Marketing is a key component to connecting with potential customers and driving sales. However, not everyone has deep pockets to fund their marketing efforts. As a start-up or business with a tight marketing budget, you need to find ways to optimise the funds you are given. By optimising, you'll experience a greater return on investment, which can provide you with the results necessary to justify additional marketing budget.
Know Your Demographic
To make the most of your current marketing budget, you need to really know your demographic. You need to understand where they come from, their age range and what disposable income they have access to. The more data you have on your demographics, the easier it becomes to create lasting, personalized marketing.
If you find that you don't know your demographic as well as you would like, don't be afraid to ask them about themselves. Social media or even surveys are a great way to do this. Create an online poll, asking your followers about topics. This provides you with feedback from your customers that you can then use to enhance your marketing efforts. You'll be able to invest your budget marketing towards exactly the buyers you want.
Focus on What's Working
Your company has most likely used a handful of different marketing avenues over a period of time. From pay-per-click marketing to social media advertisements, print ads and mailers, all of these different forms cost money and each bring in varying results. When you don't have much money to spend on advertising you need to focus on what is working. Measure what sources generate the majority of sales and compare it to what you spend on these marketing outlets. This should present a strong indication as to what works and what doesn't.
When you begin to see results with one marketing channel, you may want to instantly scale up what you spend and how often you market in this avenue. Avoid doing this initially. When on a tight budget, you likely can't afford to pull money out of a different department and put it into a marketing campaign demonstrating that is showing early results. Instead, wait until the company sees a profit from the marketing campaign. Once it turns a profit from that particular marketing method, then consider increasing the scale and experimenting with other methods of outreach.
Focus On What You Do Well
With a small budget, you don't have a ton of time to spend on varying marketing approaches. This may even include social media services. Staying on top of a half-dozen different social media accounts can be a challenge. Instead, focus on what you do well. Do you have a growing Instagram following but you just don't have the time because you're trying to build Google+ and Twitter? These services are taking away from your Instagram marketing potential. Focus on what you do well then build outward.
You don't need to spend a fortune on marketing. In fact, as long as you optimise properly and spend wisely, you can use just a fraction of what larger companies put into advertising. By following through with these optimisation tips, you should begin to see a higher conversion rate and an increased return on investment. It all just goes to show if you put in the research and understand your key demographic, you can succeed on a tight marketing budget.