not, you know you’re going to inevitably reach a point where you’ll be forced to focus on marketing, so here are some low budget marketing tips for startups.
The majority of startups don’t have enough money to hire an experienced consultant or marketing expert right away. Therefore, it’s up to you to determine the best route to take to get the word out regarding your startup. Furthermore, if you’re working with a very small budget, the road to success can get tough. But, keep the faith because here are a few guidelines that will get you started in the right direction.
- Solidify your brand.
You must have a solid concept regarding what your business is, what you desire to accomplish, and why it even exists before you can even think about launching a successful marketing campaign. One of the preliminary first steps concerning the marketing process is to first make sure you know exactly who you are, since understanding this will greatly help you determine how to position both you and your company in your endeavors.
- Clearly define your key goals and metrics
The less money you have to work with, the more you need to be completely clear and detailed concerning your goals. First, ask yourself this important question: What does success mean to you? Of course you want to make money, but not every marketing endeavor is going to make money. Therefore, you need to figure out all the potential outcomes in terms of what you actually consider ‘success’; whether that means a certain amount of lead generations, more subscribers to your list, or more traffic to your website. All of these things combined mean more publicity regarding your startup and can eventually result in making more money.
- Determine your budget
This next step is complicated, yet simple. Determining your budget simply means figuring out how much cash you can actually afford to spend on the marketing aspect of your business. In other words, how much money will it take to reach success? Also, don’t forget about the time factor. How much time can you spend both planning and managing your marketing campaign?
This step often confuses people since they don’t exactly know the amount of money it requires to achieve results. Essentially, no magic number exists. For most startups, this dollar amount boils down to putting aside only as much as you can spare.
- Choose your target niche
Although your products may appeal to the masses, that also presents somewhat of a problem when marketing your business. Overall, the more customers you desire to reach, it will require more money and time in order for you to pull it off. Choose a segment, or niche, of your potential audience and focus on that. Not only will choosing a specific niche decrease your marketing expenses, it naturally makes complete sense regarding messaging. Therefore, if you have multiple potential segments regarding your audience, you’ll be better off if you modify your messaging in order to reach each target group, which is something that will take a substantial budget.
- Follow your audience through social media.
In order to succeed, you need to market your brand where your potential customers are. For instance, if your niche is in the fashion industry, using Pinterest is an ideal way to connect to your female-based audience. On the other hand, if you want to reach young male gamers, Pinterest is not the ideal social media channel to use since it won’t reach that particular demographic.