6 Cost-effective marketing strategies for businesses

6 Cost-effective marketing strategies for businesses

It can be difficult to coordinate marketing efforts on a limited budget. Marketing on a shoestring budget can often feel like a chicken and egg situation: you need marketing to grow your business’s revenue, but doing so can seem impossible when your cash flow is limited.

Marketing, however, is ultimately about maximizing the value derived from the resources at your disposal. In fact, with some creative thinking, you can develop a marketing strategy that falls within your financial constraints, but meets your needs for business growth. Below are some cost-effective ideas for marketing your business.

1. The power of video

Video often yields higher click-through and conversion rates than static images and banners, and is becoming the medium of choice for internet traffic in general. Investing in video-based tactics is thus a great way to get bang out of your marketing budget buck.

Thankfully, modern technology has made it so that the barrier of entry is lower than you might think. Gone is the need to hire professionals or to purchase or rent specialty equipment. Even in a pinch, you can create video-based content using just the built-in features of modern smartphones.

Even the filmmaker Steven Soderbergh has directed feature productions shot on an iPhone! With similar technology, the biggest investment from you will not be in logistics and hardware, but in creativity. And that doesn’t require a budget.

2. Infographics galore

When it comes to static images, do not underestimate the power of a well-made infographic. According to an Nielsen study, 79% of people on the internet scan through pages, while only 16% read content word for word.

Infographics are thus extremely powerful in their ability to condense large amounts of information into digestible pieces. Using infographics makes it much more likely that the message you send gets through to customers. Even better, they’re very inexpensive to produce; the simplicity of the content and component images contributes to the digestibility of the piece.

As with videos, the challenge is in the creativity required to design them well, not in the financial barriers. After all, there are plenty of free infographic building tools like Canva that make it easy to grab your audience’s attention. Great infographics will also be adopted by other websites, potentially driving more traffic to your own site and improving your search engine optimization.

3. Quality over quantity

It’s an age-old adage, but one that escapes many in marketing. It does, however, hold true: it’s far more effective to produce a smaller amount of content that is tailored for its purpose and effective in reaching its target audience, than to flood the web with a great amount of content that will just be ignored.

If, for example, you’re producing blog articles to increase your profile, focus on topics that you know well and can offer substantial perspective into, rather than writing dozens of small pieces with the hopes that one eventually sticks.

4. Identify key platforms

When it comes to marketing, where you publish content can be more important than the content itself. Identifying ideal platforms to distribute your content in is thus crucial. For example, social media platforms like Facebook, LinkedIn, and Instagram are relatively inexpensive and can facilitate a variety of content formats. Rather than paying for ad space on websites, it may be a better use of effort and funding to cultivate a dedicated following on these platforms.

5. Remember your email subscriber list

If you’ve got an active subscriber list, take advantage of it. Not only does email marketing yield extremely high returns on investment due to the low barrier to entry, but it’s also much easier and cost-effective to sell to customers with a proven interest in your offering than it is to acquire new ones.

Email can serve as a delivery platform for marketing material already discussed, such as video and infographics. It’s also a great channel for providing coupons and raising awareness for promotions.

6. Recycle content

It’s a waste to invest time and resources into producing new marketing content, when your existing content has utility still left over. Often, this means packaging old content in new ways, or through previously unused channels.

Repurpose research and visualization tools like charts completed in the past for new purposes, like the infographics discussed. Publish ads created for other platforms on Instagram. What is old and tired for one section of your audience could be novel and exciting for another.

Just because your company is short on cash doesn’t mean you can’t develop an effective marketing campaign. For more tips on helping your company grow, Athens Micro is your go-to source for general business advice and IT optimization. We also provide robust managed IT services to give businesses a competitive edge at a price they can afford. Contact us today to learn more.

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